3-Step Checklist Before Entering Malls
January 17, 2021
Starting a business is a great feeling. We know that you want to get started as soon as possible. In order to help you achieve this, we’ve come up with this 3 step checklist for you to get you from idea to store opening, quickly and accurately.
Most perceive running a restaurant as a huge earning potential. That may be true, however, there is also a large upfront F&B investment needed to start a F&B store in Singapore. Here are the steps you’d need to go through:
Step 1: Do your sums - Total Initial Investment
Below is a quick overview of the total estimated investment for a Café / Small Restaurant:
Size: 500sqft
Rental: $25.00psf/mth + 1% GTO or 18% GTO
Effectively $12,500/mth + 1% GTO or 18% GTO
Security Deposit: $37,500 (3 months)
Advance Rental: $12,500
Total Payable to mall upon signing of Tenancy Agreement: $50,000 + legal fees
Design & Build Cost
Based on an average of $220psf, hence total will be $110,000
Our Service Fee
1 month rent: $12,500
Total Initial Investment: $172,500
Want a more detailed article on how this is calculated? Check out “How to Understand Mall Rental Rates“. Also, check out our “MallSpaces Mall Rental Calculator“.
Step 2: Present Your Concept to Mall Before Being Offered A Space
Things to present to the mall:
- Your food offering and the different variety of your menu;
- The pricing of your menu;
- Your space design concept;
- Other miscellaneous information.
Check out: “Presenting your F&B Concept” for more in depth details.
Step 3 - Proposed Space For Your Consideration
After the mall has gone through your concept, the leasing manager will email you a proposed space for your consideration.
Together with you, we will visit the space as a team and provide you with the pros and cons of the proposed space in relation to your concept.
Like what you are reading and the numbers makes sense to you?
A mall may be too much for me … That’s okay, even though we are MallSpacesAsia, having been in the industry for many years, we have grown our network beyond malls with successful clients with spaces outside malls!
You can explore options outside malls here, or reach out to us with your needs and we’ll find the right place for you!
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