Expanding Your Business To Open A Mall Store
The peak of the shopping mall business model has certainly come and gone in the United States
, however, in many places around the world, especially Asia, shopping malls are growing strong. The last decade has shown surprising results to world economic experts who would have never guessed that this would occur. Just one decade ago, the largest malls on the globe were mostly in the United States.These same malls are now secondary to many malls in China who have traditionally been a people without the means to travel to a centralized shopping location. Now that cars have become more commonplace, so has the spread of malls. Some economists worry, however, that the growth has gone a little too far ahead of the demand and will result in difficult financials.
With all this being said; whether in China or here in the United States, there is still great appeal to run a business in a mall. For businesses that do not have as much name appeal or advertising strength, being established in a location where crowds of people regularly attend can be a plus. Leasing mall space can be burdensome from the beginning, however, if you do not immediately get off to a fast start.
Ideally you will already have a successful business before you venture to try it out in a mall. You will want to consider your customer demographic, and determine what percentage of mall patrons match your demographic. If your targeted demographic only attends in large numbers on one particular day of the week, you will need to know if one busy day will be rewarding enough for five or six slow days. Depending on the layout of your mall, you must monitor how regularly your demographic visits the area of the mall you are considering.
When setting up your store, adjustments need to be made to accommodate for the different environment. You will most probably have less natural light and have a lot more need for eye catching displays. You will need to purchase in-store signage that is positioned in a clearly visible location.
The ideal situation would be for you to open your mall location without any financing or debt. Just because it appears that everyone is doing it, doesn't mean you should. The truth of it is that the majority of people use debt to fund their business, and the majority of businesses fail. That is no coincidence.
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