HOW STRATEGIC PROPERTY MANAGEMENT CAN UNLOCK VALUE IN RETAIL REAL ESTATE By Beau Arnason and Laura Wedekind Facing competition for consumers, property managers should curate destinations that leave lasting impressions and enhance engagement. P roperty management has evol-ved from traditional operations and maintenance to strategic placemaking. Today, property man-agers curate tenants and experiences, transforming properties into vibrant retail destinations. The competition for consumers’ dollars, time and at-tention — especially in the Columbus market — is greater than ever. That means no element of the customer ex-perience can be taken for granted. The property managers who are successful think like owners, taking a hands-on approach to drive redevel-opment and financial optimization. By delivering high-impact solutions that enhance engagement, increase foot traffic and maximize asset value, property managers can ensure every aspect of a visit — from arrival to de-parture — is carefully curated to leave a lasting and positive impression. Think engagement over operations With the convenience of online shopping here to stay within the com-mercial real estate industry, consum-ers today want more than just a place to shop. To attract visitors, properties have to offer a unique experience that keeps guests coming back for more. In Columbus, Easton Town Center’s diverse mix of shopping, dining and entertainment offers more than 250 local and national brands in a pedes-trian-friendly, open-air setting. The role of property management extends beyond the daily operations and in-cludes carefully curated guest experi-ences and strategies aimed at building emotional connections with guests. For example, Easton’s in-house se-curity team func-tions more than just safeguarding the property, but 90 percent of their time is spent as guest ambassadors who engage with visitors and answer questions. Their Beau presence helps cre-ate a welcoming Arnason environment that Steiner helps visitors feel + Associates valued in addition to feeling safe. While many centers outsource this function, a strategic ap-proach can provide a greatly enhanced guest experience, which drives repeat visits and results in greater sales. Creating surprise through program-ming Successful retail destinations have to not only have well-maintained spaces but also must constantly inno-vate. One of the most effective ways to do this is through program marketing and animation, which can transform a shopping center into a dynamic and interactive environment. For example, a combination of per-manent art installations, seasonal ac-tivations and culturally relevant pop-ups give visitors a reason to return. It is about adding those small but impact-ful details, such as installations that celebrate movies like the Taylor Swift Eras Tour concert, Wicked-themed de-cor and events, or in Columbus — in-teractive displays that are tied to The Ohio State Buckeyes and their Nation-al Championship win. Pictured is Easton Town Center’s reimagined Fashion District. The property offers more than 250 local and national brands in a pedestrian-friendly, open-air setting. Regardless of the relevant thread that property manag-ers incorporate, it is about adding an unexpected mo-ment of delight for a customer. It is those kinds of ex-periences that cre-Laura ate surprise, excite-ment and overall, Wedekind better engagement Steiner and visibility to a + Associates property. How to curate the right tenants and highlight them Beyond programming, selecting the right tenants play a significant role in shaping a property’s identity. It is key for property managers to collaborate with tenants to highlight what makes them unique. At the Easton Town Center, for ex-ample, Forbidden Root Brewery is a restaurant and botanical brewery in-spired by elements found in nature that offers an immersive experience by providing customizable drink op-tions, as well as pairings with locally sourced ingredients. To elevate the tenant’s presence at Easton, the property management team focused on promoting Forbid-den Root’s in-house beer canning events. Rather than allowing this part of the business to go unnoticed, the property management team worked closely with the tenant to generate media attention, and in turn, attract-ed new visitors to the brand. Ensur-ing visibility to the tenant contributes to their overall success, which then leads to a long-term success of the property. Meeting today’s greatest challenge One of the biggest challenges facing owners of retail properties today is the number of options that are com-peting for consumer attention. With the rise of e-commerce, as mentioned earlier, and endless options for dining and leisure activities, people need a reason to visit a shopping center. The key to success is to figure out how to offer an experience that is so compel-ling that guests actively choose to visit in person rather than shop online or go elsewhere. Even when customers come for a single transaction, their impression of the center is shaped by their en-tire experience. The property man-ager can impact their experience in so many ways to ensure they have a positive impression from start to fin-ish. Making properties feel essential is not an easy task. But if done right, consumers are willing to drive farther and spend more time at a destination if it offers something they can’t find elsewhere. By continuously introduc-ing new programming, innovative tenant collaborations and immersive activations, properties can go from shopping centers to must-visit desti-nations. Staying ahead of industry trends and managing like an owner Looking ahead, property owners and developers must continue to stay proactive when it comes to adapting to emerging retail trends. Some of the most important factors shaping the future of retail property management include a continued rise of experiential retail and immersive shopping environments; the role of technology in a property; the growth of mixed-use developments; and fig-uring out how to thrive in synergy with office, residential and entertain-ment components. In addition, part-nering with private and public com-panies as well as public institutions can help the process of increasing the value of an asset. Retail property management now requires more than a standard opera-tional approach. Instead, it demands an ownership mindset, and success will come from activating a property and not just maintaining it. Another major industry shift is how tenants engage with their customers. With digital platforms strengthen-ing these direct relationships, under-standing those connections allows the property manager to maximize those relationships because they can leverage the center’s assets and foot traffic. No two tenants have the same audience profiles, therefore successful teams need to be nimble. By focusing on the initiatives above, such as guest engagement, dynamic programming and strategic tenant collaboration, property managers will be able to create places where people want to be. It’s about thinking ahead and consistently innovating, not just for owners and tenants, but for the en-tire community. Beau Arnason is executive vice president of asset management and Laura Wedekind is president of Columbus-based Steiner + Associates, a commercial real estate development, third-party leasing, property management and consulting services firm. 22 • April 2025 • Heartland Real Estate Business www.REBusinessOnline.com
Heartland Real Estate Business April 2025: 22
