Often, they command less free rent prior to opening, and they are far less likely than large chains to argue for changes in the standard lease. Owners should be wary, however, of standard lease forms signed and returned by local merchants with very few comments. Do not Lose Focus. Of course, there can be disadvantages in renting to local merchants, and they are easily identified. Unfortunately, owners anxious to lease empty space too often overlook these disadvantages.
Control is required in order to achieve the best results.
In fact, the specific tenant mix should be formulated even before the project has gone through the approval process. No doubt many developers have been hurt by local tenants whose businesses failed. Determine if prospective tenants currently own and operate any stores. If a prospect does not own an existing store, find out specifically what experience he or she does have, and who will actually manage the operation and their experiences. Under absolutely no circumstances should prospective tenants be considered until they have presented a viable business plan.