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Shopping Mall Business Plan

Published Mar.17, 2023

Updated Sep.14, 2024

By: Cynthia Turner

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Table of Content

1. Shopping Mall Business Plan Sample and Template

This business plan for building a shopping mall can be a great resource for entrepreneurs looking to start their own shopping mall.

It provides an overview of the mall’s structure, operations, and financials to help them understand the market and make well-informed decisions.

Lastly, it includes a marketing strategy that outlines how to start a shopping mall and how it will differentiate itself from the competition, which can be used for various business plans like Supermarket Business Plan .

2. Executive Summary

Business overview.

The Arcade Shopping Mall is a one-stop shopping destination for quality products and services. It will offer its customers various products and services, from clothing, electronics, and health and beauty to entertainment and leisure activities. The small shopping mall business plan will also feature a large food court, a play area for children, and a variety of specialty shops.

The mall will provide a safe, pleasant shopping experience for its customers and will strive to create a sense of community within the mall. The mall will be conveniently located in a densely populated area, making it easily accessible to customers.

We plan to use the latest technology to create an enjoyable, stress-free shopping experience. Our mall will feature a variety of high-end stores, restaurants, and entertainment options, including a movie theater, bowling alley, and arcade. We plan to use innovative marketing strategies, such as social media campaigns and targeted advertising, to reach our target customers.

Our Wholesaling Business Plan offers a wide variety of products for customers. We offer a selection of luxury and everyday items, including

• Clothing and Apparel: T-shirts, jeans, dresses, jackets, activewear, sweaters, and accessories.
• Footwear: Athletic shoes, sandals, boots, and dress shoes.
• Electronics: Phone accessories, tablets, laptops, headphones, and speakers.
• Home Goods: Furniture, bedding, kitchenware, and home décor.
• Beauty Products: Makeup, skincare, hair care, and fragrances.
• Jewelry: Watches, necklaces, rings, and earrings.
• Toys: Action figures, dolls, and educational toys.
• Sporting Goods: Exercise equipment, team sports gear, and outdoor recreation gear.
• Books and Movies: Books, DVDs, and video games.

Customer Focus

Same as our Sandwich Shop Business Plan , we will ensure that our customers are always our top priority. We will provide excellent customer service in all aspects of our business. We will ensure that our customers always have access to the products and services they need. We will strive to create an enjoyable shopping experience for our customers. We will also use customer feedback to continuously improve our services and products.

Management Team

Our management team will consist of experienced professionals from various backgrounds. We will have a team of experienced managers and supervisors who will be responsible for overseeing the day-to-day operations of the shopping mall. Compared to our Food Truck Business Plan , we will also have a team of experienced marketing and sales professionals responsible for driving customer traffic and sales.

Success Factors

Our success will depend on several factors, including our ability to provide excellent customer service, our ability to source high-quality products and services, and our ability to market our products and services effectively. We will also need to be able to manage our operations and finances effectively. Additionally, we will need to be able to develop and maintain relationships with our suppliers and vendors.

Financial Highlights

Our financial highlights include revenue projections, capital and investment requirements, and estimated profits. In the business plan shopping mall project, we will generate revenue from selling products and services and tenant rent payments. We will also have initial capital and investment requirements to construct the shopping mall and purchase equipment and supplies. Our expected profits will depend on the success of our operations and our ability to generate customer traffic.

• Revenue growth of 8.5% year over year
• Operating profit of $5.0 million in Year 1
• Positive cash flow from operations of $2.5 million in Year 1
• Total capitalization of $20 million
• Debt-to-equity ratio of 1.0:1
• Return on equity of 15% in Year 1
• Payback period of 5 years

3. Company Overview

Who is arcade shopping mall.

Arcade Shopping Mall is a modern shopping complex located in the heart of a major metropolitan area. The mall offers a wide variety of goods and services and has grown to become a destination for shoppers from all over the region. The mall is owned and operated by a private developer who has invested significant capital into the mall to keep it competitive and up-to-date.

Arcade Shopping Mall History

Arcade Shopping Mall was opened in the year 2020 and since then has quickly become a popular shopping venue. It is conveniently located near public transportation and other nearby amenities. The mall business proposal offers a wide selection of department stores, specialty shops, and an array of dining and entertainment options. The mall also features an indoor play area for children and a movie theater.

The mall has a management team that is dedicated to providing excellent customer service and creating a safe and comfortable shopping environment. The team works hard to ensure that the mall is clean and well-maintained and that customers have an enjoyable shopping experience. The mall also works to keep up with the latest trends and to stay ahead of the competition.

The mall has grown steadily since its opening, and the management team is always looking for ways to improve the mall and make it more appealing to potential customers. The mall is committed to providing an enjoyable shopping experience for all who visit.

