The Answer to Vacant Retail Space

Having walked around in various CBD’s as well as some major shopping centres, one can’t help but notice numerous and rather large and empty retail spaces. Not only is it unsightly, it also made me wonder firstly what visitors impressions were to those specific area/s or shopping centre/s they were spending their hard earned money with, secondly how commercial property owners profitability is being impacted on by having these vacant spaces, and thirdly how entrepreneurs are letting these opportunities pass them by. I am convinced that parties’ willing, there has to be a win – win solution for everyone involved.

I am sure that many of our retail landlords will not have much to lose but rather more to gain by allowing a Temporary tenant to take occupation at a reduced rental without them having to enter into a long term lease. Landlord conditions could include for example that the premises get vacated in “x” number of days after the landlord has signed up a permanent tenant to occupy the premises.

Some alternatives to be looked at include:

• Internationally Pop up Shops have been around for a while, but still not having taken off convincingly in South Africa, here lies a huge opportunity for smart, savvy entrepreneurs to take advantage of this.
• Due to us entering what for many retailers is the largest trading period of the year, satellite stores could be erected with very low overheads, affording them an increased footprint, brand exposure and additional revenue
• Here the landlord receives an income be it a reduced rental, it surely is better than nothing and the retailer or entrepreneur has an increased income potential whereas the consumer has additional convenience and does not have to get the negative perception and impression of unsightly vacant spaces.

In my books it is a win-win for all parties, Pretty innovative, right?

What are your ideas for vacant retail spaces?