Landlords and Retailers: Think Long Term

I read on Patch today and was compelled to blog on the subject of retailers, landlords and New Canaan.  The comment section under her piece would not take as many words as I have written.

Well said, Kate- 

Our family real estate business on Park Street and Cherry Street (Caroline Realty, LLC.) has been able to maintain a fully leased building for most of our 54 years in town because of the recognition of the important factors that  you wrote about  today. Other successful landlords have done the same.  One thing all successful landlords have in common is a commitment to thinking long term.  Long term for the family and, just as importantly, long term for the community.

I offer these questions and examples from my own experience as examples of how we have ensured not just our viability but also those of our tenants:

1)    Does a potential tenant fill a void in the market?  , , , and certainly meet that requirement.  I can’t tell you how many offers we had on the former bike shop space that involved another nail salon coming to town.  We needed to lease the space, but waited until a better tenant could be found.  Think long term.

2)    Respectful relationships with all of our tenants, constant communications and the desire to work with our tenants when times are tough all lead to tenant retention.  L’Armoire, 26 years; , 19 years; CVS, 18 years; Radio Shack, 14 years; Bob’s Sports, 52 years.  Think long term.

3)    A demonstrable attitude toward maintenance, beautification and cleanliness by the landlord also goes a long way in retaining tenants and enhancing the shopping experience for the customer. We had a wonderful mural painted by a local artist in a drab lobby area of our building — people love it!  We left a huge tree in front of the building on Park St. and incorporated a bench into the brick wall to give the look and feel of a pocket park where we could have opted for more rentable space. People use it!  Think long term.

4)    A strong working relationship with a local Bank.  My father was one of the founders of the former New Canaan Bank and Trust.  We are now  back as customers of the “new” Bank of New Canaan and have found their commitment to the community directly corresponds to our commitment to the community making for a very professional and respectful relationship.  Think long term. 

This is an amazing town, still filled with opportunity for merchants, landlords and consumers.  Just as Kate mentioned, I am so grateful and proud that my Grandfather also had the foresight and work ethic to build his dreams right here in New Canaan.