The key elements of the business concept of Arcade Shopping Mall are:

• Convenience: Arcade Shopping Mall provides customers with a convenient and easy-to-use shopping experience that can be accessed from any device.
• Rewards: We offer a variety of rewards programs that allow customers to earn rewards points for their purchases and redeem them for discounts.
• Variety: Our selection of products ranges from the world’s leading brands to unique and hard-to-find items.
• Quality: We are committed to providing customers with the highest quality products and customer service.
• Engagement: Our interactive shopping experience encourages customers to engage with our products and services.

4. Industry Analysis

The shopping mall industry has grown tremendously over the past several years, with the number of shopping malls in the United States nearly doubling since the 1980s. Shopping malls have become a staple of American consumer culture, providing various goods and services in one convenient location.

The global shopping mall industry is estimated to be worth $1.4 trillion in 2018, with the U.S. contributing the largest share of that figure. This growth is projected to continue, with the global market expected to reach $2.7 trillion by 2025. The growth is driven by several factors, including changing consumer preferences, technological advances, and an expanding global middle class.

The shopping mall industry is highly competitive and fragmented, with major players such as Simon Property Group, Westfield Corporation, and Brookfield Property Partners controlling a large market share. These companies operate large, regional shopping malls that are often the destination of choice for consumers.

Despite the competition, there is still room for smaller, locally-owned shopping malls to succeed. These malls can focus on providing a unique experience that appeals to local shoppers and differentiates them from larger national players. In addition, these malls can focus on providing services and amenities that larger malls may not have, such as specialty stores, local restaurants, and entertainment options.

Overall, the shopping mall industry is expected to remain a lucrative market for the foreseeable future. With the right approach, locally-owned malls can still achieve success in this crowded and competitive space.

5. Customer Analysis

Demographic profile of target market.

The target market for a shopping mall should be identified based on the location, the types of goods and services offered, and the demographic makeup of the local community. The demographic profile of the U.S. target market is highly diverse and includes a mix of gender, race, ethnicity, income level, and age. The U.S. population is estimated to be 329,064,917, with an estimated median age of 37.9 years. The population is 68.6% non-Hispanic White, 13.4% Hispanic, 13.3% African American, 5.9% Asian, and 4.3% of other races or multiple races. The average household income is estimated at $59,039, and the median is $50,895.

Customer Segmentation

Shopping malls should segment their customers based on their purchasing behaviors. For the shopping mall business plan, customer segmentation can be based on age, gender, income level, and geographic location. The segmentation can be further divided into sub-segments such as age (under 18, 18-25, 25-45, 45-65, and 65+), gender (male and female), income level (low, medium, and high), and geographic location (city, suburban, and rural). By segmenting the customers, the business can better understand the needs of each segment and develop marketing strategies to target specific segments.

6. Competitive Analysis

In developing a shopping center business plan, the shopping mall industry is highly competitive and there are a number of established players in the market. In order to succeed, our shopping mall business plan must consider the market competition and identify ways to differentiate our product offering and create a competitive advantage.

Direct and Indirect Competitors

Direct Competitors

The direct competitors of our shopping mall business plan include national and international shopping malls, department stores, specialty stores, and online retail outlets. We must consider the services, prices, location, and convenience factors that these competitors offer in order to compete effectively.

Indirect Competitors

Indirect competitors include other entertainment venues, such as movie theaters, amusement parks, and other leisure activities. We must consider how our shopping mall will provide unique experiences and services that will draw customers away from these competitors.

Competitive Advantage

It is important to identify the unique features and benefits the shopping mall offers to make it stand out from its competitors. Competitive advantages include low prices, convenient location, extensive product selection, and excellent customer service.

Our competitive advantage lies in our ability to offer a unique shopping experience. We will focus on creating an inviting atmosphere with high-quality customer service and an extensive selection of products and services. We will also focus on providing exclusive deals, discounts, and innovative shopping experiences, such as virtual reality tours and interactive displays.

7. Marketing Plan

The marketing plan for the shopping mall business model will focus on five key aspects:

• Target market identification: The target market for this shopping mall business is consumers who are looking for a convenient, wide selection of products at competitive prices. The target market will consist of individuals with various income levels and spending habits.
• Branding and positioning: The shopping mall will be positioned as a premier shopping destination offering an extensive selection of products at competitive prices. The brand will be associated with quality and value.
• Marketing mix: The marketing mix for this shopping mall business will include traditional advertising, direct mail, online marketing, and public relations. The focus will be on reaching the target market and communicating the message of value and quality.
• Professional website: The shopping mall will have a professional website with an e-commerce platform for online shopping. The website will feature information about the mall, including store listings, events, promotions, and more. The website will be optimized for search engines and will include social media links.
• Promotions strategy: The promotions strategy for this shopping mall business will include discounts, coupons, loyalty programs, and special events. The promotions will drive traffic to the mall and increase sales. These promotions and discounts could include special offers on particular days, “buy one get one free” offers and more.

The direct competitors for this shopping mall business are other shopping malls in the area. These competitors include large retail stores, department stores, and other shopping centers. The indirect competitors are online retailers and other e-commerce sites.

