When it comes to in-store shopping, brands that focus on experience, engagement and personalization see their revenue increase by 6% to 10% according to the Boston Consulting Group, a global consulting firm for leaders in business and society. With customer experience being a key driver to increasing a retail center’s profitability, its ownership must curate the right tenant mix. To do so, destination retail is the name of the game.
‘Destination retail’ describes a place that successfully attracts consumers from further away than the immediate surrounding neighborhood. These types of shopping centers and malls attract visitors based on a synergistic tenant mix that encourages them to spend time shopping, dining, receiving services and being entertained.
One example of destination retail that provides an enhanced customer experience is Whizin Market Square in Agoura Hills, California. Built in the 1970s and renovated in 2011, the charming and highly visible center, with its characteristic peaked rooftops nestled among the hills, is known for its truly unique collection of locally owned businesses including popular music venue The Canyon, Agoura Beer & Wine Co., Plata Taqueria & Cantina, the Agoura Antique Mart, Mixt Fine Things and Backyard Sanctuary. Kennedy Wilson Brokerage has handled retail and office leasing for the property’s ownership, Tucker Investments, since 2018. In that time, the team has brought a diverse group of complementary tenants to the center including Sage Plant Based Bistro & Brewery, Bagelicious, Cleo Hair Salon, Floret Floral Design, Trilling Landscaping, Champion Builders and more.
As part of its ongoing mission to create a sense of community, Whizin Market Square also has features beyond its resident businesses that support an engaging customer experience. In 2021, ownership acquired a mesmerizing – and Instagrammable — sculpture by Anthony James, a British-American artist based in Los Angeles, known for his experiential installations. The center has also hosted the Conejo Valley Wine & Food Trial Series and regularly showcases its tenants on Instagram, Facebook and Twitter. The result is an active and vibrant retail destination that draws visitors from Malibu to Simi Valley — far beyond its immediate surroundings along the 101 Freeway in Agoura Hills.
Ultimately, a strong tenant mix enhances the overall customer experience, which in turn ensures businesses thrive, increasing a center’s profitability – and at the end of the day, isn’t that the goal?
Christine Deschaine is a Senior Vice President at Kennedy Wilson Brokerage, specializing in the leasing and sale of retail properties. She has more than 30 years of experience in tenant and landlord representation and has worked extensively in urban redevelopment with some of the industry’s most prominent investors and developers. She was recently named a 2022 Retail Influencer by GlobeSt. and a winner of Bisnow’s 2022 awards in Commercial Real Estate Excellence and Influence. Christine also serves as the founder of Bringing Hope to the Family USA, working to build sustainable water infrastructure, education and healthcare in Uganda.
