Shopping malls are becoming the first choice for retailers to start their outlets due to the increasing mall culture and ability to draw large numbers. However, if you have decided to open up a retail store in a shopping you need plan it properly after careful consideration.
- Buy a retail franchise business: First take a franchise of a well known retail business as most malls prefer to lease space to businesses that have a reputation in the market with a loyal customer base. It does not matter whether you want to take the franchise of a local or international brand if it has got a long history of success.
- Understand the requirements: Every shopping mall has its own set of demographics regarding what type of businesses can open their outlet, what age group of businessperson can look for a space there and so on. Analyze the demographics properly to find out whether your retail store business meets the requirements or not.
- Study the rules and regulations: Also find out the rules and guidelines for operating a business in a shopping mall. Study them properly to make sure you can follow those rules and regulations as violation to those can lead to hefty fines.
- Look for the best location: A shopping mall is divided into different sections and thus you need to select the perfect location for your retail store business. For any retailing businesses to be successful the right location is must. Perfect location is the single most important indicator of success. While looking for a location in a mall make sure that the area is not surrounded by competitors, but there must be businesses that can help in attracting common customers.
- Understand all the costs: To lease a space in a shopping mall you need to make a handsome payment. Apart from the down payment, there are also monthly rental charges also that you need to consider. Even retailers are often responsible for the design of the store which includes lighting fixtures, flooring, and wall décor. This way you need to think about the extra costs also.
- Final deal: After proper analysis you can final the deal. Get everything in writing and show the agreement to your lawyer before signing it. This will help in smooth functioning of your retail business.
- Always read the papers properly before making any final decision.
- Open a retail store outlet in a shopping mall that has a reputation in the market.
- You must have enough money to start retailing businesses in a mall.
- The design and layout of a retail store must gel with the ambiance with the mall.
Things You’ll Need
- A retail franchise business
- Money to invest
- An attorney
- Understanding of retail business
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