Opening a retail business in a mall requires much more advance preparation than opening a brick-and-mortar location on the street. In addition to meeting general obligations for starting any business – licenses, permits, etc. – you’ll need to meet mall-specific rules and regulations. Nonetheless, opening a retail business in a mall can be the beginning of a long and profitable career you love.

In-line or mall kiosk?

Are you thinking of opening a traditional mall store (known in the business as “in-line”)? Up-front costs will be high because you’ll be responsible for building out your space as well as other initial fees and ongoing rent, communal marketing and maintenance payments, etc. You must have enough capital to get started and support your business till it captures a following.

If you’re concerned about how much money you have, consider starting with a kiosk, instead. This will cut your initial expenses substantially. Kiosk lease agreements can be as short as a month, or as long as a year. You can open a seasonal business to give retail a whirl, or you can carry year-round merchandise. There’s no shortage of potential here – kiosks and carts are a multi-billion dollar industry. 

Product selection

Choosing the right product(s) is especially important in a mall setting. You don’t want to compete with nearby stores or carts. Ideally, you want to sell something that complements nearby merchandise, to attract customers already headed to those stores. That brings us to …

Location

Sometimes mall management dictates your location within the mall, especially if you’re opening a kiosk. In that case, you may want to let your position guide what you decide to sell.

Consider the location and make-up of the mall itself, as well as its reputation. The mall’s clientele should reflect your target audience, too. Otherwise, you won’t do well, no matter how great your products or merchandising.

Rules and regulations

Every mall has lots of rules you’ll have to follow. These may cover everything from hours of operation to event participation to additional fees beyond your rent. Read the fine print. Ask about things like storage and security.

Money

Be certain you understand the costs. All of them. Your new business cannot make a profit unless you know down to the last detail what your costs will be. Consider mall costs, inventory, advertising, permits, store or kiosk design, and fixtures and personnel if you’ll be hiring sales people.

Become a retail connoisseur

Study trends and best practices in visual merchandising. Competition for shopper attention is fierce. Winners are those who can intrigue customers at first glance, entice them to browse and interact with the merchandise, provide plenty of impulse purchase opportunities, and give customers a unique experience. That takes knowledge, creativity and planning.

One last piece of advice: don’t be intimidated just because the mall is big and you’re a small entrepreneur. Bring your negotiating skills to the table, ask lots of questions, and get everything in writing. Opening a retail business with your eyes wide open will give you the capabilities and the confidence to make money and have fun, too.

Palmer Retail Solutions strives to offer our clients the absolute best combination of innovation, quality, service, and value for our diversified custom store fixtures and merchandising displays. For more information about our designs, retail fixtures, cash wraps, kiosks, or point of purchase displays, visit our website at: http://www.palmerretailsolutions.com.