Strip Malls Are Resurrecting. Are You Ready for the Retail Opportunity?
You’ve made the decision to start your own retail business. While your store’s plan is solid, a major factor in your success is the location of your business. The consumer traffic that has shifted online is one of the reasons highways are lined with shuttered big-box retailers. While there’s been a trend of store closings during the past several years, there has been an increase of business owners flocking to strip malls.
One advantage of starting your business in a strip mall is being able to tap into a customer base that already exists. Having access to the structures and amenities that already exist also is a plus. Once you’ve decided to start a business, you need to decide the size of your retail space. The help of a floor planner can help determine how much space your inventory will need. It’s also important to think about how much space you want to put aside for stockrooms and offices. If you’re selling clothing, you need to allocate space for dressing rooms.
Once you’ve found the ideal spot for your business, it’s time to meet with the strip mall’s owner to work out a lease. Negotiating the terms of a lease can be tricky, so it’s a good idea to retain an attorney with retail lease experience. The lease will contain maintenance and utility costs; it also will be filled with special conditions and regulations. An attorney can make sure you get the best deal for your money.
After you’ve invested in the inventory, consult an interior designer to assist you with a plan on displaying your merchandise. Think about the type of lighting and what type of mood you want in your retail business. Having a special place for each item is important. Your most popular items should be displayed near the door, so they are visible to all. Once everything has its place, it’s time to host a grand opening. This is your chance to make a great first impression on your potential customers. Advertise this event in newspapers, radio, and television. Offer refreshments and discounts to give customers an extra motivation to visit your store.
Trends during the past several years show an increase of consumers flocking to strip malls to satisfy their buying needs. The connivance of going to one set of stores is attractive to many consumers. Doing proper planning and using the talents of professionals is the key to getting your retail business off the ground.