If you’re an entrepreneur in the game of selling goods directly to the public, the prime location would be an interior shopping mall. People are there explicitly to purchase. Other businesses may draw in customers you wouldn’t have had on your own, and the space is purpose-built for sales. Getting permission to move in and start selling is another story, though. The mall owners want to maximize their profit on a per square foot basis. Everybody who’s in there has had to prove they’re the right choice, and can handle the stress of being in a shopping mall. The right shops can put a mall on the map, while others might get a mall the distinction of being the “old person’s mall,” or even just a plain economic dead zone.
You should consider these facts before you get too ahead of yourself on any mall dreams:
Are you qualified enough?
Look around at any given mall. What kind of stores are typically there? Most malls select large chains with a history of proper customer service and rapport to occupy their space. These businesses have proven their business models and won’t be moving out any time soon. The corporate structure of these businesses is also appealing to mall property owners as even if one individual store is doing poorly, the company as a whole will be able to prop it back up until profits stabilize. If this is your first venture, it’s highly unlikely that you’ll end up securing the much-coveted space in the mall you’re eyeing. The size of the mall and the surrounding town will factor in when it comes to whether or not you’ll get the space, as well as the management’s disposition toward what you have to bring to the table.
Costs
The massive rent costs associated with being in a mall are like that for a few reasons. Any mall is packed full of shoppers, so there’s a premium associated with that fact. However, are these shoppers potential customers for your specific service? What we’re getting at here is that your business should be able to benefit from the space directly. An accounting office doesn’t have to be in a mall to do spectacularly well, for instance. Some developments, like this great development, are vast and sprawling, offering more opportunity for duplicate shops than others. Each square foot of your space needs to be carefully calculated as well. The high rent costs shouldn’t be spent on places with no storage purpose or foot traffic.
Conclusion
Who doesn’t want to be that fancy new shop in the mall? Even just the “under construction” signs, as you prepare to open up a shop, work as a massively effective marketing program as people walk by the space every day. Unfortunately, this kind of prestige isn’t available for everyone at this moment in time. Any business that’s in a mall typically has significant liquid fund reserves, consistent cash flow, and a solid reputation among consumers. Make your business satisfy those requirements, and mall space might just be in your future.
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