The term ‘curation’ is generally acquainted with art galleries, museums and music festivals but this term is now becoming a higher focus for retail brokers. Retail brokers should act as a curator for co-tenancies and put retailers in the right sub-market. A fantastic location can only attract a customer once, a business must do the rest to retain that customer by offering the best product for the best price.
Curate refers to putting retailers in places that they will succeed and thoroughly analyzing site plans. Some important aspects of analyzing a site plan are the following:
- Ease of access
- Parking
- Accessibility
- Attractiveness at the point of sale
Curation involves assessing how much training a manager has and working with these tenants (especially independent) to be on top of their game. Retail brokers must instill in a business owner the importance of cleanliness, product assortment and great service at compelling prices. As a result of being regular participants of CCIM and ICSC, our best practices are learned from colleagues and retail brokers guide tenants by using these practices. We research the factors affecting your business and understand clients’ visions and objectives.
How do you curate the right mix of tenants for a retail development?
- Right formula
The mix should improve the quality of the lifestyle of the people living in and around the area of the development - Relevant and exciting
Learning the habits and paying attention to what services and conveniences are most suitable for customers is key - One-stop shop
It is essential and most convenient to provide all necessary stores (e.g. grocery, restaurants, bank and other services) in one location so customers do not have to leave the neighborhood
Curating tenants is a time-consuming process but the business should be qualified by the retail broker, therefore ensuring the highest probability of success is obtained. Shindico has been acquiring, developing and marketing property since 1975 and our mission statement is Succeeding by Helping Others Succeed. Curation is timely but we have the resources and experience to help you succeed.
Sandy G. Shindleman, CCIM, SIOR, FRICS
President & CEO