Promotions Strategy

We plan to offer a variety of promotions to attract customers to our shopping mall. As the owner knows how to open a mall, he suggested, we will offer discounts and special offers on a regular basis to encourage customers to purchase products and services. We will also host events and activities, such as fashion shows, product launches, and special offers.

We plan to partner with local businesses and organizations to offer exclusive discounts and promotions to our customers. We will also employ loyalty programs to encourage repeat customers.

Our pricing strategy will be based on offering quality products and services at competitive prices. We will offer high-end products and services at premium prices and budget-friendly products and services at more affordable prices. We will also offer discounts and special offers on a regular basis to attract customers.

We plan to offer various payment options to make our products and services more accessible to our customers. We will accept cash, debit, and credit cards, as well as e-wallet payments.

8. Operations Plan

Operation functions.

Security: The mall must ensure that customer safety is a top priority. This will include having a security team on-site to monitor activity and respond to emergencies.

Maintenance: The mall will need a team to keep the building and grounds in good condition. This will include regular cleaning, repairs, and upkeep of the facility.

Customer Service: The mall must provide customers with an enjoyable shopping experience. This will include providing friendly, helpful service and responding to customer inquiries and complaints.

Marketing: The mall must have a marketing plan to promote the mall and attract customers. This will include advertising, public relations, social media, and other promotional activities.

Management: The mall will need to have a management team in place to oversee the day-to-day operations of the mall. This will include setting goals, creating policies, and ensuring the mall operates efficiently and profitably.

4/15/202X – Obtain Funding

4/22/202X – Develop Business Plan & Hire Professional Team

5/1/202X – Lease Property & Secure Necessary Permits

5/8/202X – Begin Construction

5/15/202X – Hire & Train Staff

5/22/202X – Finalize Construction & Buy Necessary Fixtures & Equipment

6/1/202X – Launch Marketing Campaign

6/8/202X – Open for Business

6/15/202X – Monitor & Evaluate Performance

9. Management Team

The management team of the shopping mall will include a team of highly-skilled professionals who will be responsible for the day-to-day operations of the mall.

Company Staff

The Company Staff consists of experienced professionals who are dedicated to providing superior customer service. The staff is responsible for ensuring that the mall is safe, clean, and enjoyable for customers.

• VP of Retail
• VP of Real Estate
• Store Managers
• Sales Associates
• Support Staff
• Maintenance Staff
• Security Staff

10. Financial Plan

The financial plan for this shopping mall project is based on an initial investment of $10 million. This investment will be used to renovate the mall, purchase new inventory, and hire personnel to manage the mall. The investments will be made in the following areas:

• Renovation: $3 million
• Inventory: $2 million
• Personnel: $2 million
• Advertising/Marketing: $1 million
• Legal Fees: $500,000
• Miscellaneous: $1.5 million

The total cost of the project is estimated to be $10 million.

Key Revenue & Costs

The primary sources of revenue for the mall will come from rent from tenants, sales from tenants, and from other sources, such as parking fees and food court revenue. The mall is estimated to generate approximately $15 million in total annual revenue.

The primary costs for the mall will include rent for the space, personnel costs, and advertising/marketing costs. The mall is estimated to incur total annual costs of approximately $10 million.

Funding Requirements and Use of Funds

The total project cost is estimated at $10 million. To finance the project, the mall will need to secure loans and/or equity investments. It is estimated that approximately $7 million in financing will need to be secured to cover the project’s cost.

The funds will be used as follows:

Key Assumptions

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To successfully launch and operate the mall, the following assumptions will need to be made:

The mall will have a total of 140,000 square feet of retail space, including anchor stores and smaller shops.

The start-up costs for the project will be approximately $15 million.

The mall will be open for business 12 hours a day, seven days a week.

The mall’s primary target market will be middle-income shoppers in the local area.

The mall will have an initial occupancy rate of 75%, with an average rent of $25/square foot.

The mall will offer amenities such as a food court, movie theater, and play area.

A team of experienced retail professionals will manage the mall.

The mall will generate approximately $20 million in gross sales in its first year of operation.

The mall will generate a positive cash flow by the end of its first year of operation.

The mall will have an average annual occupancy rate of 90% over the next five years.

