You have to know the technical aspects about planning footfalls, the tenancy mix, the industry best practices etc. Research: Visit other malls are not enough. You can avoid the costly mistakes they did and copy the good things they did, or come up with a totally new idea! 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, and facilities will help you attract the 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. It brings a strong brand image to its promoters (as a mall is a local landmark).Įssential Requirement: 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 congestionĬustomer Segment: Who should be your visitors? Nobody likes something that is built for everybody. Mall does not come with just higher rental income, It comes with higher land appreciation (it appreciates the entire locality). Building a shopping mall is an exciting journey, and so are the rewards.
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