12 Strategic Steps in Assessing a Mall Space for Your Business
October 20, 2023
After coming up with a business concept and you are ready to take the next step in your business journey, you will need to start assessing a space for your business, be it in a mall or shophouse. This can be challenging for first timers so we’ve created this helpful article to walk us through the 12 steps you should take.
1. Define your Business Goals
Before deciding on a space, you need to first clearly outline your business objectives and what your goals are for your business. Then and only then will you be able to find a space that aligns with your goals. This could be seeking increased foot traffic, building upon brand visibility, or seeking your target audience’s accessibility. Establishing your business goals is step 1.
2. Identifying your Target Audience
Why do countries do census, why do companies do surveys? Understanding the demographics and preferences of your target audience will help ensure that you seek out a space that captures this audience for you. Aligning your product or service offering with your target audience where they are is highly important to the success and scalibility of your business.
3. Evaluate Foot Traffic
Footfall. Once you have narrowed down your target audience, you will then start browsing different malls and spaces. When visiting, analyze the foot traffic patterns within the mall and space.
High footfall areas, especially near anchor stores or entrances may be ideal for maximum exposure, however, it may come at an increased cost. Evaluate what is suitable for your business and make a conscious decision in choosing your space.
4. Assess Competing Businesses
Who are your competitors nearby? What are their USP (unique selling points)? Investigate the different types of businesses already operating in or near the space you are considering. Consider how your offering may complement or differentiate from existing businesses and what drives and sets you apart.
5. Evaluate Accessibility
Consider the mall and space’s accessibility by public transportation and parking facilities. A convenient location can significantly impact customer visits and frequency of patronage.
6. Examine Surrounding Amenities and Infrastructure
Assess the availability of amenities. An example if you’re looking for an F&B space is keep a look out for restrooms, seating areas, and nearby food courts.
Furthermore, be sure to examine the infrastructure of the mall, including the condition of common areas, maintenance, and overall cleanliness. A well-maintained environment reflects positively on your business and in return contribute to your overall customer experience.
7. Study Mall Marketing Strategies & Sesonal Trends
Review the mall’s marketing initiatives and promotional events. Collaborating with mall-wide campaigns can enhance your brand visibility.
Understanding the mall’s marketing strategies can also enable you to better forecast your sales peaks and down time to run your own digital campaign and activations. Consider seasonal trends that may affect your business. Certain products or services may experience fluctuations in demand during specific times of the year.
8. Understanding Mall Policies
Familiarize yourself with the mall’s policies regarding operating hours, security, and any restrictions that may impact your business operations.
9. Consider Future Developments
Inquire about any upcoming renovations, expansions, or changes within the mall. Anticipating future developments ensures your business aligns with the mall’s evolving landscape.
10. Engage with Mall Management
Establish communication with mall management. This will help you facilitate strong discussions around your business needs, seek clarifications on any concerns, and gauge the mall’s management’s willingness to support your venture.
11. Conduct Market Research
Conduct your own market research to understand consumer trends and demand within the mall’s vicinity. This insight helps tailor your product or service to meet local preferences and to understand if your product and offering will be adopted by the demographic surrounding your space.
12. Review Lease Terms with Legal Professionals
So you’ve decided on a space and are excited to kick-start your business. Before doing so, be sure to scrutinize the terms of the lease agreement, including rental costs, lease duration, and any additional fees. Ensure they align with your budget and long-term business plans.
You will also want to consult legal professionals to ensure you fully understand the terms and conditions of the lease agreement. Having legal advice helps safeguard your interests.
Your 12 Strategic Steps for Assessing a Space!
By methodically evaluating these factors, you can make informed decisions about selecting a mall space that aligns with your business strategy and maximizes your chances of success in Singapore.
Do you have any other requirements in mind? Do you have a detailed business profile proposal? Can your concept qualify for malls? Are you familiar with the 11 steps to get your business into malls? Ask us on what it takes to get into Malls!
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