Shopping Centers opening rate is more than the closure rate, but the idea is not in having more shopping centers with amazing facilities and by adding luxury stores or fancy restaurants nor by a great amusement park. Because these actions might only help in surviving your shopping center or mall and gaining profits for some time but definitely will not thrive it.
This article is dedicated to all mall and shopping centers owners .
To thrive a shopping center or a mall, you as a mall owner or an investment group should implement these 9 actions. And they are :
1- Incorporate new type of management Acts; like the management responsibility is not just to fill mall vacant spaces with giant anchors with the highest possible leasing rate.But, the new management type should incorporate one that encompasses all the means and tools of boosting the performance of all the tenants in the mall. By preparing and forming professional teams for marketing , promotion….In addition to preparing all platforms and tools to help the teams with their missions.
Another responsibility for this new type of management is to keep informed and notice which tenants are performing better than others why and when and act upon that. So, you as a shopping center owner won’t face the position of having two or three giant anchors leaving your mall in the same year, leaving your mall in an extremely bad situation that will get even worse when you find hard time to replace them.
2- Flexibility : Be as a Mall and shopping center owner flexible in your contracts with your tenants. And you also should be or dedicate some spaces for different types of purposes and that can be leased in different forms and at different times.Use your creativity here….Options are endless and so as revenues .
3- Picky : do not depend on wide variety of goods and services to offer for your visitors because this might not benefit your mall as expected but rather you should be picky in the types of goods and services you are providing depending on the type of your targeted audience and your current visitors and their behavior.
4- Always analyze not only shoppers needs and preferences but also your potential shoppers and your tenants!!!
5- On a continuous basis add and surprise your shoppers with new valuable services and options that match the findings you figured out from data analysis and from your search to changing needs and trends. DO Not be classic and boring here …But surprise your shoppers and attract new ones.Tackle their needs and sensations.
6- Always be attentive and keep moving and conduct changes in different areas in your mall . And I am not talking here about the aesthetic view of the mall, but in other strategic areas like types of events and when are they held, also about the type of services that can be provided at the mall, at different and various time frames, beyond your current and future shoppers expectations. Just, be aware of being outdated by being satisfied with your mall current foot traffic and revenues…
7- Continuously communicate the advantages, benefits, goods and services that your mall provide .Because remember repetition is important, and it will have its positive results on your mall traffic. Don’t just depend on communicating only offers or when have a new event at your mall.
8- Always make sure that your mall can be easily accessed and there is available transportation and at different rates and times . Yes, its your responsibility to enhance transportation options for your shoppers and mall visitors. Results are awesome !….
9- Proactive ; be proactive by being pierce and look and search deeply in every aspect and trend. Expect the unexpected and act upon that….
What I wrote in this article might seem to too many of you mall owners hard and time consuming. And you might even say that many of these aren’t within our responsibilities. That could be true but that’s also what caused many of your malls to suffer and struggle and get abandoned despite all your efforts.What I wrote isn’t easy and it is a tough mission but its definitely worth it. Your Rewards will be beyond your expectations!
For customized highly effective actions dedicated to thrive your shopping center , contact me now where ever you are .
Dr.firstname.lastname@example.org or via Skype : Dr.Salam Amin .