September 13, 2022
Retail is one of the largest industries in the world and a predominant economic engine that contributes to the financial well-being of a country's economy, growth, and development. From regional shopping centers and lifestyle centers, hypermarkets and community malls, retail real estate covers a diverse range of building typologies and sizes of developments. Retail real estate can be defined as any real estate property wherein consumer goods and services are sold directly to an end-user.
Creating a successful retail project from the ground up is a complex process that requires a wide variety of critical aspects to be taken into consideration. There are many fine retail planning details that need to be examined from the onset, including site selection, competitive positioning, design, anchor selection as well as a myriad of pre-planning studies. Additionally, when a retail development project is operating and is facing a number of trading and leasing challenges, it is necessary to continue re-assessing what it will take to energize an existing project so that it will flourish and become a successful investment.
As one would expect, the success of any retail development project requires a lot of experience and expertise. Over the years we have found that the success of a development is contingent on the experience of the team developing, leasing, and managing the development.
For firms with limited experience in developing a shopping center or any type of retail-centric project, it is wise to engage with the most experienced retail advisor in the field that can help shape the project according to the market conditions, the developer’s ultimate vision, and contribute to the success of a project for years to come.
Regardless of whether a project is in its planning stages or has been in operation for some time, the investor/developer’s objective is always to provide the consumer with a well-planned, properly leased, and smoothly running profitable asset. As a result, requesting external independent expertise is required. Prudent investors often engage with expert retail real estate consultants to evaluate and assess the Retail Property Management and leasing process to optimize the performance of the project. It is critical that all strategies focus on the retail industry financial analysis adjusted for each project and each micro market.
The following are among the most important points to keep in mind when looking to hire the Best Retail Consulting Firms for any project’s needs.
Experience and Expertise
Both the experience and expertise of a retail development specialists’ firm are key to maximizing the success of any project. It is important to consider what exactly it is that the retail consulting firm specializes in and what category and caliber of the projects their overall profile includes.
Depending on the scope of a project, a developer will want to consider if market research, retail leasing and development experience, retail design, retail planning, and Retail Property Management are part of the specialist’s profile. The more projects of varying nature the retail development specialists’ company has, the more likely they can understand the unique needs of your retail development project and the complexity of each project, and how no two projects’ strengths, weaknesses, opportunities, and/or threats are alike.
The bottom line is to find the retail development specialists that can provide the necessary set of tools to ensure the success of your retail development project. The specialists should provide both a broad and specific overall picture of what a project needs to be the best that it can be. Therefore, you will want to make sure you are being provided with a more general market assessment and a custom-tailored report that will entail every aspect that must be taken into consideration from the project location to the architectural master plans, to the finer detailed leasing and financial aspects (both current and forecasted), which are the key elements that are essential for success in our highly competitive industry.
The overarching goal is to maximize the experience of the customer so that consumers will choose your project as their number one choice of destination. An experienced team of retail development specialists should function as a one-stop shop when it comes to finding viable solutions for any number of challenges that every developer and brand faces at one point or another.
Previously Delivered Projects
Another way to research and determine the best fit for the needs of your project is to look at the retail development specialists’ overall profile and more specifically the types of projects they have worked on as well as the size of the project and country location.
As you browse a retail development specialist’s profile, you should be able to envision your project with the company’s caliber and vision to determine if your future or existing development would be a good fit.
When a retail project is under development, large amounts of investment and financing take place. From hiring architects and contractors to engaging with retail development specialists, there is a lot of planning that takes place. One must be careful when budgeting and managing finances at all stages of retail development. Do not hesitate to discuss your budget and the consultant's services offered from the onset to ensure expectations are both realistic and can be met when going through the process of selecting the best retail consultants to help collaborate with you on your project.
About McARTHUR Retail Development Specialists
McARTHUR offers comprehensive consulting, planning, and retail management services to international retail developments. The firm specializes in retail management services for shopping centers and malls, lifestyle centers, resort retail, community malls, and community developments. McArthur delivers and ensures personalized results. At the company’s core, we believe in providing focused retail design consulting with the best-customized services to each client as per their project's unique vision and needs.
With a strong global network, McARTHUR has had the fortune to work on projects in over 30 countries across five continents. The firm has a strong global network and collaborates with leading industry experts in the retail sector. The team at McARTHUR Retail Development Specialist has a cumulative total of over 200 years of combined experience. Each member of the McARTHUR team has diverse expertise and professional backgrounds which contribute holistic perspectives and groundbreaking ideas that set new benchmarks across the retail industry. Based on our extensive track record, McARTHUR is one of the top retail consulting firms in the MENA region.
As one of the most respected in the industry, McARTHUR Retail Development Specialists offers a high standard and bespoke services to all categories of projects irrespective of the current stage they are in; whether a project is under development, under concept ideation, seeking consultation, or if one is looking to enhance the performance of an existing site.
The services offered by McARTHUR Retail Development Specialists include:
Retail Development Market Research and Analysis
Shopping Centre Development Review and Turnaround Solutions for Operating Properties
Mall Concept Design-layout and tenant mix
Strategic Planning and Concept Design for New Developments
Retail Leasing and Merchandising Advisory
Shopping Mall Leasing Strategy
Retail Property Management
Detail strategic business planning is the basis for all retail developments and ensures a strong foundation for projects. From interior mall layouts to shop layout planning, McARTHUR helps retail projects with strategic planning and concept designs, assisting properties with competitive market analysis, retail size planning, layout options, budgeting, and financial planning to name a few.
Detailed Retail Leasing Solutions
Designing and executing a successful retail leasing strategy is the goal of all retail projects. Experienced retail consultants such as McArthur are crucial in assisting with the positioning of the project and selecting the right brands. Detailed financial leasing projections assist in determining capital and operating budgets, lease documentation, and lease negotiations along with solutions including specialty leasing and customized merchandising mixes.
Marketing and Promotion
Whether a project is already established or is yet to break ground, all retail developments require the appropriate stages regarding promotion and marketing activities to reach their ideal customer base as this is the pinnacle goal of all retail operations.
A custom and properly planned marketing strategy will enable maximum growth for any size of the project. Ranging from developing a property marketing strategy, B2B campaign to entice retailers as well as social media analysis, CSR program, and a digital marketing strategy, McARTHUR Retail Development Specialists can assist in helping plan for all marketing and promotional strategies for the heightened success of a retail real estate development.
For more information regarding McArthur Retail Development Specialists' profile please visit: https://www.mcarthur-specialists.com/
Founder and Chairman of MRDS, Phil McArthur CSM, CDP, CRX has brought to get her the best minds in the retail development industry to collaborate under the umbrella of McArthur Retail Development Specialists. Through his career spanning over 40 years, Phil McArthur has worked on some of the most successful retail and mixed-use developments in the world. From 2011 to 2019, Phil McArthur was the Founder & Managing Director of McARTHUR + COMPANY, where he provided strategic advice to over 150 projects in over twenty countries and territories including the United States, United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait, Jordan, Oman, Egypt, Lebanon, Iraq, Palestine, Iran, Pakistan, Uzbekistan, Azerbaijan, India, Malaysia, Monaco, and South Korea.
In 2020, Phil founded McArthur Retail Development Specialists and continues to expand the retail real estate services and client base for the firm.