Financial Projections

All tables in PDF

• What is a shopping mall business plan? A shopping mall business plan is a document that outlines the operational and financial objectives of a shopping mall. It typically includes market analysis, marketing strategies, financial projections, operational details, and other information necessary to start and operate a successful shopping mall. The plan should also outline strategies for managing the mall, including leasing strategies, customer service, and marketing.
• Strip mall : A strip mall, also known as a strip center, is a shopping center that consists of a row of storefronts, typically with surface parking in front.
• Enclosed mall: An enclosed mall, or indoor mall, is an indoor shopping center that usually features a variety of stores and restaurants.
• Outlet mall: An outlet mall is a shopping center that features discounted, name-brand merchandise from various stores.
• Super regional mall: A super-regional mall is a large shopping center with numerous department stores, specialty stores, and restaurants.
• Lifestyle mall: A lifestyle mall is a shopping center with a mix of upscale retailers, restaurants, entertainment venues, and services.
• What are the main sources of revenues and expenses for a shopping mall? The main sources of revenue for a shopping mall include retail sales from stores, rental income from tenants, and income from food courts and other amenities. Retail sales are generated from the stores within the mall, which typically includes clothing stores, shoe stores, and other specialty shops. Rental income is generated from tenants who pay to occupy space in the mall. Finally, income from food courts, movie theaters, and other amenities can be a significant source of revenue. The main expenses for a shopping mall include property taxes, rent payments, utilities, maintenance costs, and marketing expenses. Property taxes are typically based on the assessed value of the mall’s property. Rent payments are made to the mall’s landlord and to the tenants who occupy space in the mall. Utilities include electricity, water, sewer, and other services. Maintenance costs include the repair and upkeep of the mall’s grounds and facilities. Finally, marketing expenses include advertising, promotions, and other activities to attract customers to the mall.
• How do you get funding for your shopping mall business plan? One of the most common ways to fund a shopping mall business plan is to approach investors. This can be done through a variety of options, such as through angel investors, venture capitalists, private equity firms, and crowdfunding platforms. Through these sources, investors can provide funding in exchange for equity in the business, meaning that they will be part-owners of the mall. Additionally, some investors may provide debt financing, which involves the mall receiving a loan from the investor that must be paid back, usually with interest. Other sources of funding may include grants and government programs, bank loans, and personal savings.

Download Shopping Mall Business Plan in PDF

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Home » Sample Business Plans » Real Estate

How to Write a Shopping Mall Business Plan [Sample Template]

Are you about starting a shopping mall? If YES, here is a complete sample shopping mall business plan template & feasibility report you can use for FREE . One of the good businesses that you can start that will guarantee you steady income for a very long time with little or no stress is building a shopping mall.

With the right location, top-notch facility and good marketing skills, you can accommodate top profile retailers and businesses who would want to run their business from your facility. But opening up a shopping mall requires pretty huge startup capital; it also needs solid planning, and attention to detail in order to keep your business profitable.

A Sample Shopping Mall Business Plan Template

1. industry overview.

A shopping mall is a modern, essentially North American, term for a form of shopping area or shopping center in which one or more buildings form a complex of shops with interconnecting walkways, usually indoors. It is on record that in 2017, shopping malls accounted for 8 percent of retailing space in the united states.

The Shopping Mall Management industry consists of companies that develop, lease, maintain, repair and secure large commercial property in exchange for rental payments from retailers and businesses. For industry operators, rental income generates the largest portion of industry revenue with income from property management fees following.

Industry revenue primarily fluctuates in line with rental rates and occupancy levels. During a five-year period, the price of commercial real estate, benchmarked by the Green Street Commercial Property Price Index, grew at an estimated annualized rate of 5.8 percent. Furthermore, retail vacancy rates dwindled as mall foot traffic steadily grew due to boost in disposable income and consumer spending

The Shopping Mall Management industry is indeed a growing sector of the economy of the United States of America and it generates a over $23 billion annually from more than 8,326 shopping malls management companies. The industry is responsible for the employment of over 44,292 people.

Experts project that the industry will grow at a 0.2 percent annual rate between 2013 and 2018. The companies holding the largest market share in the Shopping Mall Management industry are Simon Property Group Inc. and Brookfield Property REIT Inc.

Research conducted by IBISWORLD reveals that over the past five years, the Shopping Mall Management industry has grown by 0.2 percent to reach revenue of $23bn in 2018. In the same time frame, the number of businesses declined by -2.4 percent and the number of employees declined by -2.2 percent.

The shopping mall line of business is very open to any aspiring entrepreneur who has the capital and capacity to open and run his or her shopping malls. Just ensure that your facility is located in an environment with the right demography and you will just be fine.

2. Executive Summary

Simone Cooper® Shopping Malls, Inc. is a licensed shopping mall management business. We have been able to secure a standard and well – positioned facility in a central district in 8322 Sheldon Road, Elk Grove, CA 94624. We are set to compete in the highly competitive shopping mall management industry not only in Elk Grove – California, but throughout the United States market because we intend building and opening our facilities in key cities across the United States.

Simone Cooper® Shopping Malls, Inc. will run a standard shopping mall that will be involved in the rental of commercial space, property management services, consulting, shop appraisal and listing services, construction services and other related services. Our business goal is to become one of the leading shopping mall management companies with world class shopping malls in the United States.

Our workers are going to be selected from a pool of certified, creative and highly experienced workers in and around Elk Grove – California. We will make sure that we take our workforce through the required training that will position them to meet the expectation of the company.

At Simone Cooper® Shopping Malls, Inc., our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Simone Cooper® Shopping Malls, Inc. is owned by Simone Cooper. A civil engineer, astute business man and core professional with hands – on experience in running shopping malls.

