Unmasking Optimal Locations: What You Can Learn From Spirit Halloween’s Retail Site Selection Guidelines October 16, 2018 Commercial Real Estate, Retail Site Selection By: Jason Holte Share: TwitterFacebookLinkedIn If you’re looking for seasonal tenants, how can you make sure your vacant storefront is an appealing candidate during their retail site selection process? Before fall officially begins each September, there is a telltale sign that a change of season is approaching. No, we don’t mean the arrival of the Pumpkin Spice Latte or even the changing of the leaves. Rather, it is the first appearance of a Halloween store in your local shopping center. Intrepid costume-shoppers can have their outfit purchased and be Halloween party-ready as early as August if they so desire. But have you ever wondered how the companies that operate these stores identify promising locations? It may be too late in the year to attract a Halloween store to fill a vacant storefront that you’re representing, but it’s never too early to begin planning for next year. Let’s take a look at the insights that can be gained from Spirit Halloween’s retail site selection criteria to determine how you can better identify suitable locations within your existing portfolio using location intelligence. Retail Site Selection Model for Spirit Halloween In addition to laying out their preferred lease terms (a three-month lease with a kick-out clause, ideally spanning August through mid-November), Spirit Halloween has also outlined five main parameters that they look for in a store location: Situated in a shopping center, strip mall, major mall, or similar retail space Between 5,000-50,000 square feet of sales floor space Anchored by a national retailer mix A population of 35,000 or more people within a 3-5 mile radius A traffic count of approximately 25,000 cars per day Now that we have a clear understanding of what Spirit is looking for in a temporary location, here’s how LandVision can help you screen promising locations within your portfolio to identify your strongest opportunities. Use a Points of Interest Search to Locate Major Retailers Nearby While you already know and can speak to the retailer mix present in your shopping center and in the surrounding area, LandVision allows you to easily visualize nearby major retailers on a map using a point of interest search. You can even export a presentation-ready image with these locations plotted on a map to more easily demonstrate the landscape around your property. By providing these resources up front, you can eliminate much of the guesswork inherent to your seasonal tenant’s retail site selection process. You can also ensure that both sides of the transaction are working from only the most current, accurate data available when evaluating potential locations. Retail Site Selection – Major Brands Overlay Demographic Data to Identify Suitable Populations With just the click of a button, you are able to overlay up-to-date demographic data to determine if the population surrounding your property is large enough to satisfy Spirit’s target audience. Once you have confirmed that the nearby population will support a Halloween store, establish credibility by showing your work. Save the regional real estate manager the time of researching the neighborhood with the help of another map visual from LandVision. Retail Site Selection – Demographic Overlay If you’re looking to provide a more concrete overview of the area surrounding your property, then you can easily generate a site profile report for any parcel using LandVision. Simply select your property on the map, then choose “Site Profile Report” within the Location Information pane. You can customize the information that you’d like to include in your report, which is auto-generated after you make your selections. Since Spirit Halloween is targeting a specific population count near their stores, this feature allows you to easily demonstrate that your property hits that target. Retail Site Selection – Site Profile Report Analyze Historical Traffic Data to Ensure Enough Cars Pass Your Location If you live and work near the property that you are representing, then chances are that you’re all too familiar with the traffic patterns surrounding the development. However, since the real estate manager you’re working with is likely not as familiar with the territory, and since hard numbers are better than anecdotal evidence, you can use LandVision to prove this out. Access and overlay historical traffic data to paint a clear picture of the number of cars that pass by your shopping center. While these numbers are provided on a yearly basis rather than a day-to-day count, you can still be prepared to speak to this data point when presenting your location for consideration. Having this information on hand can help set a seasonal tenant’s mind at ease when the time comes to decide between two similar sites for their store. Retail Site Selection – Traffic Overlay Interested in Learning More? While we have outlined a handful of ways that location intelligence can help you attract new tenants to the properties that you represent, there are countless other ways that you can utilize LandVision to win more deals. Click here to schedule a demo today!