Selecting the right location for your brand, as a business owner, is one of the most important things, you have to do, especially if you are setting up in a mall. Typically, malls are filled with lots of brands, some of which include competitors, irrelevant brands to your niche and complementary or others that supplement your brand in one way or the other. Selecting the right location for your brand deserves careful thought, lest you make a big mistake when setting up. The following are some of the simple things that you need to consider before you settle on a location for your brand in a mall
One of the most important questions that you have to ask yourself is whether or not your brand will be able to fit in the mall. To do this you will have to conduct your research beforehand to determine the kind of competition that is available in the mall, or lack thereof. The size of the mall is also important, whether the mall is a big one or a relatively smaller one. Is the mall famous or not? Is the mall located in a tourist city?
Though not all mall management departments can do this, you can make attempts to enquire into the periodic visitor traffic that gets into and out of the mall. If possible, take your time and visit other malls so that you have an idea what they are offering as compared to the one you are interested in. Generally, a mall worth your time should have at least 10000-30000 visitors on a daily basis and again that depends on your brand and its location in the mall.
Before you get space in a mall, the management will usually ask you for a presentation of your business or company. In the process, you might have some forms to fill out as regards the space you want and any other details that the management might find necessary.
Once you have filled the forms expected, you will wait for the management to contact you. In most cases, they never do, but this does not mean you should give up either. However, in the event that you get a quick response from the management, chances are high that they are either struggling, or your presentation was just awesome.
In order for you not to be overwhelmed by the process, it is advisable that you hire someone whose role would be to look through the prospective malls you are interested in to save your time. You can only come in once you have been briefed and the project is in the later stages.
It is important to note that you should not be too excited about the mall because this might influence the owner’s options out of your favor. You should still be aware that getting the location right does not always happen to everyone, as there are those who have managed to get stores in high traffic malls but still have not managed to break even. Things like the rent that you will pay should be related to the amount you make in terms of sales on a daily basis.
At the same time, getting the demographics of the mall will also be an important element that you have to consider because you have to know the type of clientele that you are dealing with. From the nationalities to the ages, all this is important information that you have to get. You can also extend this knowledge to finding out the particulars of those who live around the mall and their age groups, the things they like, their cultural affiliations and so forth.
Competition is always the key to your brand location. There are brands that will thrive from the economies of scale associated with their competitors, especially in the tech sector. However, this does not always work for all businesses. Depending on how you want to work about your brand, proximity to your competitors can work both ways. Unsatisfied competitor customers can seek solace in your brand, while you might also lose some to the competition. This is a tricky affair though, but an important element that you must take into consideration.
One thing that you can be guaranteed is that the mall is a pretty crowded place, full of people and stores. Therefore, you need to determine how easy to access your brand will be for your target buyers. All brand owners desire to have their stores easily accessible to shoppers and other clients so you should carefully consider this. Besides, the easier it is for clients to access your store the easier it will be for you to do business. Most shoppers also prefer stores where they can walk in and out very conveniently without feeling too claustrophobic.
Is there room for growth for your brand at the mall? This is an important question especially if you are planning to expand the brand over the coming trading periods. If you hope to expand in the future, you should consider looking for an appropriate location that can allow you the kind of flexibility that you need.
Setting up a spot for your brand at the mall will definitely come with some costs involved. Chances are high that the spot you will get will not be business ready. Therefore, you will need to look into things like renovation costs, decoration, IT system installation and upgrades and such stuff. Once you already have such costs in mind, you can consider whether or not you can afford them comfortably while at the same time handling the requirements for setting up your brand.
Eventually the right location for your business will also come down to how much you are willing to pay for the store to lease it. You have to conduct enough research about the mall, the potential for growth, the owner’s perception on your line of business and other aspects that can determine the amount of money you will be required to pay for your ideal space.