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had unsatisfied customers for a reason or another like limited variety of goods and services available at your mall, outdated mall, expensive merchandise, low quality, mall overall environment is not appealing anymore….and many causes that caused your mall visitors’ to be eager for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

One Great Way to Generate Exceptional Amount of Profits in any Business Industry…

Many businesses struggle to increase their profits or even to stay float.And this happens because of different reasons like competition, recession, new entrant , oil prices, and a breakthrough …..

While there are many businesses that do not suffer nor struggle to breakeven nor to increase their profits despite various circumstances that they might face or might occur.And this also happens for several reasons like they provide exceptional products and services and they are convenience, innovative, responsive, and high value products and services….But, still I found that many of these type of businesses have one important thing in common that makes them generate exceptional amount of profits and even provide higher rates than their rivals. It is that they target niche-based customers.

Niche based customers are a great resource for abundant profits .To know your niche target audience and start earning exceptional amounts of profits , answer these questions and then start acting upon them. The questions are :

1- Who are the customers that are not served by my competitors and I can serve them? You can think that they might not be served maybe because they are in distant places . Like people living in the suburbs and would like to go to college or would like to enjoy going daily to your gym or buying your security cameras or…..

2- Who are the customers that are served by other business entities and I can serve them better and even at a lower cost ? like money transfers can be done through western union or internet banking , or paypal or ….How can you serve people who are suffering using these methods and tools to transfer their money, maybe because of high transfer fees, or they are not available and easy to use by everyone due to restrictions imposed by these companies….

3- Who can buy our products and services , but its useless to them or it won’t be efficient to them maybe because of lack of good internet connection , water and electricity availability?

4- Who wants to enjoy using our products and services but can’t because there is no suitable offer for them or they can’t afford them ? and you as a business owner can make some changes that wont cost you much and enable you to serve them. Like entrepreneurs or business owners who want to travel for business or attend conferences but cant due to high https://www.linkedin.com/redir/invalid-link-page?url=costs%2eSo you as a hotel or travel agency or airlines can conduct agreements with banks to serve this niche.

5- Who aren’t buying our products and services and are buying totally different types of products and services to solve their problems? Like for example in the medical industry people try to go to the organic products to solve their medical problems or to cure diseases.

The idea here is to keep asking your self how I can be niche focused , and most important here to diversify your portfolio of niches in order to maximize your profits.

If you want me to help you in identifying your portfolio of niches to earn exceptional profits, contact me now via email : Dr.salamamin@yahoo.com or Skype : Dr.Salam Amin .

Un-Common Causes of Business Crisis

I am sure that you all read and know about many of business crisis causes, but in this articleI will be highlighting the uncommon causes of a business crisis that any business could get into unconsciously.

But first let’s understand the fact that being in a crisis mode or having the capability to prevent it share the same root cause; that your company solid position or crisis is because from the company itself, from your business itself, from your management and teams efforts.

Now let me drive you through some critical reasons that cause businesses to fail in a very short period of time after being a giant for decades and these reasons even block the ability and possibility of helping and saving them.

1- Applying common successful strategies; this is the case when a CEO applies successful strategies that generated great amount of profits in certain types of industries or businesses and then come to apply it to different types of companies , corporates , or businesses then they put these businesses into a serious trouble.. And this is exactly what happened to JcPenny when Ron Johnson it’s CEO who has been successful in the electronics industry but failed to run the retail Stores of Jcpenny and the same issue happened with Carnival the giant cruise line company and it’s CEO Micky Arison. What each successful manager and business leader should is to understand that what works in one company may not and probably won’t work for another , so its definitely will not work for a business from radically different industry.

2- Over-Optimism : when you as a senior , manager, business owner , entrepreneur get to be over optimistic about your business you will then get to overlook things, trends, new entrants, problems, fraud, customer needs , market conditions….So you shouldn’t be over optimistic nor over pessimistic rather you should try to look at things from whats the best for your customers, community, shareholders, employees and act upon that …..

3- Ego ; seniors or business owners with high ego will definitely lead there businesses into a crisis situation because they only believe in their own way of doing business , in applying the strategies that they believe in, they are so close minded to any other strategies, solutions, insights, and most importantly they are not customer oriented , and they do not listen to any suggestions by their work force.These people are not objective nor mindful about market , industry and customer changes.They will rapidly deteriorate their businesses. I believe they should be replaced with knowledgeable open-minded people who continuously learn and develop themselves and their employees.