3. Our Products and Services

Simone Cooper® Shopping Malls, Inc. was established with the aim of maximizing profits in the shopping malls management industry. We want to compete favorably with the leading shopping malls in the United States which is why we have put in place a competent team that will ensure that our facilities meet and even surpass our customers’ expectations.

We will work hard to ensure that Simone Cooper® Shopping Malls, Inc. is not just accepted by retailers and businesses in Elk Grove – California, but also in other cities in the United States of America where we intend opening chains of shopping malls.

Our facilities and services are listed below;

• Rental of commercial spaces in our shopping malls
• Property management services
• Consulting, appraisal and listing services for shops in our shopping malls
• Construction of shopping malls
• Other related services.

4. Our Mission and Vision Statement

• Our vision is to establish a standard shopping mall management company whose facility and brand will not only be accepted in Elk Grove – California, but also in other cities in the United States of America.
• Our mission is to provide standard shopping malls and shopping mall management services that can attract some of the leading retailers, commercial offices, hairstylists, barbers and similar businesses who may not want to shoulder the responsibilities of owning a standard shop facility in a busy business district.
• We want to build a shopping mall management brand that can favorably compete with other leading brands in the industry.

Our Business Structure

We intend starting small in Sheldon Road, Elk Grove – California, but hope to grow big in order to compete favorably with leading companies in the industry both in the United States and on a global stage. We are aware of the importance of building a solid business structure that can support the kind of world class business cum brand we want to own.

We will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer
• Project Manager

Human Resources and Admin Manager

• Sales and Marketing Executive

Facility Manager

Client Service Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

Project Manager:

• Serve as project manager of the organization; works directly with employees
• Develops strategic plan by studying the trends in the industry and financial opportunities; presenting assumptions; recommending objectives.
• Evaluates building plans and permits
• Reviewing and approving plans that meet building codes, local ordinances and zoning regulations
• Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
• Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff.
• Maintains quality service by establishing and enforcing organization standards.
• Makes certain that the project team performs efficiently, coordinates employee efforts, and facilitate communications between management and the workforce
• Ensures that the organization works in line with international best practices.
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Design job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carrying out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversee the smooth running of the daily office activities.

Sales and Marketing Manager

• Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Model demographic information and analyze the volumes of transactional data generated by customer
• Identifies development opportunities; follows up on development leads and contacts
• Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
• Responsible for handling business research, market surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Create new markets cum businesses for the organization
• Empower and motivates the sales team to meet and surpass agreed targets

Accountant/Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization
• Responsible for making sure that our shopping mall facilities meet the needs of the people that rent, lease or purchase them
• In charge of leasing and renting out accommodations and other properties under our ‘to let list’
• In charge of inspecting and reporting on the structural attributes of a building
• Responsible for evaluating the component systems of a building (electrical, fire, roofing and plumbing)
• Assesses compliance with building, electrical, plumbing and fire codes
• Ensuring that basic facilities, such as water and heating, are well-maintained
• Ensuring that facilities meet government regulations and environmental, health and security standards
• Overseeing building projects, renovations or refurbishments
• In charge cleaning, security and parking, to make sure the surrounding environment is in a suitable condition to work
• Welcomes clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the Human Resource and Admin Manager in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries

6. SWOT Analysis

Simone Cooper® Shopping Malls, Inc. engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured shopping mall management business that can favorably compete in the industry in the United States and the world at large.

Here is a summary from the result of the SWOT analysis that was conducted on behalf of Simone Cooper® Shopping Malls, Inc.;

Our shopping mall is located in Sheldon Road, Elk Grove – California which happens to be one of the busiest commercial centers in California. We can boast of having a result and service driven team and we have access to pool of finance from our partners who are accredited investors. These are some of the strength of business.

As a new shopping mall management company in Elk Grove – California, it might take some time for us to break into the market and gain acceptance especially from top profile clients in the already saturated industry; that is perhaps our major weakness. Another weakness is the ability to compete with big – time players in the real estate industry when it comes to bidding for choice facilities.

• Opportunities:

The opportunities available to a business such as ours are enormous because, as the number of businesses increases, demand for commercial and retail space is assumed to increase at a parallel rate. Additional businesses entering the US economy provide a greater pool of potential clients for mall managers. Interestingly, the number of businesses in the United States is expected to increase in the coming years, presenting a potential opportunity for the industry

It is a fact that online shopping poses a direct threat to traditional brick-and-mortar retailers. With more consumers opting to shop online, many retailers have shuttered physical locations to preserve margins.

As more stores downscale operations, a business such as ours lose out on rent, thereby depleting our projected revenue. E-commerce sales are expected to increase in 2018, posing a possible threat to shopping mall management companies.

