Strip malls aren’t dead!
Strip malls, a type of shopping center located in an outdoor, easy-to-access setting, continue to remain one of the best types of commercial properties. Their convenient access makes them go-to spots for eating out, grocery shopping, medical services, home improvement supplies, and more. Not all shopping centers are doing well, though, and investors can take the opportunity to turn them around by following these tips for revitalizing strip malls.
1. Check the Property’s Condition
The first step investors can take to begin revitalizing the property is to inspect its physical condition. Is the building and all its units in good working order? Is there any damage or old appliances that need repairing or replacing? Is the parking lot full of cracks? Fixing up the place will make it much more attractive.
2. Economize Property Management
Is there any way to make the property management system more efficient on the whole? Property management includes accounting, finances, marketing, and more. If you would like to use a property manager, a professional company like Clagett Enterprises can take on much of the work, taking only a small percentage of the annual income.
3. Choose a Healthy Mix of In-Demand Tenants
What is the quality of the shopping center businesses? The strip mall should have a healthy diversity of services that local customers prize. Even if you choose to specialize in a certain kind of service, such as food, the selection should be diverse enough for more people to enjoy. You can use technology to see customer trends to see what kinds of services are most in demand.
4. Facilitate Easy Strip Mall Traffic
Create a traffic system that flows efficiently for drivers and pedestrians. Keep up with parking lot maintenance, and–if possible–create a system for people picking up online orders and people staying longer to get in and out without any confusion or delay.
5. Consider Creating Community Spaces
Traditional shopping malls are becoming multi-purpose spaces as online shopping has taken over some of the need for department stores. Strip malls can also consider having similar amenities, such as third spaces, event venues, or even housing.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for an experienced property management company, the perfect realtor for your property, or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with commercial sales, leasing, management, and development and consulting, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook and Linkedin.