Essential steps to follow if we want to revive underperforming malls
Most of the malls managed by Facility team and leasing done by individual investors who owns the shop, developers must correctly address these gaps to ensure success. Today we are living in a competitive world where retailers in shopping malls must expect that the shopping experience will reach to a new border. We need to take few steps….
Professional Mall Management: Appointing efficient team specialized in tenant management, promotional activities, customer engagement programs and re-strategies leasing initiatives. There should be regular events to bring the crowd in, the security should be good, the mall should always be clean and tidy, the maintenance should always be pre-emptive.
Customer Segment: Who should be your visitors? Nobody likes something that is built for everybody. 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. 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.
“Something Different” Factor: What will call as the USP or Unique Selling Preposition? Why should tenants or shoppers come to your property when it offers the same as other commercial premises? A solid “difference” in the form of a theme, special amenities, and facilities will help you attract the customer segment of choice.
Impactful branding and strategies marketing: Aggressive social media campaigning & digital marketing initiative, Enhancement of Positive Vibe, Market updation on prominent deal closures and ongoing/upcoming promotional activities at mall, Media and community relations including writing and distribution of press releases, monthly newsletters, handling of visitors / public complaints etc.
Facilitating easy access and providing adequate parking area: Shopping mall should be easily accessible from the road so as to pull more visitors. Moreover, malls should have a decent parking lot with adequate illumination and signage to add to the convenience of visitors.
Expanding common spaces for entertainment: Since shopping malls are turning into entertainment destinations for people of all ages, owners of underperforming malls should expand the common spaces for dining and entertaining activities.
Creating a diversified tenant mix: A shopping mall cannot flourish in the absence of a well-planned tenant mix. Thus, developers of underperforming malls should carefully select the right tenant mix by positioning different brands at the right places. However, creating the right tenant mix calls for a lot of market research so as to understand the needs of the customers.
Hunt for right tenants: Unlike shopping complexes, the tenant mix is important in a shopping mall. The more brands, the better. And it’s not wise to sit idle and wait for them to come. Instead, hunt for the ideal brands to setup at your mall. Market to them very aggressively.
Key parameters on Mall Promotional activities: -
Business Plan - to envisage & implement end to end Business Plan for Project Management & Marketing of the said Project.
Interactive promotional activities in FECs, Food Courts, Gaming Zones & Kids’ Play area etc.
Right approach to the potential Tenants/Vendors to run & operate kiosk spaces with a long term business prospective which may translate to the Project’s overall performance in both financial and operational
Lease Transaction initiative
a) Planning & Execution · To initiate effective strategies for Project leasing plan of the said Project and execution of plan for absorption of Retail Space lying vacant in the Project, pitching Retailers including Big Box players, Vanilla and F&B Operators towards taking up those spaces for their Brand Format suitable to the catchment of the area and subsequently reshaping of Brand Mixing plan.
b) Reorientation of Brand Mix plan
· Effective implementation and re-strategizing Brand Mix Plan to the direction of enhancement of business conversion of retail spaces
· Approaching potential Retailers to take up stores on lease with a long term business prospective.
· Identifying potential investors and entice them for investment towards franchise outlets as per set potential business formats.
As a mall management partner we work as a team to take full responsibility of the mall and re-structure/ re-strategies entire initiative of the mall management to make it successful.