7. MARKET ANALYSIS

• Market Trends

The national retail vacancy rate has fallen during the five-year period. The fact that renting a shopping mall can be a cost-effective and efficient solution for retailers and related businesses and workers makes it an ideal Business model for retailers who just want to start small and grow big. The continued rise of online shopping will pressure brick-and-mortar locations out of malls.

This business model gives room for aspiring retailers and businesses to pitch their business tent in highbrow areas without necessarily breaking the bank. All they need to do is to ensure that their products and services are top – notch and they won’t have to spend loads of cash maintaining the facility or marketing their services.

It is the responsibility of the shopping mall management company to promote and maintain their facility. As a matter of fact, retailers are finding their freedom while renting small studio and shop spaces in larger, collective shopping malls.

8. Our Target Market

Before starting our business in Sheldon Road, Elk Grove – California, we conducted a thorough market survey and feasibility studies and we are certain that there are loads of retailers, business centers, hairstylists, barbers, tanning specialist and nail specialists et al who need large, medium and small spaces in our shopping mall facility to run their business.

In view of that, we have created strategies that will enable us reach out to various groups of people who we know will need our services. Below is a list of the people that we will specifically market our facility to;

• Business Centers
• Hairstylists
• Manicure and pedicure specialists
• Tanning specialists

Our competitive advantage

Surviving in the business world as a shopping mall management company operator requires more than your expertise, creativity, and knowing how to deliver standard services but also how to network with key people that matter; entrepreneurs that can rent your shops / spaces.

Because of the competitive nature of the shopping mall management business, there is an increasing degree of related business activities, with big players dominating the market. We are quite aware that to be highly competitive in the industry, you are not only expected to make available safe shops, and office spaces, but you must be able to meet set targets.

Our competitive advantage is anchored on the state – of – the art shopping mall facilities that we have. We also have a team of certified and experience workers. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry.

Another strength that counts for us in the location of our shopping mall management; it is located in one of the most must busiest places in Sheldon Road, Elk Grove – California.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups shopping mall managements businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

Sources of Income

Simone Cooper® Shopping Malls, Inc. is established with the aim of maximizing profits in the shopping malls management industry and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients.

Simone Cooper® Shopping Malls, Inc. will generate income by offering the following facility and services;

10. Sales Forecast

One thing is certain, there would always be business owners who would need to cut cost of starting the business hence need to rent a small space in a shopping mall facility.

We are well positioned to take on the available market in the industry in Elk Grove – California and we are quite optimistic that we will meet our set target of renting out all the spaces that is available in our facility and generating enough income/profits from the first six month of operation and grow our shopping mall management business to enviable heights.

We have been able to examine the shopping mall management market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Simone Cooper® Shopping Malls, Inc. It is based on the location of our shopping mall facility and of course our target market;

• First Fiscal Year:  $1 million
• Second Fiscal Year:  $2.5 million
• Third Fiscal Year:  $4 million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same facility as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Our marketing strategies will be directed towards achieving specific objectives that will support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and our market share.

Our unique selling proposition is that we are well positioned, we offer state of the art facility/services and people can easily access our facility. Our sales and marketing team will be recruited based on their vast experience in the shopping mall management industry and they will be trained on a regular basis so as to meet their targets.

Our corporate goal is to grow Simone Cooper® Shopping Malls, Inc. to become one of the top 10 shopping mall management brands in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in Sheldon Road, Elk Grove – California but also in other cities in the United States of America.

Simone Cooper® Shopping Malls, Inc. is set to make use of the following marketing and sales strategies to attract clients;

• Open our shopping malls with a big party.
• Advertise our shopping malls on national dailies, local TV and radio stations
• Promote our business online via our official website and all available social media platforms
• Introduce our business by sending introductory letters alongside our brochure to retailers, business operators, hair stylists, barbers, tanning specialists and manicure and pedicure specialist and key stake holders in Elk Grove – California
• Print out fliers and business cards and strategically drop them in offices, sport facilities, libraries, public facilities and train stations et al.
• Make use of attractive hand bills to create awareness and also to give direction to our shopping mall facility
• Adopt direct mailing coupon marketing approach
• Position our signage / flexi banners at strategic places in and around Elk Grove – California

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to become the number one choice for retailers and business center operators in the whole of Elk Grove – California and other cities in the United States of America where we intend opening our chains of shopping mall facilities which is why we have made provisions for effective publicity and advertisement of our business.

Below are the platforms we intend to leverage on to promote and advertise Simone Cooper® Shopping Malls, Inc.;

• Place adverts on both print (newspapers and real estate magazines) and electronic media platforms
• Sponsor relevant community – based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our tanning services
• Install Bill Boards in strategic locations all around Elk Grove – California
• Distribute our fliers and handbills in target areas
• List our shopping mall management business in local directories / yellow pages
• Advertise our shopping mall facilities in our official website and employ strategies that will help us pull traffic to the site.
• Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized facility and services) and we don’t intend to charge less than what our competitors are charging their clients.

