ICSC Leasing Workshop 24 th July 2013 Market Research Vital & Necessary
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1 Shopping Centre Consultancy ICSC Leasing Workshop 24 th July 2013 Market Research Vital & Necessary Christopher Mears Director
2 Content Why the Need For Marketing & Research? Research: Vital & Necessary Research Methodologies Market & Consumers Tenants & Their Business Creating The Leasing Plan Creating The Marketing Plan Value Summary of Key Points Page 2 of 44
3 WHY THE NEED FOR MARKETING & RESEARCH? Page 3 of 44
4 WHY THE NEED FOR MARKETING & RESEARCH? Ownership Objectives MANAGEMENT 1) Collect rent 2) Control expenses 3) Tenant relationship LEASING 1) 100% occupancy 2) Active rent growth 3) Competitive tenant mix MARKETING 1) Increase customer traffic 2) Positively influence the perception of center 3) Alternative revenue 4) Increase sales 5) Leasing Support Page 4 of 44
5 WHY THE NEED FOR MARKETING & RESEARCH? Market Research GAFO Commodity Group Breakdown General Merchandise Apparel Furnishings Other Retail (restaurants and bars excluded) Know the market Competition Deals Trade area Customer Know the players Market research Trade area Competition Customer profile Type of center Target tenant mix Economic goals & objectives SWOT Analysis Page 5 of 44
6 WHY THE NEED FOR MARKETING & RESEARCH? Demographics Are Demo Rings enough? Geographic barriers Trade area characteristics Customer profile Daytime and weekend traffic inflow Tourism Seasonal influences Traffic counts access Page 6 of 44
7 WHY THE NEED FOR MARKETING & RESEARCH? Demographics Research Sources Focus groups Exit Surveys Household Surveys Intercept surveys Telephone surveys Shopper profiles Lifestyle segmentation Desk Research Government Agencies Third party Research Portfolio statistics Local Chambers of Commerce Local Economic Development Departments Page 7 of 44
8 WHY THE NEED FOR MARKETING & RESEARCH? Research Advances Technology new advances in shopper patterns Involve the Consumer consumers typically respond well to being involved in the process - Focus Groups Exits Survey Data Mining there is much to be learnt from digging beneath the surface of the data that you have in your possession Page 8 of 44
9 WHY THE NEED FOR MARKETING & RESEARCH? Marketing Requires Knowledge Exit survey What do they read, listen to and watch? What do they like to win? Where do they live? Customer Profile? Age, Gender, Income Intelligently marketing to your customer reduces cost and increases effectiveness Page 9 of 44
10 WHY THE NEED FOR MARKETING & RESEARCH? Leasing Requires Knowledge Retailers expect a sophisticated level of knowledge from Landlords to assist them in making the right real estate decisions: Customer Profile Footfall Category Sales Trends The goal of market research within a leasing strategy is to: Focus prospecting on tenants that fit the center Identify and improve the weakest elements of that center Optimize the commodity group offerings and tenant mix Achieve growth in center s revenues Gaining information through an analysis of the center, including a SWOT analysis and competition in the trade area, will highlight any retail voids, identify the types of tenants needed to fill those retail voids, and offer key information about retailers likely to complement the mix of tenants already operating successfully in the center. Based on this information, we can identify the opportunities to position our centre in the marketplace. Page 10 of 44
11 WHY THE NEED FOR MARKETING & RESEARCH? Leasing Requires Knowledge Tenancy Mix Plan right for the market: Supply and demand Market trends Size of centre allocated space to tenant Centre s layout Square footage by category Ratio of category to total centre area Sales per square foot by category Ratio of category rental to centre s income Page 11 of 44
12 WHY THE NEED FOR MARKETING & RESEARCH? Leasing Requires Knowledge Avoid the easy deal learn how to say no! Reassure your retailer about cannibalization Page 12 of 44
13 WHY THE NEED FOR MARKETING & RESEARCH? Leasing Professionals need to: Understand how leasing, management, marketing work together to make projects successful Be aware of trends, lease rates and important business terms Understand market conditions and shopping centre position in the marketplace Know the retailer s business Develop and implement leasing plans that fit the shopping centre and the market Page 13 of 44
14 WHY THE NEED FOR MARKETING & RESEARCH? The Big Picture Think Globally! Business Trends Economic indicators Population shifts Financial markets Consumer sentiment Shopping habits Expenditure potentials Consumer requests and inquiries Act Locally! Page 14 of 44
15 WHY THE NEED FOR MARKETING & RESEARCH? Factors affecting the Industry Economic pressures on consumers and businesses Lack of capital and/or credit High unemployment Inconsistent consumer spending Low consumer confidence New retailing trends Page 15 of 44
16 RESEARCH: VITAL & NECESSARY Page 16 of 44
17 RESEARCH: VITAL & NECESSARY What is research? How does it affect the Leasing Process? Page 17 of 44
