You don't mention the size of the space or the overall size of the center in which it is located. I have seen grocery stores range in size from 20,000 SF to 70,000 SF. If you are on the smaller end, there are plenty of discounters and dollar stores (value oriented merchants) that are both seeking space and flourishing in this economic climate. If you are on the larger end of the size spectrum, you may find it necessary to divide the space and find multiple tenants to fill the same area. Another factor is the rent that you NEED to achieve (not want, NEED). This will help you better identify the character, quality and type of tenant you can reasonably attract. Think about what is synergistic with your other tenants and try to create a situation where they can feed off of one another. Many times co-tenants elected to locate in a center because of the frequent repeat customers that a grocer draws in to the property. Losing that traffic could ultimately harm the viability of your other tenants.
Aug 5, 2009