• Payment Options

The payment policy adopted by Simone Cooper® Shopping Malls, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Simone Cooper® Shopping Malls, Inc. will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via Point of Sale Machine (POS)
• Payment via online bank transfer
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for renting our shops and office spaces without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

From our market survey and feasibility studies, we have been able to come up with a detailed budget of establishing a standard shopping mall management business and here are the key areas where we will spend our startup capital;

• The total fee for registering the business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits – $1,500.
• Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of – $10,000.
• The total cost for hiring Business Consultant – $5,000.
• The amount needed for the purchase of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
• The total cost for the purchase of accounting software, CRM software and Payroll Software – $3,000
• The total cost for purchasing a landed property for the construction of our shopping mall – $1 million.
• The total cost for building a standard shopping mall – $4 million
• Other start-up expenses including stationery – $1000
• Phone and utility deposits – $3,500
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $200,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, snooker board, tables and chairs et al) – $4,000.
• The cost of launching a Website – $600
• The cost for our grand opening party – $15,000
• Miscellaneous – $10,000

Going by the report from the market research and feasibility studies conducted, we will need about $5.5 million to successfully construct a medium scale but standard shopping mall business in the United States of America.

Generating Funds/Startup Capital for Simone Cooper® Shopping Malls, Inc.

No matter how fantastic your business idea might be, if you don’t have the money to finance the business, the business might not become a reality. Finance is a very important factor when it comes to starting a business. Raising startup capital for a business might not come cheap, but it is a task that an entrepreneur must go through.

Simone Cooper® Shopping Malls, Inc. is a private business that is solely owned and financed by Mr. Simone Cooper and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the Bank

N.B: We have been able to generate about $1.5 million (Personal savings $1 million and soft loan from family members $500,000) and we are at the final stages of obtaining a loan facility of $4 million from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Simone Cooper® Shopping Malls, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to lease our shopping mall spaces a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Simone Cooper® Shopping Malls, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

We know if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Securing a standard facility and reconstructing the facility to fit into the kind of shopping mall facility we want to manage: Competed
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the startup capital from the founders: Completed
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of Logo for the business: Completed
• Printing of Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed office furniture, office equipment, software applications, electronic appliances and facility facelift : In progress
• Creating official website for the business: In Progress
• Creating Awareness for the business: In Progress
• Health and Safety and Fire Safety Arrangement: In Progress

More on Real Estate

How to Create a Business Plan for a Shopping Mall: A Complete Guide

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Launching a successful business venture in the competitive world of shopping mall and retail center construction requires meticulous planning and preparation. Before diving into the business plan, savvy entrepreneurs must navigate a 9-step checklist to ensure their project's viability and set the stage for long-term success. From conducting comprehensive market research to securing reliable funding sources, this essential process lays the groundwork for a thriving enterprise.

Steps Prior To Business Plan Writing

Conduct Comprehensive Market Research on the Industry

Before embarking on the development of a business plan for a shopping mall and retail center construction project, it is crucial to conduct a thorough market research. This comprehensive analysis will provide valuable insights into the industry's current state, emerging trends, and the unique needs of potential customers. By understanding the market landscape, MallCraft Constructors can strategically position its services and tailor its offerings to meet the evolving demands of the industry.

The first step in the market research process is to gather data on the overall shopping mall and retail center construction industry. This includes analyzing market size, growth rates, and key industry players. According to a recent industry report, the global shopping mall and retail center construction market is expected to grow at a CAGR of 6.2% from 2021 to 2026, reaching a market size of $1.2 trillion by 2026 . Understanding the industry's dynamics and projections will help MallCraft Constructors identify opportunities and potential challenges.

Next, it is crucial to analyze the target market and identify the specific needs and preferences of potential customers, which in this case would be developers, retailers, and property management companies. A survey conducted by the International Council of Shopping Centers (ICSC) revealed that developers are increasingly seeking shopping malls and retail centers that incorporate sustainable design, innovative technologies, and flexible spaces to accommodate evolving consumer trends . By understanding these customer needs, MallCraft Constructors can tailor its services and offerings to provide unique value propositions.

• Utilize industry reports, market research studies, and trade association data to gather comprehensive information on the shopping mall and retail center construction industry.
• Conduct customer surveys and interviews to gain insights into the specific needs and preferences of developers, retailers, and property management companies.
• Analyze emerging trends, such as the growing demand for sustainable and technologically advanced shopping environments, to identify opportunities for differentiation.

By conducting a thorough market research, MallCraft Constructors can develop a deep understanding of the industry, its key players, and the evolving needs of its target customers. This knowledge will be instrumental in crafting a comprehensive business plan that aligns with the market's demands and positions the company as a trusted and innovative partner in the shopping mall and retail center construction industry.

Analyze the Target Market and Identify Customer Needs

Conducting a comprehensive analysis of the target market is a critical step in developing a robust business plan for the Shopping Mall and Retail Center Construction project. By deeply understanding the needs and preferences of potential customers, MallCraft Constructors can design and build shopping environments that cater to their evolving demands, ultimately driving higher occupancy rates and long-term profitability.