4-Slow pace : its when the pace of your organization development doesn’t match customer changing needs and industry trends. Here the company lacks a department that should on a continuous basis monitor market and industry trends and most importantly the quality of life and changing customers needs. Like the case of Barnes and Noble the largest retail book seller in America.

5- Masky Numbers; like high profits but not collected, high GDP or even depending on numbers just to take decisions for expanding or acquisitions without investigating what these numbers hide and other issues like do we have the necessary solid capabilities to expand, are there reputation problems, major operational dilemma, is it the right timing . Also don’t forget about high currency rate , its not the high but the variation and degree of that variation in the currency where you tend to expand or set up a new business.

6- Copying, when you imitate competitors you will lower your prices and definitely quality so you will end up with low customer satisfaction and vanishing your customers base. Be creative , not necessarily a breakthrough , but you can be niche focused.

7- Bad messaging; its like when you use sexual messages or statements to attract teenagers .Like the case of American Apparel. So be aware of the content and attitude when you deliver a message to your current or potential customers.

8- Aggressive expansion and very Fast ; it will drain your efforts, money ,resources, time and focus and you will jeopardize your business continuity and enter into a deep distress. A good example of this case is Sun Edison.

9- High Expenses and large market share with NO sufficient revenues to cover those expenses and this is the case of Amazon and Uber, which could in the very near future get them into a great business setback.

10- Stable Sales & Profits ; they get some business enjoy the feeling that everything is going awesome and there is no need to do more or we can wait for sometime before we can think of making a new development or any forward movement.Don’t settle and keep moving towards the best , the best is an abundant stream that never ends or limited to location nor time.

10- An extremely important factor that caused and continue to cause businesses from different sectors and in different sizes to close their doors is not taking care of their people; not building a relationship with them based on trust, respect and positivity .

11- Being Reactive instead of being proactive.

12- Lack of human psychology which will lead to negative communication and actions ….

13-No qualified people in place nor there are smart or strategic alliances.

14- Limitations; limiting your business to specific resources from suppliers, people, location, sources….

15-Going after customization instead of pursuing niches.

16- No balance ….it happens when you misuse some resources while over using others and pausing others…

17- Moving backward with your business; and this happens when you operate and create services and products from your perspective not the customers’ perspective.

18- Competition; because it will diminish value and you will concentrate on how to beat your competitors by providing products and and services that better in price and better than your competitors but that’s only from your own point of view !!! Well, your first priority should be is to provide value from customers’ point of view and not yours even if you think that what you do is better ….

Finally, if you are pursuing business continuity and sustainability go through these causes again and again to make sure that you are not already getting into them and even if you are then act upon that as quick as possible so you can mitigate potential risks.

If you are unsure about the causes behind your business dilemma or distress and you don’t know what you should do to specify the causes then quickly contact me , the earlier the better. I will make your business recover in a faster manner than it is supposed to take.

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

 

How to Successfully Setup an Online Business ?

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           Successful Online Business 

How to Successfully Setup an Online Service or Product Based Business ?

Before You start your online business you need to address the following questions as they are the foundations for your online Business. Ask yourself :

1- What kind of business I will do? Is it service based business or product based business?

2- Who is MY target market?

3- What information do I need to know about them? like their demographics, preferences, likes , dislikes, influencers ….and how I will know this information?

4- How my products or services will provide them value?

5- How to approach them ?

6- How to Retain my customers?

7- What Legal Documentation do I need ?

These questions will actually form your solid blueprint if you answer and prepare for them in advance…You will save yourself wasted time, efforts and money and you will also achieve better and faster results.

Let’s go through them :

1- Specify what exactly you will provide is it a service like; are you an e-accountant , e-legal consultations, social media services, marketing expert , gaming expert , Turnaround expert , Business consultant , designing , developing , SEO, hospitality consultations or online mentoring and training or teaching….Or are you providing a product like; digital products ( ebooks, sales pitches….) or physical ones like fitness products , handmade products, clothing , tech products, communication products, beauty products, Supplements , complimentary or manufacturing products in various fields.

