As shopping centers continue to evolve, landlord’s will look to lease space at their centers to strong local and regional operating tenants. In order to meet the demands of consumers, landlords will look to input tenants that offer an “experiential, social and engaging experience”. Local and Regional Mom and Pop tenants have been increasing in appeal to shopping center landlord’s as they continue to prove by their successes that they know their customer, understand the markets that they operate and are able to adjust or pivot rapidly to meet demands.
Landlords are seeking out strong mom and pop tenants to occupy space at their centers. This demand is generated by customers who put more value on local and want to engage in an experience. The fact is mom and pops are intimately ingrained in the communities of which they operate and have a direct pulse on their market, making them agile and able to quickly adapt in real time to changes in consumer demands. This landlord viewpoint is one that has change over time as retail has evolved and landlord’s look to incorporate tenants that create experiences and drive foot traffic to their shopping centers.