The connection between the retail offerings and location plays an integral role in the profitability of commercial real estate in the long run. When it comes to the profitability of retail enterprises, foot traffic is its lifeblood. The correct combination of retail tenants along with the ideal location attracts many customers to the place successfully.
Eugene Bernshtam – Looking beyond commercial real estate for profits
Eugene Bernshtam completed his graduation from the Loyola Business School in finance and has received both the Series 7 and the Series 63 certifications for selling investment securities in the USA. He was able to work for a firm specializing in investment banking directly after college. He later worked for multiple multi-national companies and headed the commercial real estate development company Avalon Holdings LLC along with its affiliated entities.
He is actively involved in auto restoration and is one of the Illinois Secretary of State’s licensed automobile dealers. He holds a membership at both the Lamborghini Club of America and the Ferrari Club of America or the FCA.
He is a consummate professional, and he often works six to seven days a week. His passion is property development, and he has chosen it as his career. Besides work, he enjoys collecting cars, weight-lifting, traveling, and scuba diving.
Bringing in customers and more footfall
According to them, there is more to commercial real estate development than when you build the venue; customers will come. There are specific retail establishments that attract the majority of the customers from the whole community. The goal here is to create real estate properties from where the majority of the customers who live in that area will come. A captive audience is a motto here where these customers definitely come to the store to make their purchases.
Several commercial developments have been designed around the anchor stores, mostly large retail businesses, that serve as the major draw towards the whole commercial development with other stores that benefit customers the advertisements of these anchor stores generally bring in.
Real estate and commercial development
Like all real estate investments, commercial developments are hugely dependent on their location. These primary locations are either close to workplaces, residences, or modes of transport. In short, they should be anywhere where the influx of potential customers is involved. Some developers capitalize on locations that often look for a captive audience or a segment of the market that is guaranteed to do a lot of their shopping in the property. Besides locating commercial development that is close to any residential area, developers can also make a captive audience with the help of using apartment dwellers, offices that have simple access to shops or stores nearby, and mixed-used development techniques.
In the opinion of Eugene Bernshtam, the interior layout of the real estate is crucial, just like the location of the store. The foot traffic should be planned effectively so that customers are able to access the stores easily. The volume and the pattern of this foot traffic is an excellent way to attract new tenants to the newly developed commercial real estate.