18 RESEARCH: VITAL & NECESSARY Why Retail Research & Who Needs It? Retail research can be defined as the organised search for and the analysis of facts, related to problems in the field of retailing in order to produce useful recommendations for retail management improvement Ogenyi Omar 1999 The study of pertinent social and economic characteristics of a cohesive area in order to estimate a need of effective demand for a given tangible product ICSC 1985 Page 18 of 44
19 RESEARCH: VITAL & NECESSARY Why Retail Research & Who Needs It? More simply put, it can also be summarized as..a basic methodology that ascertains facts about a given market in relation to a given product.. As a general rule of thumb everyone in the retail supply chain will need & benefit from what research offers & it nearly always starts with the customer Page 19 of 44
20 Page 20 of 44 RESEARCH METHODOLOGIES
21 RESEARCH METHODOLOGIES Sales tracking Customer source surveys Loyalty data Cards Store Performance Data Site research Demographic & consumer spending Competitive analysis Sales forecasts Customer surveys Economic Analysis Market-share & Penetration Page 21 of 44
22 RESEARCH METHODOLOGIES Proactive or Reactive What is the right time to use research? Both are useful and so neither is more right or more wrong than the other but the research that is undertaken needs to be right However, research needs to be solution orientated and therefore is more often than not bespoke, and applicable only to one project there is no canned solution or one-size-fits-all approach. Page 22 of 44
23 Page 23 of 44 MARKET & CONSUMERS
24 MARKET & CONSUMERS An Overview Consumer market research when properly used and properly understood is a marketing tool that can yield invaluable market and consumer insights As customers and their needs change, the retail environment needs to keep up-to-speed with these changes in consumer attitudes and trends research offers a powerful (and quick) way to do this Page 24 of 44
25 MARKET & CONSUMERS Establishing Trade Area A Trade or Catchment Area (CA) provides the outline of the expected shoppers and visitors by sales contribution & by area of residence. Research should collect data & information relating to demography, expenditure, frequency of visit and area of residence. This data can then be used to outline (delineate) Trade/CA s and forecast footfall, patronage, spend, market-share, scalability and offer a measure of success to a new or existing property Page 25 of 44
26 Page 26 of 44 TENANTS AND THEIR BUSINESS
27 TENANTS AND THEIR BUSINESS Understanding Tenants and Their Business Rent or occupancy costs as % of sales Experience and history National Tenants Vs Mom and Pop Does the business fit the mix / market Improving retail sales (Marketing) Know their current and historical financial picture Page 27 of 44
28 Page 28 of 44 CREATING THE LEASING PLAN
29 CREATING THE LEASING PLAN Competition Research the Competition Build a database of all retailers operating in comparable projects Analyze the database Page 29 of 44
30 CREATING THE LEASING PLAN Using Research to Make Lease Plan Decisions Research tells us: Who is our customer? Who might our customer be? Who and what is our competition? Mall Positioning Page 30 of 44
31 CREATING THE LEASING PLAN Leasing Goals Retailers that fit Avoid the easy deal Identify and repair weakness Grow Sales! Position for the present AND the future Start again! Page 31 of 44
32 CREATING THE LEASING PLAN Reality Check Sized to meet the needs and wants of the primary trade area taking into consideration your competition Consider future growth potential in your design, phased approach? Positioned in accordance with the trade area Focus on ROI, remember to look at the cost A few aspirational retailers can be good for the mix Pre-lease 40-60% including all anchors before breaking ground Retailer Demand Survey to vet your aspirations Page 32 of 44
33 CREATING THE MARKETING PLAN Page 33 of 44
34 CREATING THE MARKETING PLAN Market Profile Population Tourism Socio-Economic Factors Mall Overview Buying Power Market Growth Global Comparisons Supply & Demand Page 34 of 44
35 CREATING THE MARKETING PLAN Measuring Results Key metrics for leasing Occupancy rates Deal Speed Quality of tenants Top line achievement, Growth Retention of tenants Satisfaction of tenants Share of market (modern retail), growth Page 35 of 44
36 Page 36 of 44 SUMMARY OF KEY POINTS
37 SUMMARY OF KEY POINTS Key Points Research is vital and necessary Research will assist you in making the right decisions for your tenants and your customers the first time; it s good for your bottom line Research needs to be done in a timely manner and on an ongoing basis Be realistic and honest with yourself and your clients Marketing and all teams should be a very important part of the Leasing Process Page 37 of 44
38 SUMMARY OF KEY POINTS Page 38 of 44
39 Thank you R e t a i l A n a l y s y s No 18-2, Jalan PJU 5/4 Dataran Sunway, Kota Damansara Petaling Jaya, Selangor Malaysia Tel: Fax: M: chrism@retailanalysys.com Page 39 of 44
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