Making the decision to open up a retail store in a mall takes a lot of planning and careful consideration. It can be an excellent way to expand your retail business, if the opportunity is right for you and the right choices are made.
Instructions
1. Make sure you are qualified. Most malls prefer tenants that are guaranteed foot traffic with a loyal customer base, such as franchises. Malls will consider local retailers, but they must be extremely profitable, established with a long history of success and have much experience in the retail industry between the owners and management.
2. Know the demographics of the shopping mall. Trendy shopping malls most commonly attract teenagers and women under 40. Analyze whether these are the customers that will come into your store and buy from you.
3. Choose the perfect location in the mall. Many retailers think location is the single most important indicator of success. A location that gets a lot of foot traffic is important. It is also important that you aren't surrounded by competitors, but are surrounded by businesses that will attract common customers.
4. Learn about mall management's rules and guidelines and make sure you can comply. They are often strict, and punishment for non-compliance is usually a hefty fine.
5. Understand all the costs. In addition to down payments and monthly rental, retailers are often responsible for the design of the store. This includes lighting fixtures, flooring, and wall decor. Some malls may pay a portion of this.
6. Consider a cart or kiosk. They both cost only a few thousand dollars to buy plus monthly rental, or can be leased from the mall. These guarantee a location with a lot of foot traffic, but are much smaller and cheaper.
Tags: foot traffic, monthly rental, that will