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As a developer of a greenfield retail project, you embark on a long, productive but also complex journey. At the start, you must conduct a comprehensive feasibility study to gauge the level of demand, analyse demographics and take into account other retail supply. It is also important to understand the direction of the broader economy and the potential for consumer spending growth, which is a key aspect in assessing the viability of a retail project.
Once you are ready to proceed, you must find a suitable development site, assuring that it is visible, easily accessible and in line with your future vision for the project. Then you need to negotiate to reach the right buying price for your land plot.
The next step is to conceptualize the project and have your architects draw up a modern and efficient building design. Your project should stand apart from your peers (in terms of functionality and appeal) and must meet all of the practical requirements of your future retailers. Then comes the step of securing bank financing to launch the construction phase.
Once you can see your development take form, you need to focus on the optimal tenant mix and implementation strategy. The right combination of supermarket, fashion, services, entertainment, daycare centers, food courts and the choice of any specialization into a specific niche market would increase the vitality of your retail project and keep customers coming back. To achieve the highest possible rental income, you must keep the retail traffic flowing and your tenant mix must be well thought-out and take into account local shopping habits and demographics.
However having good quality tenants is a two way street. You need to create a brand identity for your project and promote it effectively in order to attract the best retail tenants. Once the project reaches the final stages of construction and opening day approaches, you will need the right administrative staff to oversee the day-to-day operations and subcontractors to run your facilities.
Every single stage demands careful planning, experience and prudent decisions in order to mitigate your risks. To invariably make one good decision after another all the way through, you need to back yourself with up-to-date information, professional and innovative ideas and the right analytical tools.
Forton International, with all of its departments, has the knowledge and hands-on experience to back you from the beginning to the end of your retail project’s life cycle.
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