Things to Keep in Mind while Buying Space for Retail Mall
Building and developing a successful retail mall is the dream of all real estate developers but not everyone succeeds in it. When you plan to develop a retail commercial mall, you need to think about a few points before finalizing any deal. Malls are commercial properties with a big price tag and they are a specialized type of investment that is typically only affordable to large investors and firms.
A few things to keep in mind when buying space for a retail mall are:
1- Size
The size of the retail mall should be in accordance with the size of the catchments and its buying capacity. Sometimes people tend to build bigger malls in places where the small buildings would be appropriate. Which can be a big drawback and can be a huge burden because initially, you have to invest more in land buying for the retail malls, and same you have to spend more on construction.
2- Location
The location of the commercial mall is one of the primary concerns and so, you should buy the space near and around important pivotal points of the city. Lack of a differentiating feature can lead to loss of business, low customer interest, and a low percentage of conversion.
3-Anchor Tenant
The choice of anchor retailers in the country is limited, which includes hypermarkets such as Reliance Trend, Reliance Smart, Giant, Food Bazaar; department stores such as Shoppers’ Stop, Pantaloon, Westside, Ebony, Lifestyle, multiplex players such as Fame, Inox, Adlabs, PVR, IMAX, Wave Cinemas, E-City Entertainment, etc. A good anchor in a mall will attract good customer interest and that will also bring more value to your space.
4- Connectivity
You should never forget how important a travel network is for the customers as people tend to visit places which they can easily commute to. So always keep the mall space within the reach of the public and where public transport is easily available otherwise these infrastructural hurdles cause negativity to seep into the consumer experience, and hence, your investment may get affected.
Conclusion:-
Developing a retail mall is not child’s play. It requires significant investment, planning, and time. so you need to be careful and calculative about your profit and loss. I think if you keep these points stated above in mind then you can ease your path to success.
