Commercial Guidebook | Real Estate Investor Magazine Commercial Handbook 2013 | Page 34

STRATEGIES “Conversely, premises, which are available to rent, are usually more centrally situated and while • People are all brand conscious: While poverty is obviously a barrier to growing brands, income has little Some tips to help you create the right rural reatil centre • Interact with the community: Township and rural shopping centres are the quintessential “market squares”, where people naturally gather to trade, meet, interact, etc. They are the natural centres of communal life. Retailers should entrench themselves, their brands and their offerings by becoming involved in communal life, finding ways of making their goods and services relevant and being seen to be socially active and responsible. large units are perhaps scarcer than smaller units, the rental rate is certainly more cost effective than building. This is combined with the advantage of repairs and propert y rates remaining the responsibility of the landlord,” says de Lange. T hink out of the box: T here a re abundant opportunities in township and rural areas. In areas sometimes less than a couple of hours away from urban centres, or closer, communities are often starved for formal retail offerings. Before discounting expansion into these areas look closely and talk to companies who understand the locations, dynamics and market opportunities in township and rural areas. • Be appropriate in what you offer: People in township and rural areas are seeking convenience i n shopping, value for money and cultural relevance. Rural shoppers may live far from the bright lights, bearing when it comes to buying brand-name products. Research shows that in the township consumer’s mind a brand-name product has to be far superior to a no-name knock-off. Research shows that brand-name products are viewed as liberators. • View informal traders as an opportunity: Often a barrier to entry for retailers is the personnel to operate and manage shops in outlying areas. There are many experienced local traders who have been informally plying their trade in the area for a while. RESOURCES JHI but they are just as savvy as urbanites. 32 Commercial Handbook 2013 www.reimag.co.za