When managing or leasing a retail mall, it is important to understand customer purchasing patterns within the local area. By definition, the local area will be the area or compound that produces 80% of sales for its retailers; That area is likely to be local and within certain limits of roads or suburban areas.

Within any 12-month period there will be changes in seasonal purchases, customer demands, and buyer spending patterns. That's where the customer survey process is invaluable. Then you can match the property to the market and improve overall sales opportunities for the entire lease mix.

Therefore, the survey itself can help you make informed decisions when it comes to choosing a retail tenant, solving vacancy issues, and improving customer interest within the property. Ideally, you want the customer to return to the property frequently to meet their purchasing needs; This is how sales are generated and the rental of the tenant market is strengthened.

Surveys of this type should be conducted at least once every six months at any moderate to large retail mall. The survey results can be combined into the business plan and tenant mix strategy for the property.

Here are some essential factors to understand when it comes to conducting the survey and extracting valuable information from it:

In most towns and cities there will be seasonal retail shopping patterns that will be affected by tourism, weather, local celebrations, and community demographics. If you conduct the customer survey at the wrong time and within these local issues, your survey results are likely to be biased and corrupted. The best time to survey retail customers and mall performance is during an ordinary business cycle. Choose your moment carefully. Any spike in seasonal sales can be considered a bonus to normal customer interest levels and buying patterns.
It is good practice with any retail buyer survey to use a professional marketing firm with experience in retail properties of the same type and location as yours. They can bring valuable experience to the retail survey process and improve the results you achieve.
What stores do your customers visit? Some stores and retail categories will be more popular than others. When you understand sales peaks and customer preferences within the tenant mix, you can more successfully locate tenants and improve the grouping process. That has a direct impact on future sales and potential market rent. It also helps protect the tenant mix from the pressures of a failed business.
How often do people come to your mall? In a convenience-based mall, the number of visits per week can be quite high. In comparison, the largest regional retail mall will be visited less frequently, however, the time the customer spends inside the property will be long and the amount of money spent will be higher per visit. These are the averages you should understand.
There are differences in purchasing patterns when it comes to the typical male buyer versus the female buyer. There are also differences in purchasing patterns among youth, young families, and middle-aged and older buyers. Buyers will come to the retail property for different reasons and on different days of the week. You must understand those reasons and the synchronization process. You will find that retail shopping activities generally increase towards the end of any work week. They can also be influenced by social security pay days. This requires you to analyze the local demographics when it comes to the typical buyer and the local community.
It is a valuable process to advise tenants within the survey property before it begins and the reason for it. They can then relate to the importance of the survey when it comes to optimizing the leasing mix, improving sales, and choosing the right levels of property marketing.
To solve these problems, it is necessary to establish a list of specific questions for the people who carry out the survey to use. Take the time to correctly balance the questions with your property, location, and customers. That way you get valuable insights from the Retail Property Survey.

Author's Bio: 

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