Retail landlords need to adapt to tenants increasingly employing omni-channel sales formats, according to industry insiders.
“Many times, [landlords] have a clause in the lease that requires tenants to report sales, just as a way for the landlord to track the health of the tenant,” says Scott Holmes, senior vice president and national director of the national retail group with brokerage firm Marcus & Millichap. “That gives the landlord some degree of leverage in leases that are due for renegotiation if they know that the tenant is doing great in that location. So, landlords for quite some time have been concerned about how do they track all sources of sales being generated by the trade area surrounding a store, especially as more and more sales are happening online?”. . . more