These days, malls are the most visited places because of their entertainment value. Starting from food courts to movie theatres, supermarkets to gaming courts, you can enjoy everything under one roof.
According to a study, it is illustrated that approximately 71% of buyers spent more than $50 while shopping in a physical store, whereas only 54% of buyers spent the same while shopping online.
Moreover, whether you are a startup or relocating your existing small business, there are various factors to consider while choosing a perfect location. Consequently, small businessmen are eyeing to set up their stores in shopping malls.
This article will provide you an insight into how this trend has benefitted the retailers and help them increase their business output.
Never Ending Foot Traffic
One of the benefits of having a store in a shopping mall is that it ensures you the availability of a great amount of foot traffic.
If you want to advertise any summer sales, festival discounts or maybe discount on cuisines, etc. put a sign on the glass window of your showroom. This will grab the attention of the people roaming in the mall.
The wide range of foot traffic in a shopping mall can easily get attracted at first and walk in your store out of curiosity. But eventually, they become your loyal customers. This can help you grow your business more confidently.
When you are a startup company or having a small business, a marketing plan for your business is very necessary. It includes payment for advertisement on the radio, in the newspapers and online to grab the attention of the audience towards your location.
If that location is in the mall, you can try various marketing approaches that are cost effective. The responses you get from the ready-made customers in a shopping mall can help you analyse how much you should spend on marketing programs.
For Example, put an upcoming discount offer on your store for foot traffic to notice. Try promoting another upcoming sale on social media platforms. Compare the two outputs and utilize the data for your business benefits.
Food courts and Restaurants
Malls that has food points and restaurants in it often allures many people which can be very beneficial to other small business retailers.
One such mall, Grossmont Center, located in California provides a wide variety of cuisines. Many culinary options like Mexican, Italian, Chinese, etc. are enough to attract customers. While having a bite, it’s guaranteed that they visit your store as well.
Variety Of Customers
A store in a shopping mall can help you target a variety of potential customers. It gives you an opportunity to offer a wider array of products that can enhance your profit margin.
Understand the needs of all types of customers that enter your store and start offering products that will be sold quickly.
It is true that malls are well-guarded. If your store is located in a shopping mall that means 24/7 security service is guaranteed.
This benefit grasp the attention of people as they feel safe hanging out in a shopping mall and eventually help you target the audience.
Power Back-Up Facility
Power outages is the very problem in our lives whether we are at home, office or a mall. Consequently, all malls contain generators that can provide a continuous supply of electricity with letting you or your customers face any inconvenience. This will keep your business open and profitable all day.
If you are a small business man considering hiring a space in the mall, ensure that it is changing and updating as time passes.
Also, make sure the location where mall is situated helps you target favorable audience for you business progression.