OR maybe you are thinking of providing both like what I do; by providing business consultations for Hotels , Aviation,Tourism , retail , shopping Malls on how to expand their business, what are hindering their business profits or how to make competition irrelative and at the same time provide online courses and training (digital product) .

Let’s take another example in the fitness industry, where you can provide fitness tips about losing weight and getting in shape while also providing some products of different kinds like nutrition and workout products.

2- State who is your target market exactly; are they woman , men , teenagers , mid – weight people of all ages and genders or people who have relatively good weight but need to get in shape ….Here I advise you to choose a niche so you can focus and then expand within this niche. Dominate your niche you will even increase your potential profits.

3- Compile information about your niche ; where are they located , what social media platform do they use mostly , what are their pain points and needs, who are they influenced with , who have an impact on them , what are the occasions they care most about ( general and special occasions )…..

The more you know the better you can serve them and satisfy them and increase your profits . How do you do that ? There is no secret formula for that, you can do a thorough google search , go to forums ask questions gather answers, you can also use hashtags and track them look what people put images under these hashtags , who are they , what are they commenting ….you will get to know a lot .

People who comments in the youtube who watches those health and fitness products and workout videos are a valuable source for information….Sources are endless and many of them are FREE you just need to put in work and use your creativity.

4- In order to win a reward you have to provide something in return; you have to provide value to customers in order to achieve revenues and profits.

To attain the best results keep in mind two crucial points ; the first one is to fulfill a value that is not filled by other competitors or provide the same value but cover areas where competitors didn’t cover. look what other competitors aren’t satisfying as targeted people wish .

Let’s take an example from the medical industry ; regarding people who are diagnosed with diabetes who need to take insulin on a daily basis , these patients have different types of insulin offered from different types of companies that have different prices, compositions and with different impacts on the body , which all of them gained different profit margins and they competed based on incremental improvements but this is so effort consuming and constrained to limited profits and the most important un loyal customers.

Thus, other companies came with another highly profitable insulin that generated massive amount of profits by providing insulin in a simple fast painless way for patients to inject themselves with in order to mitigate their painful daily experience. Then the idea got imitated . Another company thought of producing insulin with totally different composition that will enable patients to only take it once a week without any pain plus that it will radically improve their diabetes status better than the daily insulin injection, which generated massive profits .

5- Approaching Customers online according to my experience with my clients from different industries and from different geographical areas across the globe can be best attained by identifying at the beginning only two main social media channels so you can focus especially if you are doing the whole work alone and you identify them after you gather your information , but I prefer to keep linkedin as one of them because its a strong highly essential platform for any type of business. Then you also should have a website with a hosted shopping cart like shopify or bigcommerce .

Or you can create your own shopping cart especially if you want to sell your own digital products . And ofcourse don’t forget to establish a payment gateway.

Another method is to create a profile on magazines and forums and social media groups where your potentials exist, this is so important because there you can get engaged with them know more about them and let them know about you also and what you provide .

6- Always Pamper your customers , even when they are one time customers. And there are various ways to do that by surprising them on their occasions with no sales offer just a gift this will have a huge impact on them. By giving constantly tips and advices about their areas of interest related to what you deliver. By providing a refund if they are not satisfied….Means are endless when you want to retain customers…. Again just be creative and limitless.

7- I advise you to consult an attorney who is knowledgeable about the laws regarding online business and prepare all the legal documents that is needed to protect the rights of all parts engaged in any transaction like you as a business owner or if there is a dealer and the customer or any other party that might be engaged in the process. If you can’t financially afford an attorney especially at the early stages or your attorney is in a vacation, then you can use one of these resources : Legal Match , Business in a Box, Find Law ….Also its important to have an extensive idea about legal stuff you will probably need .

At the end of this article I encourage you to plan ahead your online business to deliver and achieve the best value .Please Keep in mind to continuously learn new knowledge and update yourself with the latest industry trends and other related industries to make the necessary adjustments and improvements or it might be a radical Business Turnaround ! who knows?!

I will always be pleased to receive your comments or inquiries at Dr.salamamin@yahoo.com or at Skype : Dr.Salam Amin .