The perfect spot
Securing your ideal mall location
Running a successful business is a blend of intuition and strategy. Finding the perfect location is pivotal, especially when zeroing in on the right mall. But how do you determine which mall is the right fit? And within that mall, how do you find the perfect space? With our expertise in managing great properties across the U.S., we've got you covered. Here are a few key factors to consider as you embark on your quest for the ideal mall location.
All malls are not created equal
Before diving in, it's crucial to conduct thorough research on the mall you're considering. Whether you're a local retailer exploring different options, an online merchant seeking the best market for your products, or you’re venturing into unfamiliar territory, there are certain non-negotiable factors to consider. Maybe your home market has multiple malls, maybe you’re an online retailer trying to figure out where your products could sell best, or maybe you’re looking to expand into an area you’re not familiar with. Look for a vibrant shopping center with minimal vacancies, strong anchor stores, compatible co-tenants, and a competitive edge within your industry. If you're unsure where to begin, feel free to explore our extensive, nationwide portfolio of properties.
Malls offer a diverse range of retail spaces to choose from, including carts, kiosks, turnkey pop-ups, inline stores, and other customized opportunities. When considering a unit, it's crucial to assess if the square footage aligns with the demands of your concept. For instance, if you're eyeing a kiosk, ensure it provides a sufficient display area for your product. Likewise, if you're considering a pop-up, confirm if it offers enough storage space for your inventory. In the case of an inline store build-out, make sure you have enough product to fill the space and avoid it appearing empty. Failing to accurately gauge your space requirements can lead to either insufficient room for your business to flourish or an excessively large and lifeless space.
Location, location, location
Once you’ve decided on what store format and size you’re looking for, you’ll want to be sure that your business is going into a location customers will actually find. High foot traffic, cross-shop, and visibility are some of the main benefits of being at a mall. Visit your potential location at different times and on different days to see that it’s lively and that customers will know your business is there.
All about the $$
Ultimately, your goal is profitability, and a crucial aspect of achieving that lies in securing rent terms and a structure that support your success. It's important to negotiate terms that work in your favor and ensure that your lease proposal or letter of intent is thoughtfully structured to maximize your chances of thriving. Take a look at these helpful tips on what to consider before signing your lease.
As retail location experts at Brookfield Properties, we pride ourselves on our extensive portfolio of premier properties nationwide. Whether you have inquiries about specific locations or are ready to embark on your own retail journey, let one of our leasing reps assist you in finding your perfect retail location today.