A retail store brings products to customers in their ready-to-use format by breaking down the bulkiness of wholesale buying. When setting up a retail store, one thing the owner should consider is making sure the shop is easily accessible to retail buyers. In this line, the shopping mall is a perfect choice.
The shopping mall has a certain appeal for customers. To begin with, it has adequate space for packing, and customers need not struggle with their cars. The organisation of space allows the customer to walk with ease from the parking into the mall and inside the mall. Most notably, the shopping mall is a convenient choice because of the variety of businesses that allows the customer to explore different shopping options.
For the retail store owner, setting a shop in a mall can be competitive considering that other similar stores may already exist. This can be mitigated by offering high quality and unique products and providing exceptional customer care. Despite the drawbacks, starting a retail store in a shopping mall comes with these two core benefits:
- You inherit an existing clientele that counts as prospective customers at your store.
- You have access to the standard amenities of the mall such as packing and restrooms and need not invest on the same.
To enjoy these benefits, however, you need to follow these steps and considerations when setting shop:
- Analyse the mall’s suitability for your business
- Several visits to target shopping malls are necessary before settling for a specific one. This allows you to establish some key details:
- The demographic characterisations of clientele frequenting the mall (age and socio-economic class among others)
- The nature of stores already in business at the mall; they are similar or different to yours and how well are they fairing.
Is there consistent foot traffic inside and outside the mall?
Choose your specialty
Based on your visits to prospective locations, decide your preferred product/s for the store; those that appeal to the majority clientele as established from your previous research. If you sell something already in stock at other stores, identify an aspect of diversification.
Prior to setting up shop, inquire about the local government requirements for retail businesses and acquire a business operating license. Inquire and adhere to set mall requirements regarding allowed products or minor details such as furniture standards, interior designs, wall covered perimeter and area, etc.
Name your store and business
Your store name is the first aspect that customers interact with before they can browse through your products. Choose a name that reflects the uniqueness of your store. A name can make or break.
Your name is usually used as the business name for formal purposes unless you opt to franchise.
Design and structure
It becomes imperative to consider your store interiors and design to be structured specifically according to your business idea and the mall requirements. To be in line with what the mall provides, one needs to follow the store design pattern that reflects the true culture of the mall. Various customised options such as polished concrete flooring, mannequins, store music, creative merchandising options, etc enhance an average shoppers’ shopping experience.
Stock and begin the sale
With all the structures in place, you can now bring in your product/s and start the sale. Remember that the wrapper reflects the gift; merchandise to catch the eye of every customer that walks into the mall.
Do not forget to market
Capitalise on the advantages of starting your retail store in a shopping mall that was discussed earlier and use the mall’s name and fame to direct customers to your store. Social media platforms can be a high target.