Which Centers Consistently Beat The Averages…

And Why Are They So Profitable in Any Market.

I’m very much a glass half full person, but there’s no denying that I held out longer than most before saying out loud (or on my blog) that happy days are here again for retail real estaters.  Why?  Because pain is a heck of a motivator – I actually like down markets.  They ignite our creativity and move us to action…and when we act, we become very efficient and productive.  And successful.  And then the market grows stronger… and then what happens?   Click here to learn why some shopping centers that survived the downtimes will stumble as the market grows stronger… and what you can do to make sure that you don’t become one of them.

Just in case you’re not familiar with me, my name is Beth Azor (this is my blog).  My friends and colleagues refer to me as ‘The Retail Leasing Queen’ (lovingly, I hope).  My track record in retail real estate spans nearly 30 years (gulp).   I’ve bought, sold, leased, developed, re-developed, consulted on, and managed shopping centers of all shapes, sizes and importance…including quite a few of my own.  Yes, I have some skin in this game.  And yes, ok I will admit it – times are better now.  But don’t take that as my permission to coast.  Or worse, fall back on some bad habits.  Why?

Because in the next five years, times are gonna get even better. Much better. In fact, I believe that in the next few years we will be presented with some of the largest sales, income and growth opportunities we have ever witnessed.  So I ask you, are you positioned to take full advantage of those opportunities.  Will you even recognize them? And more importantly, will you be ready to act upon them when you do?

I really hope you are.  I know I am…And I know this because I’ve experienced great success and had my share of a few clunkers.  I’ve been hands-on in nearly every phase and facet of this business.  I’ve also coached and hopefully influenced hundreds of retail real estaters – from rookies to rockstars to C-level superstars.  And in doing so, I know that there is no ‘secret’ to success.

There are, however, certain behaviors that when practiced consistently (in any market) will consistently yield results that outperform in any market.   All centers that beat the averages do these five things.

  1. They cultivate good day-to-day habits and emphasize best practices and fundamentals…in good times and bad. They won’t get complacent and suddenly forget how to sell because the phones are ringing again– and they don’t get frustrated when they’re not.  They have developed and actually use reliable and replicable marketing systems. They track their numbers, and they can just as easily anticipate needs and opportunities  as they can pinpoint and fix flaws.
  2. They are strategic business partners to their tenants and prospects – they identify the needs of their prospects…and create ‘programs’ that match their centers’ benefits with their prospects’ needs.  They seek mutually rewarding outcomes.
  3. They never stop canvassing. The right way.   10 hours per week.  minimum. No matter what.
  4. They are always building their ‘bench’ and their intelligence.  They are committed to ongoing education and training.  They share information, provide great support and cultivate a curiosity in their staff.  They look to other industries for great ideas…and great people.
  5. They stay nimble and responsive to change. Successful centers – and the people who run them – are tireless revisers, which means they are always learning and are capable of adjusting in real time to changes and opportunities.

Bonus behavior: They seek and emphasize value over price in every analysis and in every deal.

The successful people in our business aren’t lucky – they’re busy.  And if you’d like to learn more about what they’re busy doing and more specifically, how they’re doing it, please give me a call.  I’m happy to talk to you about what’s happening in your market and what I’m doing right now in mine to:

Build My Bench (and my clients benches), Build My (and my partners, staff, tenants and prospects) Intelligence, Build My Pipeline and my Property’s Value (rents up 40% in past 12 months), Attract National Retailers (20 deals in past 12 months).

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Prepare Before You Prospect

I believe if you had to close 10 deals in 10 days, you’d be better off spending 9 of those days sharpening your strategy. That means knowing your own space, your competitors’ spaces, whether new entrants are raising or lowering rents, and whether your prospects’ businesses are growing or fading. It means knowing what’s shifting in your local demographics and whether new roadwork or new employers are about to change your market. You can get away without doing this once. I did, with Sir Speedy, back on my very first day. But when you don’t know why something worked, you can’t repeat it. Luck runs out fast. Market intelligence is what lets you replicate success instead of hoping for it. You don’t need weeks to gather this. Get out and walk your competitors’ centers in person. Grab coffee with neighboring leasing agents and trade real intel, social media only tells you so much. And if you get a prospect you can’t help, send them to a competitor. It builds goodwill, and higher occupancy in your market raises rents for everyone, including you. I got a piece of advice years ago from a national retailer with over 150 locations. Show up

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The Prospecting Tools You’re Probably Ignoring

Canvassing is my bread and butter, but it’s not the only strategy that works. Here are a few others I use, and how I use them right. For mom and pop retailers, direct message them on Facebook. I’ve been getting a 32% response rate doing this over the past eighteen months. And if you just got off the phone with a prospect, text them immediately after. That single habit has driven a 40% increase in setting showing appointments. Most mom and pops still don’t have a professional email address, but every single one of them has a cell phone. Use it. For national and regional retailers, LinkedIn works better than email. Their inboxes are flooded, but LinkedIn is still less crowded and most of them have notifications turned on. If you want to cold call a national, do it only after you’ve sent them detailed information about your center, their locations in your market, and their competitors’ locations, and confirmed they actually received it. A few more sources people overlook completely. Skim the Yelp reviews when you’re sourcing restaurants and steer clear of anything under 3 stars. Read the advertisements in your local print magazines and industry dailies. And don’t

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Why Canvassing Beats Waiting for the Phone to Ring

I ask my rock stars three questions at the start of every class. How many vacant spaces do you have? How many call-ins do you get each week? How many of those are actually qualified? A qualified prospect, in my world, has more than one location and money on hand to expand. When I tally it up, only about .05% of call-ins meet that bar. If you’re depending on leasing signs and cold emails to fill your spaces, you’re going to be waiting a long time. Canvassing is what actually works. Only 2% of agents do it regularly, and I’d bet that’s the same 2% closing the most deals. It’s no longer about who you know, it’s about who knows you. Face-to-face relationships are what get you remembered when a prospect is finally ready to expand. I canvass, and so does my entire team, 10 hours a week minimum. I average 15 new business cards for every 15 stores I visit, even after 31 years in my market. I still find prospects I’d been overlooking for years. Case in point, there was a tennis shop on my route to my son’s school that I’d passed for two years without stopping

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When I canvass with agents, almost every single one walks into a store and asks the person at the register, “Is the owner here?” It feels natural, but it’s actually the worst question you can ask. Think about who’s on the other side of that question. If they are the owner, you just told them they don’t look like it. If they’re not, you just told them they’re not important enough to talk to. Either way, you’ve disrespected the person standing in front of you before you’ve said anything useful. Skip the gatekeeper question entirely. Walk in, greet whoever you meet, and get straight to your purpose. “Hey, I have a shopping center a few miles away. What are your expansion plans?” That one line respects their time, treats them like they matter, and opens a real conversation, whether they’re the owner, the manager, or the person working the register today who might own the place tomorrow. Rockstar Tip: Cut “Is the owner here?” from your canvassing script completely. Lead with your purpose instead, and you’ll walk out with a name and contact info far more often.

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Beth's Resources

Beth has established a reputation for “giving back” and creating a legacy of helping others. To support this mission, she offers a wealth of FREE resources for individuals in the retail leasing industry, whether you’re a newcomer or a seasoned professional. Her collection includes case studies from her nearly 40 years of experience, providing practical insights and guidance. With Beth’s resources, you’ll gain valuable tools to navigate the complexities of retail leasing and achieve your professional goals.

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