Close cooperation with our tenants and other stakeholders is an important element of our sustainability strategy. The Fund is actively looking for ways to cooperate with tenants to reduce environmental impact, improve service levels and optimise the attractiveness of its shopping centres and other retail assets.
We conduct an bi-annual tenant satisfaction survey to gather the information we need to promote the interests of our tenants. As in previous years, we discussed the results with our property managers and agreed targets, all aimed at further improving tenant satisfaction. The key results of most recent survey (2014) are:
Tenant satisfaction has dropped slightly as a result of the predominantly negative sentiment among retailers in general.
In 2015, Bouwinvest continued to increase assessments in the Retail Fund's portfolio using DUO Labels as part of its tenant engagement programme. As to date around 70% of the portfolio is covered and end of Q3 2016 all remaining and suitable units will be assessed. Cooperation of the tenant still remains a challenge. The DUO Label system assesses the resource efficiency of tenants’ retail units and offers practical advice on achieving sustainability goals. An Energy Map provides tenants with a micro-view of their energy consumption. This map outlines the efficiencies and inefficiencies of areas controlled by the lessor – such as roof, flooring and wall insulation – but more importantly, it analyses the areas controlled by the tenant, including the storefront, climate control, ventilation, lighting and escalators.
The map highlights problem spots, compares the store to the centre average and provides advice on how to reduce energy consumption. These maps serve as a starting point for discussion with the shop owners about energy consumption.
We are currently preparing for the second phase in this process, which will involve gathering data from our tenants and setting targets via green leases or sustainable user agreements in lease contracts.
Managing the supply chain
In 2013, we introduced Service Level Agreements. We assess property managers each quarter on topics related to administrative management, technical management (including sustainability), commercial management and tenant satisfaction.
In 2015 we started a project together with IVBN and fellow fundmanagers to engage and assess suppliers of the Fund with a sustainability web tool. Current and future suppliers will be assessed on their sustainable commitments, policies and behavior.