Starting a mini shopping mall can be quite rewarding and also demanding because it needs proper planning and complete dedication. Today in cities, the mall structure is quite popular and most of the people love to purchase things from mall. This is not just because of the ambience but also the facility. All the things that you need in your daily life, starting from home product to luxury items, everything is available under one roof. You need not travel and get into different shops in different location to buy things. In rural area mostly you will find retail stores selling specific kind of product like cloth store, medicine store, and grocery store. Mall is not very much in the culture and thus Start Your Mini Shopping Mall Only For Rural Area business there with proper planning and good service can bring in success.
Before the mall era started there were departmental stores. These kinds of stores were opened with only one theory which was if you come in to buy a product you will always look at the others exhibited on the shelf and eventually might end up buying something extra which you had never thought you will purchase. Even one product bought extra will benefit the store. Based on the theory was the birth of mall. Under one roof there are different stores selling a variety of product and people are finding it the most convenient way of shopping.
Though malls are very less but fashion items and accessories are hugely in demand in the rural area. Thanks to the World Wide Web which has made this possible. Large number of people in rural area has access to internet and they have learned to buy things that they need from shopping sites available online. Thus before venturing into the business keep in mind that you just don’t have to deal with the competition in the retail market but plan a unique strategy so that customers are attracted towards your mall and an increase in footfall is seen.
Who can start the business
Anybody who has proper knowledge about running a store can open a mini shopping mall. Here are a few things that you would need to know before venturing into the business.
- Decide on the niche you would like to target. Usually if your target is teenagers and women below the age of 40 then make sure that the mall you open looks trendy.
- Footfall is very important for success in the mall business. Get in touch with a franchise having good customer base. Normally, when a mall is opened people in the locality just come in with a motive to spend time and see what the stores have on shelf but if a particular franchise has strong customer base then the foot traffic will naturally increase and you will find people dropping in from different area as well.
- Location plays a vital role in the business. Look for an area where there are no competitors around. If there are more malls in the locality you are planning to set your business, then competition will be high and profit will be less.
- You must draft a strict management rule and guideline and ensure that the stores/franchise in the mall follow it.
- Opening of mall obviously needs investment. If you are planning to open it in a barren land then along with decoration there will be a construction cost.
Level of risk and profit feasibility
If you just open a mall without any planning then it is quite natural that the foot traffic will be low and eventually you will have to suffer loss by closing it down. To make the business profitable you must have proper business planning. Learn about the people in the area and know what kind of product they like and use. For Example, if Lakme products are more liked by the people then instead of opening any other cosmetic store in the mall contact the right person for a Lakme store. By knowing the taste and opening the perfect store you can make enough money from the business.
Investment for opening a mall
Investment for the business depends on the number of store you want, area and the décor which includes both interior and exterior. If you wish to run a food court inside the mall then you need to get certain license and create a separate section with all fire safety measures, this will also incur some cost. Thus before you chalk out the expense and investment to open a mall, plan what are the sections you want in it and what kind of niche you wish to target.
Infrastructure and staff:
When planning to open a mall here are few things that you will need:
- An architect who will design and supervise the construction of the building.
- Interior and Exterior designer who will make the building look attractive both from inside and outside.
- Get in touch with different franchise and sign agreement for opening of stores.
- Get mall license from the local governing authority.
- Set cameras and other important accessories as per government norms.
- Appointment of security and housekeeping staff.
- Keep adequate parking space for customers. You also need to appoint people who will take care of the parking lot.
Website building and marketing plan:
You can appoint a web designer who will help you build an attractive web page for your mall. This website will help people know what kind of facility and stores are available in your mall. The website will also have your address along with a phone number which will help them reach the destination easily. If you are still confused and thinking how to appoint a web designer and how website will help in marketing, then get in touch with SEO Training Point, a marketing training agency. The experts here will not just help you open your own website to promote your mall but they will also provide you proper training so that you can manage fund, plan proper strategy and run the business successfully.
You can promote your website through various social media sites. You can put an advertisement in television. Offline promotion can be easily done through classified papers. You can also print pamphlets and distribute them in the area and make the people aware.
Not just the inside, if you are into the mall business then you must keep the area around the mall clean. You can plant trees outside to make the mall look beautiful and attractive. You can also create a sitting area outside with a small coffee shop where customers can chit chat and enjoy a cup of coffee under open sky. Maintenance does not just mean cleanliness but you must also make sure that the product quality sold in your mall is up to the standard. At the end of the day customer satisfaction matters and it will only make the business profitable.