While businesses the world over have been struggling to stay afloat over the last year or so amid the coronavirus pandemic, many stores within shopping malls have been some of the hardest hit. With restrictions on in-store shopping and capacity, many stores that were thriving in shopping malls have taken a huge hit.
But now that a lot of areas are able to relax their restrictions on businesses, shopping malls are able to reopen and businesses are able to open their doors once again. So if you’ve been considering taking your storefront to a shopping mall, here are three tips for opening your business in this type of environment.
Decide if a Mall Is Really Where You Should Be
Before you go through all the process of putting your store up in a shopping mall, you’ll want to be sure that this is the right decision for you.
According to the editor of HomeBusinessMag.com, there’s usually a very high rental cost for business locations inside shopping malls. Because of this, you’ll need to evaluate carefully if a shopping mall will create the best environment for you to make the most money. While many costs will be covered in your rental agreement, like the security shutters or gates in front of your store, other costs may be higher. So before you envision how great it would be to have a store in the mall, make sure that it actually makes sense for your exact business.
Start With a Bang
Once you’ve decided that you do want to have your store in a mall and you’ve been able to secure the exact location that you’ll be moving into, your sights should then be set on how to start your business with a bang.
Usually, the best way to do this is to create a grand opening event for your store. As you prepare for this, Bennett Conlin, a contributor to BusinessNewsDaily.com, advises that you spread the word by contacting local media outlets to cover your event, market in and around the mall itself, and use your business website and social media pages to invite people to come to your grand opening event.
Scope Out the Competition
Setting up a business within a shopping mall is a little different than having your business working out of any other location. Because there are often the same general types of businesses in the malls, WikiHow.com shares that you’ll need to do something that will set you apart from your competition.
One option you might want to consider is to set your pricing based on what your competition in the mall is already doing. By pricing a little higher or a little lower, you may be able to bring in your ideal demographic to your store over your competitors.
If you’re considering opening a new storefront in a mall, use the tips mentioned above to help you find success in this endeavour.
Image Credits: michaelmko