Delightful Shopping Experience in Dallas: Top Dallas – Fort Worth Shopping Malls for Visitors

For the shopaholic, the Dallas-Fort Worth region offers what is called a shopper’s paradise. With anchor stores of world-renowned brands, numerous boutique stores and dozens of shopping malls, the tourists and the visitors are left stranded with the questions – Where to buy from? Who will offer the coolest stuff along with the best deal? Here are some shopping malls that the visitors can opt to buy from.

Highland Park Village: The Highland Park Village is a premiere, upscale shopping mall that offers various brands for the visitors. Anchor stores at the Highland Park include Jimmy Choo, Avant Garden, Starbucks, Peeper’s and Ralph Lauren. If the shopaholic get exhausted after a session of shopping spree then they can visit the Cafe Pacific, Celebrity Cafe and Bakery or the Centennial Liquor to buy refreshments, snacks and drinks. The Highland Park also offers the customers a host of concierge services that include car washing, home delivery and gift cards.

Galleria: Another leading, upscale shopping mall in the Dallas Forth area is the Galleria. This shopping mall features anchor stores like Macy’s, Banana Republic, Bath and Body Works, Gap, Gucci, Guess and Old Navy. From apparel to clothing, eye gears to foot wear, jewelry to accessories, furniture to furnishings, the Galleria has stores that meet your day-to-day needs. The main USP of the Galleria is its ice skating rink that attracts skaters from across the world. Food joints at the Galleria boasts of big names like Auntie Annie’s, McDonald’s, Orange Cup, Starbucks and Mi Cocina.

Willow Bend: Anchor stores at this shopping mall boasts of the Banana Republic, Puma, J.Jill, Bath & Body Works, Swarovski, Macy’s and Dillard’s. Willow Bend creates the perfect ambiance to shop till you drop dead. After shopping to your heart’s content, indulge in lip smacking food and snacks at Auntie Anne’s, Cinnabon, Starbucks, Sonic or the Suki Hana.

These malls with their anchor stores provide the visitors the ultimate pleasure of shopping to their heart’s content and indeed serve as the shopper’s paradise.

How to Manage a Shopping Centre Successfully

Managing a shopping centre is a specialised process that needs a good property manager who understands the property type and what is required to optimised property performance for the tenants and the landlord.

Retail property is special when it comes to function and performance. It takes ongoing constant work to nurture a retail property to success. You cannot put tenants in the property and then let things just happen. A successful retail property is all about strategy and implementation.

Rents and leases are only a small part of the shopping centre management process. Consider this list.

  1. Rent optimisation for the landlord given the business plan for the property
  2. Realistic occupancy costs that do not put the tenant out of business
  3. Placement of the property in the local community and how it will serve the community
  4. Lease incentives to keep current tenants
  5. Tenant mix to help the property be successful
  6. Lease incentives to attract new tenants
  7. Tenant communication to keep occupancy up and conflict to a minimum
  8. Landlord reporting processes that keep the property information flowing and assist the decision process
  9. Rent review processes that stabilise growth of rent without creating a vacancy blowout
  10. Outgoings management to minimise expenditure whilst running the property to acceptable levels of operational performance
  11. Maintenance management to keep the property performing financially and physically
  12. Budgeting of the shopping centre income and expenditure so the targets for the property are reached
  13. Marketing the property to the community and the potential customer to optimise the trade and turnover for tenants
  14. Lease negotiations for vacant space

The list is not complete but shows you the most important elements of control in shopping centre management. A property manager should seek to keep these items under control at all times.

The tenant mix in a retail property is the main strategy that will help it be successful. When you choose the right tenants for the property and help them to trade through directed marketing of the property, you are heading down the right path to progress.

The tenant mix is a product of choice; a choice of what the property is to the community and how you will make it happen. The retail property may be any of the following:

  • Local Strip Shopping of a small group of single shops
  • Convenience Shopping with one anchor tenant
  • Neighbourhood Centre with one or more anchor tenants
  • District Centre with two or more anchor tenants and many small specialty retailers
  • Regional Centre with three or more anchor tenants and a large number of small and medium size specialty retailers

When you know the customer base you serve, and you know why they will visit the property, then you will know the tenants that are required in the tenant mix to make the property successful. Your tenant mix and strategy can be built around these elements. From that point onwards it is a matter of attracting the customer to visit the property and spend money. That is where Shopping Centre marketing takes over.

Perfecting the Retail Tenant Mix in a Shopping Center

In a retail property, the tenant mix will be a key factor in the success of the property and the strength of the market rental. A correctly designed tenancy mix will encourage future sales and minimize vacancies. That will have a direct impact and benefit to the property owner and landlord, as well as the tenants in location.

The landlords of retail shopping center’s and properties would be well advised to devote time and energy to the tenant selection and placement process. This can be successfully undertaken as part of the yearly business plan for the property.

As a special note, the business plan for the property should be created once per year, and adjusted quarterly based on the trends of the market, economic conditions, financial performance, and vacancy factors.

Here are some ideas to help you with the property planning process and tenant placement:

  1. Review the competing properties in the local area. Some may offer factors of attraction to your tenants and potentially draw some of those tenants away from you. For this very reason, your lease strategies and rental structures need to be well considered for tenant stability, rental advantage, and competition. Your property needs to be the best value for ongoing occupancy and potential trade.
  2. Some of those competing properties will have tenant mix structures that are quite successful. Look at the factors of clustering within each competing retail shopping center. Determine the clusters that work successfully and why that would be so. There will always be positive relationships between some tenants to the benefit of ongoing trade. Replicate the good factors that can have benefits to your property.
  3. Review your existing property with due regard to rent reviews, options, and lease expires. Some tenants will choose to leave the property at the end of the lease term. You will need to prioritize your tenants into groups so that you can negotiate successful lease transactions with the priority tenants. Tenant retention within a property business plan is a useful concept. The retention plan can allow you to work well in advance when it comes to priority tenants.
  4. As a general rule, it is not productive to offer option terms to tenants at the time of initial lease negotiation. The landlords of larger shopping centers typically avoid giving options. They would rather negotiate a new lease with the successful tenant at the end of the initial lease term if the tenant has proven themselves in occupancy within the property. A single lease term always gives the landlord maximum flexibility when it comes to tenant relocation and any required tenant mix changes.
  5. Understand the linkage and benefit between specialty tenants and anchor tenants within your property. The trade and the activities of the anchor tenant should encourage more customers to the property and potentially more trade for the specialty tenants. Encourage your anchor tenant to participate strongly in the future of the property and maximize customer interest.
  6. Develop a marketing plan for the overall property, and to help boost the trade of the tenants within. It is likely that the marketing plan will require contributions from the tenants, and that will require their agreement. That agreement can be achieved through the standard lease documentation at the time of lease negotiation.

It is not hard to perfect a retail tenancy mix within a shopping center. It is simply a matter of understanding the profiles of the current tenants, the opportunities that the customers provide to the property, and the prevailing market conditions. Match your property tenants to the demographics of the local area and the customers’ requirements.