KIMCO'S PORTFOLIO REVIEW PROGRAM CAN HELP YOU FIND THE PERFECT SPACE FOR YOUR BUSINESS
Recently, a retailer had a tall order for us. Within just a few years, it wanted to double its footprint from 250 to 500 stores in shopping centers across the United States. In addition, the retailer needed 7,000- to 10,000-square-foot spaces, a size somewhere between anchor and mom-and-pop that's less common in current shopping center build-outs.
While this could have been viewed as a daunting task, through the Kimco Portfolio Review Program (PRP), we were able to give this retailer a wealth of information and options to guide its expansion.
The Kimco Portfolio Review Program is a relationship management service designed to provide one-stop shopping for current and prospective tenants seeking retail space. In a nutshell, we take retailers' expansion plans and do all the legwork for them, providing a level of service that we've been told is unmatched in the industry.
We've found the Portfolio Review Program to be especially appealing to small and mid-sized retailers which might not have an extensive property management function in-house. Here's how the program works.
Reaching out to retailers
Kimco is in touch with retailers -- current tenants or not -- all the time. At conferences and through phone calls and emails, we let retailers know that we can find them the perfect space. While they might not have their budgets and expansion plans set the first time we reach out, they will know that our Portfolio Review Program is ready to assist them.
Once they are ready, we coordinate a meeting or call with retailers to discuss in detail their space requirements, including special considerations -- such as ceiling heights or loading docks -- and their preferred location within a center -- inline, end cap, or outparcel. We also discuss their target demographics, co-tenant preferences, and who their competitors are.
Analysis and creative solutions
Now we take the wish list from the retailer and work behind the scenes to evaluate all possible scenarios. The PRP team works with many groups within Kimco to gather the wealth of information that the retailer will need to make the best decision on expansion.
Our task is made easier by using several state-of-the-art Kimco property management tools that allow us to quickly identify current or upcoming vacancies across our 946 centers, which we then cross check for tenant mix, center layout, tenant restrictive clauses, desired market demographics, and competitive presence. We think creatively to identify space, including whether combining several smaller spaces or parsing off a piece of a larger space would result in an ideal location.
The personal touch
Once our analysis is complete, we package this extensive information into a comprehensive, easy-to-follow list of available locations, with hyperlinks for each property to Kimco's impressive online marketing kit.
We make available online for each of our properties easy-to-follow reports that show the site plan, location, square footage, tenant list, vacancies, access roads, a competitive map, residential density, and income levels. To see what this looks like, use Kimco's property finder tool and click on any one of our 946 shopping centers.
Once we've provided retailers a list of available locations, we work with them to review the information, answer any questions, and help them reach a short list of options. At this point, we invite retailers to an in-depth discussion at which they will have access not just to the PRP team and our leasing directors, but also to Kimco senior executives, such as our vice president of retailer services and our chief operating officer.
Everyone at the meeting takes a personal interest in making sure the company can completely satisfy the retailer's space requirements. The meeting is interactive, meaning that we are able to access our property management tools during the discussion to answer any questions the retailer might have. And, for any property, we can show the retailer a satellite view of each site, both overhead and from the street, along with competitors' locations.
Circling back to the retailer at the top of this blog post that is looking to add another 250 stores: The retailer told us that the level of attention and personal service that we provided was a welcome surprise, and they were impressed with the thoroughness of our review. We're now working with the retailer to schedule site tours.
In real estate, location is key and the mission of our Portfolio Review Program is to help you get this most important variable just right! To learn how Kimco can help you find the perfect location for your business, email me, Kimberly Covino, Director of Portfolio Reviews, at firstname.lastname@example.org or leave a comment below.