Visit leading successful and failing malls and study what works in them and what does not. “Something Different” Factor: What will call as the USP or Unique Selling Preposition? Why should tenants or shoppers come to tour property when it offers the same as other commercial premises? A solid “difference” in the form of a theme, special amenities, facilities will help you attract the your customer segment of choiceĬase Studies: Learn from those who started before you. If you target a specific class, you can have a tenancy mix that answers the need of that specific class, you can bring in facilities, themes and features that appeals them People have varied tastes and preferences, and these people can be categorized like high income/middle income/ low income, Educated class/professional class / uneducated class, Teenagers/Youth/ Matured etc. So is the market ready to pay higher for a “Mall” shopping experience? So take time, to interview the tenants and land owners in that location, and know the market pulseĬustomer Segment: Who should be your visitors? Nobody likes something that is built for everybody. So this means, you will have to charge a higher rent from tenants, and hence tenants will charge a higher margin from the customers. Market: Is your market ready for a mall? The construction cost and maintenance cost of a mall is higher than a normal shopping complex.
Essential Steps to follow if you are planning to build a Shopping Mall in B-Town, C-Town, and D-Town CitiesĮssential Requirment: Location, Location, Location is everything! Make sure the land is easy accessible, ideally on the main road, Is not too far away from the nearby city, Has enough “own” parking facility, Does not create traffic congestion
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