Are you planning to open your own retail store? If yes, this is going to be a big challenge for you. Bear in mind, starting a retail store can be tough if you don’t find the right location. The process becomes even more daunting when you decide to locate it in a shopping mall.
With the evolution of shopping malls, the dynamics of shopping outdoors changed drastically. Earlier, people had to sift through the different stores in the markets for the stuff that they wanted. Now, it is easier to shop from a shopping mall because it is the perfect amalgamation of several shops in one place.
In other words, when you visit a certain shopping mall, you can rest assured about getting everything from one location. However, when you have to choose the right shopping mall for the retail store, it is essential to consider a number of factors.
Here is what you should consider when choosing the perfect shopping mall for your retail store:
1. Location
The first and most essential factor to consider is the location of the shopping mall. Especially if you have plans to grab massive eyeballs, it is imperative that you choose a location that is within the reach of thousands of people.
If you want your business to thrive in a short time, choosing a shopping mall that is visited by a lot of people will be the right choice. With the evolution of several shopping malls in the last few years, the competition is strong and several business owners have already joined the bandwagon to set up businesses there. Seldom will you come across a shopping mall with no retail stores.
2. Number of Visitors
Before cementing the decision to locate in any particular shopping mall, make sure you do your homework. Conduct some research yourself and see the number of visitors in every mall.
For best results, we recommend you to visit the websites of each of the malls and check out the visitor count. This will help you build some perspective on the expected number of visitors. Whenever a new store is launched, the expected number of customers is acknowledged.
Without having the feasibility of the project, it is hard for the business owners to assume control over the right decision. If you have checked out the Newmarket Mall, you will see how well the business owners have managed everything in one place.
3. Number of Stores
How many retail stores are already located inside a certain shopping mall? Have you checked out all the shopping malls in town? Is there any availability of an additional store? These are the questions that you need to ask yourself before setting off.
The number of stores and the type of stores will help you go the extra mile to stand out to the customers. Bear in mind, you also need to check out the types of stores that are a part of the shopping mall because it will help you decide the marketing strategies for your store.
Today, if you don’t have a strong marketing plan, it will be hard for your business to stand out to the audience.
4. The Cost
How much money do you need to invest in a certain shopping mall? Bear in mind, most shopping malls provide stores for rent. However, the rental costs can be very high and might take a big toll on your business.
For many, the rental cost is the only elephant in the room. When they have to struggle with the budget, it becomes hard to locate their shop in a shopping mall. Luckily, with several shopping malls being constructed in the same towns, the competition is fierce and people are finding it easy to penetrate the commercial malls now.
