Giving the Customers What They Want

You will perceive that so far I have not spoken specifically about buildings. I did say earlier that shopping centres and shopping development is all about giving the shopper what he or she wants. All developers will agree that the major ingredient, and direct driver, of the actual shops — their size, location and services — are the major retailers, and less directly, the investing institutions and their agents. In any usual circumstance, a developer cannot make any profit without a successful centre. He must attract chain stores and other major retailers and therefore anticipate their requirements. He must ask himself whether a targeted retailer will be prepared to trade out of a certain size of unit in a particular location. Most retailers have emerged from their previous tunnel vision which took account only of their own trading potential and, while still having their own interests as a priority, recognise that their neighbours and the environment play a big part in trading results. This is borne out by the first question almost every potential tenant asks: what other retailer has taken space? Letting agents, often acting for developers, are less able to hide their desire for attracting good quality names, which will be more attractive to the ultimate funding institution, but usually show a remarkable change of direction if such traders cannot be found at acceptable terms, when they suddenly recommend smaller or less well known retailers.