The investment manager is using a digital marketing strategy to help drive sales for its essential tenants, as well as helping other tenants set up e-commerce platforms to stay alive during the crisis.
Pacific Retail Capital Partners has shifted its marketing strategy to counterbalance the impact that the Covid-19 pandemic is having on its mixed-use retail-led properties and their performance. The investment manager is using a digital marketing strategy to help drive sales for essential tenants, as well as helping other tenants set up e-commerce platforms to stay alive during the crisis, said Najla Kayyem, senior vice president of marketing at Pacific Retail.
“This adjustment allowed us to maintain relevancy of both the centers and retailers by promoting essential services, restaurant takeout and encouraging physical stores to serve as fulfillment centers and curbside pick-up programs,” Kayyem told REFI US. “That quick responsiveness provided immediate value to not only our retailers, but our partners, leasing teams and investors as well.”
Pacific Retail is also reaching out to the communities where its properties are located to help its tenants serve customers more efficiently. For example, the firm held blood drives across its portfolio of shopping centers last week to support healthcare workers and patients in need during this time.
“During this time of crisis, it’s even more important for our industry to find new ways to support our communities,” said Kayyem. “We are aware of the critical role our shopping centers play in the neighborhoods they serve, and our teams continue to work proactively, shifting efforts to fulfill immediate needs and to continue being a hub for resources and human connection during this difficult time,” she added.
Pacific Retail will host additional programming such as campaigns to recognize both high school seniors who will not be able to attend graduation due to the outbreak and local heroes that are serving on the frontline of the pandemic response, shared Kayyem.
The company, which manages a $2bn institutional-quality retail portfolio across major US metros, has closed down all retail centers – with the exception of some restaurants and essential businesses in accordance with state mandates. Pacific Retail will continue to track the pandemic and take a holistic approach at its properties in the near term.
“Our outlook includes repurposing our physical and online assets during these living and re-emergence phases, raising the bar for our retailers to meet the rapidly revised demands of consumers [and] revising how online and onsite sales are attributed as more stores serve as both fulfillment centers and customer touch points,” said Kayyem. “Finally, [we will] reimagine future developments to the highest and best use with new purpose and urgency for which Pacific Retail continues to actively pursue.”
Written by Roodgally Senatus for REFI: Real Estate Fund Intelligence
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22nd April 2020, 8:28 pm