There’s a science behind getting the right mix of shops to fill a blank retail canvas.
For some commercial space owners and lessors, a big challenge is to have on board a diverse but complementary set of restaurants, service shops, and retail outlets that could attract the right target market.
There are companies, unfortunately, that continue to struggle with putting together that ideal mix of tenants.
But there are a few others who have already gotten the correct formula down pat—either because they have a clearer and more precise understanding of the market, or that they have a dedicated team that looks into trends and behavior.
Upscale property developer Rockwell Land Corp., for one, takes the process of curating retailers to a different level of groundbreaking and foresight.
“Retail is essential in each Rockwell development. From our flagship Power Plant Mall at Rockwell Center to our smaller retail ventures in our growing number of office and residential projects, the mix has to enhance and uplift the quality of lifestyle of those living and working in and around our developments,” said Camie Mirasol-Salting, senior manager for leasing and marketing for greater retail at Rockwell.
“You can say we are curators. The role of Rockwell’s retail team is to carefully select the retail mix, and we complement this with tailor-made events and activities. We meticulously orchestrate day-to-day operations to ensure that our customers have a positive experience from the time they arrive,” Salting added.
Relevant and exciting
Salting explained that the Rockwell retail team is tasked to scrutinize each potential locator from a restaurant’s menu offerings for example, down to the price points and even the design of the store itself.
The team is also expected to ensure that retailers in a particular Rockwell project would adhere to topnotch standards and deliver a high level of customer service. At the same time, the group should always be on the lookout for fresh concepts, while developing relevant, and exciting ideas with its retail partners, she added.
More importantly, however, the team ensures that its mix of retailers can aptly address the demands and needs of residents in every Rockwell development.
“We always design the mix with the immediate community in mind. We learn their habits, and what they value—be it time, affordability, or having options. We ask ourselves: what services and conveniences would make them happy to have within their reach?” Salting explained.
Take the case of the Retail Row at The Grove by Rockwell. This complex fronting the property located in Pasig City houses a well curated selection of restaurants, a bank, services establishments, a convenience store, among others—all meant to be a one-stop shop for the residents of The Grove.
“For our Grove Retail Row, we wanted this to be a one-stop-shop for our residents. We anchored this with our neighborhood supermarket by Rustan’s, which has everything from fresh produce, household supplies, to its own delicatessen. We feel privileged to have some excellent homegrown chefs behind our restaurants. We also have a barbershop, a spa and a wellness center among our service establishments,” Salting noted.
“The vision is that we can bring the best of the metro to your doorstep and you won’t need to leave the sanctuary of The Grove for your everyday essentials,” she added.
Since it was opened, the Retail Row has grown from just three small destination restaurants to a full amenity that residents and neighboring communities are now enjoying. Recently, more establishments have opened to better cater to the changing needs and whims of The Grove residents.
“As our community grows, we are always on the lookout for more opportunities to delight and excite them whether they are dining at any of our restaurants, doing their errands, or shopping at our Sunday Community Market,” Salting said.
“We believe that this customer-centric formula is what will set our retail developments apart as we grow and launch more projects soon with the expansion of Power Plant Mall in Makati, and our new community center, Santolan Town Plaza, in San Juan,” Salting concluded.
As published in business.inquirer.net on June 24, 2017: http://business.inquirer.net/231981/curating-right-mix