As the economy improves, and the restaurant chains start venturing into new markets, many of the larger malls across the country are, and will, experience expansions and renovations, not to mention a tenant shuffle to accommodate the new arrivals.  Regional malls, some of the dominant power centers and the few lifestyle properties too, are experiencing everything from simple cosmetic upgrades right through to major add-on and new-build construction. And we shouldn’t forget the added manpower either.  With all of the assumed new interest, the top caliber leasing and management personnel are being rolled out. That too involves some special construction requirements to enlarge office doorways to accommodate the swelled heads, but that’s a story for another time.

A recent conversation, however, with a newly minted senior leasing guru did answer some questions.  It seems that it is no longer the leasing people that are leasing the properties today. It is the statistics that are doing the leasing.  The largest GLA in the biggest market gets the most attention, or so it would seem.  I was informed of how all of these arriving tenants are demanding numbers. They want to know what competitors are already in the market and how well they do. They want to know who lives, works and plays in the market, how much money they make and spend.  They want to know what color their eyes are and more. And the leasing wizards, in their cleaned and pressed suits, are lining up at the expanding restaurants’ doors, armed with statistics, brochures, pictures, illustrations, etc. Like sinners at St. Peter’s Gate, they are trying to present their properties and plans in the best possible light.

Not once during our conversation was ‘fit’ and ‘mix’ mentioned. There was no mention of ‘gut feelings’ either.  It was all cold hard numbers. Now I will admit that cold hard, accurate numbers can present a very clear picture.  Few of these new-to-market chains are familiar with the market so they are depending on the ‘black and white’ facts.

Statistics are like a map. You start at point A and provided you follow the directions turning left here and right there, you’ll get to your destination.  That is, provided the map/information is accurate and there are no construction/changes along the way. It is safe and foolproof. Everyone gets what they expected and jobs are secure.  But nothing new is created!   However, when the creative blood is flowing and the gut feeling, the instincts of a true leasing person, is involved, ‘shopping center art’ can be created.  These aren’t rebels, they are artists. They use the ‘map’ like a suggestion, not a bible. They know that straying a bit from the directions might make the trip a little longer.  There might be some unforeseen hazards along the way and it might even be a little frightening.  But it might just open up a whole new world with brand new opportunities.

You should remember that these malls and centers and retail nodes were originally build and leased by people that had no map. What they had was gut instincts. There’s still plenty of gut feelings out there.  It only seems like there are more caretakers…………..WP