Retail has been a battered sector of late. It was bad enough that the internet migrated lots of shoppers out of malls and into cyberspace, but then we had to go and have a financial crisis. When it rains it pours.
Of course, with every crisis comes an opportunity. And as we’ve been saying for months, when the going gets tough, the tough get creative.
The Wall Street Journal recently published an article about how health clubs have become the beneficiary of and the a savior to a tough retail real estate market. The lesson is that when the market changes, you have to think outside the box.
If you’re facing challenges with any of your properties, then get around the most creative people you know and brainstorm about solutions. It may seem obvious, but sometimes we get stuck on a problem and just try thinking harder. Sometimes it’s more important to think differently.
Albert Einstein (we heard he was a pretty smart fellow) said:
“You cannot solve a problem from the same consciousness that created it. You must learn to see the world anew.”
And if you need a little inspiration, click here to listen to our podcast Creative Solutions to Today’s Property Problems. Then use our Feedback page to tell us about your problem and creative solution. Who knows? Maybe you’ll end up as an inspiration for another investor somewhere down the road!