05 Apr Anchor Tenant
Even if the traditional mall isn’t the entertainment epicenter it once was, mixed-use spaces and the like have still found use for the classic mall blueprint. One of the most familiar elements brought over from the mall era is the anchor tenant.
The business that “anchors” a shopping complex is meant to bring increased consumer traffic to the area. These retail spaces are often larger than the surrounding stores, are bulk sellers of various products, and carry a well-known brand name. The kind of anchor tenant developers seek out depends on the interests of the local consumer (or the ideal customer) and the overall purpose of the space.
In the trendy, experience-focused mixed-use spaces replacing malls, the anchor tenants are often big box clothing stores that can cater to both upscale and casual crowds. In places with heavy pedestrian traffic and lots of residents nearby, anchor tenants may lean towards food and home goods stores like grocers. As shopping complexes, pavilions, mixed-use spaces, and downtown centers become more unique, even businesses like breweries have found their footing as anchor tenants.
Anchor tenants are, at their core, the stores that determine the success of a new development. They are the staples that attract customers and serve as attractive destinations for nearby residents and business owners. Choosing the right anchor tenant for your next project is the key to securing more tenants and generating long-term viability.