Developers are increasingly using social media and online surveys to ask area residents what businesses they want in their neighbourhood, turning away from traditional market research that determines what types of stores might draw customers.
When real-estate developer Robert Fung started to look at how best to fill 8,000 square feet of retail space in New Westminster, B.C., he decided to approach it like a retailer and ask potential customers what they thought might be a good fit. He turned to Facebook, Twitter and community blogs to solicit feedback from people who live in the area.
Mr. Fung says the response to the two-week campaign was “overwhelming, immediate and highly informative,” and it led the developer to refine his target retail mix and modify the storefront configurations to dovetail with what respondents envisioned.
“I didn’t have anyone say, ‘Put a London Drugs in it or a Shoppers Drug Mart’ – not that that’s a bad thing, but it’s not the character we hope to provide,” says Mr. Fung, president of Salient Group, which is behind the Trapp + Holbrook project in downtown New Westminster.
Read more: http://www.theglobeandmail.com/report-on-business/small-business/starting-out/heres-a-twist-developers-ask-residents-what-stores-they-want/article11165548/
Investors Group has sold 6651 Fraserwood Place in East Richmond in a deal worth $12,000,000. The building, approximately 15 years old, is a 2-storey office/flex building with a total of 91,450 SF. The building had been substantially vacant and for lease for some time.