With economic ripples extending across the national economy, retailers can face new challenges. But, there are several ways that retail landlords can give tenants a boost:
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Offer flexible lease terms: Landlords can offer flexible lease terms, such as shorter lease lengths or the ability to renew the lease early, to help retailers adapt to changing market conditions. This can include larger tenant improvement allowances and concessions like free rent so retailers have more available capital to invest into the business.
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Provide rent relief: Landlords can provide rent relief to tenants who are struggling financially due to the pandemic or other economic challenges. This could include temporarily reducing rent or offering rent deferment programs.
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Offer additional support: Landlords can offer additional support to tenants through marketing and promotion, such as promoting their businesses on social media or providing in-store signage.
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Invest in the shopping center or mall: Landlords can invest in the shopping center or mall to improve the overall shopping experience and make it more attractive to customers. This could include upgrading facilities, a new facade, more signage opportunities, improved access or adding new amenities.
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Collaborate with tenants: Landlords can work with tenants to develop mutually beneficial initiatives and partnerships, such as joint marketing campaigns or events.
Overall, it’s important for landlords to be proactive and flexible in their approach to supporting tenants, as this can help to create a strong, vibrant retail environment that benefits ev
eryone.
Questions about Montana retail opportunities? Contact Connor McMahon at 406-370-6424.
