The 7 Real & Major Reasons Behind Dead Malls.

Dead Malls are increasing in many countries across the globe. And many of mall owners claim that it is due to 3 main reasons: Online Retail, Competition, and recession.Which I totally do not agree with.

Malls struggle, suffer and get distressed or even die but not because of online shopping that makes only 6% or 10% or let’s say 15% of the retail sales but because they already have mismanagement actions and bad customer experience that pushed shoppers to favor the online shopping option. And if you are convinced that online shopping is one reason for dead malls then why¬†Amazon¬†opened its brick-and-mortar shop?!

Same issue with competition; you as a mall owner had unsatisfied customers for a reason or another like limited variety of goods and services available at your mall, outdated mall, expensive merchandise, low quality, mall overall environment is not appealing anymore….and many causes that caused your mall visitors’ to be eager for another alternative.

Regarding a Recession reason that business owners claim to have an extreme negative impact that would cause their malls to shutdown is in most cases not true.Yes, a recession could cause your mall to suffer , could cause some losses, or it will cause some losses, but this will only and mostly happen for a short period of time and it shouldn’t cause your mall to shutdown it’s doors or go bankrupt. This reflects that your mall already wasn’t in a strong financial position or it wasn’t operating profitably.

In this article I will highlight the 7 real reasons behind dead malls even the ones who enjoyed Success for a decade . And these reasons many mall owners do not realize that they are major and can get their malls to be abandoned and then to be dead malls.

Reason #1 : Tenant Contracts; they are long and expensive or short and also expensive with tight benefits.There is no flexibility and creativity in types of contracts.

Reason #2 : Data & Research : there is no sufficient research and effective data analysis that would power mall owners to be proactive and prepare them selves by implementing changes to cope with the potential future changes instead of being reactive . And here reactive might be so expensive because it might be too late or hard to react.

Reason #3: Most of dead malls were relying on some anchors, who for a reason or another had to leave the mall causing great losses for mall owners and a difficulty in replacing them.Well, mall owners should stop depending on them and should substitute type of tenants to dedicate for example some spaces for the owners themselves for short leases to professional service providers or business people like entrepreneurs or web developers or business centers or unique type of leisure places that visitors would like to enjoy every day. Use your creativity…the idea is to keep spaces by mall owners and utilize them with multiple short business agreements for a great flexible income stream and to target and attract new type of mall visitors.

Reason #4 : Old way of operating : hours of operating like same time and duration of working hours.Provide wide range of services at different time frames.

Reason #5: Targeting one type of segment or demographics. Diversify withing some range or niche of audience but don’t stick only to luxury people or high income ones nor encompass the majority just be strategic and expand within a niche…

Reason #6 : NO Balance; like there is no balance in products and services provided and no balance between the types of tenants and anchors….

Reason #7 : Copy and Paste : and I call some malls like that because they are actually a copy and paste either from other nearby malls or the main branded mall in its country of origin. Neglecting differences of culture major needs and preferences and other demographics claiming that nearby malls or our malls are successful. So, they will also be successful in any other location too.

So dead malls are dead for other reasons, other than online shopping, competition, recession or even fast fashion or outlet malls . They are dead because of these 7 critical reasons that get them to die very quickly.

If you have any other un-common reasons for dead malls then please share it. Thank you .

Don’t forget that you are always absolutely welcome to contact me to move forward with your business.The earlier the better and the faster to achieve great results.

Dr.salamamin@yahoo.com or via skype : Dr.Salam Amin.

How to Thrive Your Shopping Center ?

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.salamamin@yahoo.com or via Skype : Dr.Salam Amin .

How to Successfully Setup a New Mall ?

Nowadays malls and shopping centers need a meticulous and strong foundations to put in place to guarantee a healthy strong and prosperous existence and continuity.

In this article I will provide you with only 6 main critical foundations to consider when setting up your new mall.

1- The Mall Structure : it’s never like before and neither its about the WOW leisure parks or any other amazing design or feature.But, its about the new structure and infrastructure of the new malls that should in advance be thought of to embrace new technology, new features related to artificial intelligence and also flexibility in some areas of the mall where you can make and adapt changes according to services provided with no need to conduct the old way of rebuilding and re-modelling spaces .

