Calling All Retail Building Owners!

Here are ten strategies that Heidi Stout Tretheway shares in the most current issue of Knowledge-Leader magazine.

1. Shift your expectations. Market conditions may substantially change rental rates.
2. Be prepared to adjust rent. This may be the key to maintaining a tenant's momentum through the 2009 holidays.
3. Consider short-term opporutnities. Renogotiate or replace the tenant in a stronger market.
4. Reevaluate operations. Is it possible to cut operating costs to shave dollars off the common area maintenance charges?
5. Partner on tenant improvements. Many tenants with exceptional credit - and virtually all those lesser-rated - arestruggling to secure loans for TI.
6. Don't compromise. Unsavory tenants could pollute your existing mix.
7. Hoard cash. Your lender may require a cash infustion to rebalance the equity equation.
8. Find new sources of revenue. This might include advertising, kiosks, hosting special events, or reciprocal parking arrangements.
9. Focus on demographics. Understand your center's psychographics and demographic, and doggedly pursue merchants who are the best fit.
10. Get help. Your tax, legal and real estate advisors can suggest teh best path to repositioning or restructuring your property, debt and tenant mix.

Source: Knowledge-Leader