Know Your Customer

Retail’s golden rule? Know your customer.

Simple. Timeless. Obvious.

Yet, when it comes to retail lettings—the very process of deciding who gets the keys to a shop for the next 3, 5, or even 10 years—we sometimes forget this basic principle. In fact, we often skip past it entirely in favour of a spreadsheet and a rent figure.

Let’s Be Honest…

If a retailer ran their business the way some property deals are done—shoving a product into someone’s hands before asking what they actually need—they wouldn’t last five minutes. But in lettings, we do this all the time.

Instead of thinking “Is this space right for this business?” we’re sometimes stuck thinking “Can we squeeze a bit more rent out of this one?” And while we might high-five over a strong headline rent, what we don’t always celebrate (or even measure) is what happens next: did they survive past year one? Are they trading well? Did the lights stay on?

The Two-Part Sale (And the One Bit We Often Skip)

Sales is really a two-part game:

1. Match the product (in this case, the unit) to the needs of the client.

2. Understand the actual human being you're selling to.

We tend to be great at part one—“It’s 600 sq ft, triple-fronted, lots of footfall, prime pitch.”

But part two? “What makes this business tick? Are they ready? Will they thrive here?”

That part can feel like a footnote, not a focal point.

Why This Matters (More Than Just Being Nice)

Here’s the thing: landlords want long-term, sustainable income. No one wakes up in the morning hoping for voids, rent arrears, or another “To Let” board popping up in their carefully curated scheme.

But when we let a unit based solely on the best deal in the moment—without understanding if the tenant can actually work in the space—we’re often sowing the seeds of churn. And churn costs everyone: in time, in money, and in missed opportunity.

The Industry Norm (And Why We Should Buck the Trend)

It's no secret that squeezing existing tenants for higher rents to offset a failure to attract new ones is a common practice in our industry. But not in my business. I refuse to let poor letting decisions or rent hikes on loyal, long-term traders serve as a crutch for underperformance. The property world is smaller than we think, and mismanagement has a way of coming back to haunt us—be it through a tarnished reputation or dwindling retail commitment.

Let’s Talk Dating (Briefly, We Promise)

Leasing space should be more like matchmaking than speed dating. It’s not about quick wins. It’s about asking: “Can we see a future together?”

Sure, we need to be commercially minded. But we also need to be strategically minded. That means evaluating not just the numbers, but the narrative behind them.

• Is the brand aligned with the location ?

• Is the business operationally and financially ready?

• Will they add value to the destination?

Wrapping Up: The Win-Win Deal

What if every letting was a win-win? The right business in the right space, set up for long-term success. Landlords get stable income. Tenants get the right platform. Customers get something they actually want to visit.

That’s not fluffy idealism—it’s good commercial sense. Because when businesses thrive, everyone benefits. And when they don’t… well, let’s just say “void period” doesn’t make for a great headline.

So maybe it’s time we stole a page from the retail playbook and started treating every letting like a customer interaction. Ask the right questions. Listen properly. Understand who’s standing across from you—not just their covenant, but their concept.

Because when you know your customer, everyone wins.