2- Knowledge : the knowledge of people who will construct the new mall, should have different type of knowledge and experience from what they studied in schools and universities and from what they experienced…They should be highly educated and updated with new materials , technologies, designs, needs and information and how things should be successfully implemented ….that should be part of the new mall before any tenant could even step in the mall.They should be knowledgeable of the fastest and most efficient ways that the mall can be build in, with the most easiest navigation interface in every area of it like parking, entrances and exits…

3-Niche focused : Conduct a deep thoughtful research of your targeted audience and think of niche areas where there are unsatisfied needs or un-targeted customers, extend your area of focus where you can attract more people.

4-Keep an eye on the surrounding before and until the mall is ready for tenants and any remarkable changes or radical ones that might occur. Because this should lead your mall management team to conduct necessary changes accordingly in order to make sure that the mall will operate successfully and profitably.

5-Make sure to get engaged with the locals and build a relationship with them in which you can understand the area better and utilize the information in shaping the types and variety of goods and services that will be provided and in your marketing efforts .You will also understand what type of effort you will need and for how long to attract people to visit and buy from your mall.

6-Prepare and conduct strong strategic business agreements with companies globally and nationally to enhance your mall operations . Like agreements with telecommunication companies , with the government, with technological companies, with even bloggers and influencers.

These 6 foundations are critical in our current era that totally and radically differ from any other era with its rapid technological shifts and with its wide changing consumers preferences . So, make sure you consider them, and still there are much more esssential foundations and strategies on how to successfully setup a mall or a shopping center and what can you as a business owner do to thrive and power its future success.

To know more and help you enhance and thrive your mall , contact me at Dr.salamamin@yahoo.com or Skype : Dr.Salam Amin .

How Can Shopping Malls Outperform Online Sales ?

Online Shopping, online sales, e-commerce, and online retail are all same phenomenon that creates a challenge for shopping malls nowadays. And for some it is creating losses …

Although, it shouldn’t because there are lots of strategies and methods that the mall owner and management team can undertake to merge with the online world in an effective way that will generate them satisfying revenues and profits.

I am not talking here about just creating apps and websites just to create an online existence for your mall. But, I am talking about creating and implementing a set of actions, methods and strategies that would outperform online retail stores without competing with them.

In this articles I will provide you with 9 actions that will help you outperform online sales.

But, before starting with the actions , I would like to give you a valuable advice that will generate you great profits. And that is always provide value to customers and mall visitors in every aspect in your mall, and provide a special customer experience for them that it will make it hard for them to replace your mall or store by going to another mall or by satisfying their needs online.

The 9 important and results driven actions are :

1- Closely Engage with people through social media channels. Shopping centers have no reason to suffer from online retail, they will only suffer when they don’t take the right and proper constant effort to get connected with people through social media channels.You can attract them, impact them and collect a lot of information in which you can utilize for your future retail refinement process and offers.

2- Be niche focused and provide services in a unique differentiated way that can’t be bought online. Always ask your self as a mall owner or mall manager what service of value can I provide to my current mall customers and prospects that can’t be offered online or that I can provide in a more valuable attractive way.

3- Surprise and pamper your mall visitors, so they would love the specialty of the physical experience , which they can’t enjoy online.

4- Be generous and provide valuable gifts to your mall customers that would make them your repeated customers and who will always choose to buy from you over online stores.

5- Apply different online and offline attracting strategies. By providing for example very competitive rates for communal products and attractive rates for products or services that are only available in the mall.Or provide same prices but with extra loyal points and valuable gifts for buying from the store .There are too many strategies that can be applied to merge online and offline worlds.There is also a method that have been lately used a lot by shopping centers is to buy online and pick up from the store. Again its one way , but keep in mind that you shouldn’t rely on only one way, but rather you should apply different strategies at different times.

6- Constantly keep on communicating about the privileges that can be attained from buying offline in general, and about the privileges that your store or shopping center provide specifically.

7- Adopt smart mobile commerce platforms and tools .

8- Adopt high tech options like Apple’s beacon systems.

9- Constantly review your marketing campaigns and never stop them. And don’t forget to use marketing automation tools.

Outperforming online retail requires constant smart and hard work associated with effective online/offline strategies and high tech platforms. You can outperform and in a timely manner if you only deploy the right tools and resources for that.

Remember please that you have to customize your efforts to match each situation, targeted niche, location and circumstances. Do not apply globalization in everything .

Finally, methods, tools, strategies to outperform online sales are endless and vary. So, if you need me to provide you with more customized directives and strategies on how you can thrive your shopping center sales and profits in a timely manner, CONTACT me now.

Dr.Salamamin@yahoo.com or via Skype : Dr.Salam Amin .