To begin, MallCraft should gather detailed demographic and psychographic data on the target market within the proposed geographic area. This includes analyzing factors such as population size, age distribution, household income levels, spending habits, and lifestyle preferences. By leveraging market research tools and industry benchmarks, the company can identify key customer segments and their unique needs, preferences, and pain points.

• Utilize industry reports, consumer surveys, and local market data to gather comprehensive insights on the target market.
• Engage with potential customers directly through focus groups, interviews, and online surveys to better understand their shopping behaviors and preferences.
• Analyze foot traffic patterns, tenant mix, and sales performance of existing shopping malls and retail centers in the target area to identify unmet customer needs.

With a deep understanding of the target market, MallCraft can then develop a unique value proposition that sets its shopping mall and retail center projects apart from the competition. This may involve incorporating innovative design elements, curating a diverse tenant mix, or integrating cutting-edge technologies to enhance the customer experience.

By aligning its development plans with the specific needs and preferences of the target market, MallCraft can ensure that its shopping malls and retail centers become destinations of choice for consumers. This, in turn, will contribute to higher occupancy rates, increased rental income, and ultimately, a more successful and profitable business venture.

Assess the Competitive Landscape and Identify Unique Value Proposition

Conducting a thorough analysis of the competitive landscape is a crucial step in developing a comprehensive business plan for a shopping mall and retail center construction project. By understanding the existing market dynamics, MallCraft Constructors can identify opportunities to differentiate its offerings and establish a strong competitive edge.

The first step is to research the key players in the shopping mall and retail center construction industry . This includes examining the portfolios, design approaches, and value propositions of established construction firms, as well as up-and-coming players in the market. Analyzing their project timelines, budgets, and client satisfaction levels can provide valuable insights into industry benchmarks and best practices.

• Utilize industry reports, trade publications, and online databases to gather comprehensive data on the competitive landscape.
• Attend industry events and conferences to network with peers and stay up-to-date on the latest trends and innovations.
• Conduct interviews with key stakeholders, such as developers, retailers, and industry experts, to gain first-hand insights into the market's needs and pain points.

Next, MallCraft Constructors should assess the unique needs and preferences of the target market . By understanding the evolving demands of modern shoppers, the company can identify opportunities to differentiate its offerings. This may include incorporating sustainable design elements, integrating cutting-edge technologies, or creating versatile spaces that cater to a diverse range of retail tenants.

For example, recent industry data suggests that more than 70% of consumers prioritize sustainability and eco-friendly features when selecting a shopping destination . By positioning itself as a leader in sustainable construction practices, MallCraft Constructors can appeal to this growing segment of the market and offer a compelling value proposition.

Additionally, the integration of smart technologies, such as AI-powered navigation systems and seamless omnichannel experiences, can set MallCraft Constructors apart from competitors . By incorporating these innovative elements into its shopping mall and retail center designs, the company can enhance the customer experience and appeal to tech-savvy consumers.

• Conduct customer surveys and focus groups to gather insights into the target market's preferences and pain points.
• Analyze industry trends and consumer behavior data to identify emerging opportunities and shifting market demands.
• Engage with industry partners, such as retailers and technology providers, to explore collaborative solutions that can deliver unique value to clients.

By thoroughly assessing the competitive landscape and aligning its offerings with the unique needs of the target market, MallCraft Constructors can develop a compelling value proposition that sets it apart from the competition. This strategic approach will be crucial in securing a strong foothold in the dynamic shopping mall and retail center construction industry.

Determine the required resources, equipment, and workforce

Constructing a successful shopping mall or retail center requires a comprehensive assessment of the necessary resources, equipment, and workforce. This crucial step in the business planning process ensures that MallCraft Constructors can effectively execute the project and meet the unique demands of the industry.

To determine the required resources, MallCraft must first conduct a thorough analysis of the project's scope, including the size of the mall, the number and type of retail units, and any additional amenities or features. This information will help the company identify the specific materials, equipment, and labor needed to complete the construction.

For materials, MallCraft should consider factors such as the square footage of the mall, the type of flooring, walls, and ceilings required, as well as the necessary fixtures and furnishings. According to industry data, the average cost of materials for a 100,000 sq ft shopping mall can range from $20 to $30 million , depending on the level of finishes and amenities.

The equipment needed for a shopping mall or retail center construction project can include heavy machinery, such as cranes, excavators, and bulldozers, as well as specialized tools and technologies for tasks like electrical work, plumbing, and HVAC installation. Industry experts estimate that the equipment costs for a 200,000 sq ft retail center can range from $5 to $10 million .

Determining the required workforce is equally important, as the success of the project depends on having the right team in place. This includes skilled tradespeople, such as electricians, plumbers, and carpenters, as well as project managers, architects, and engineers. According to industry data, a typical 150,000 sq ft shopping mall construction project may require a workforce of 200 to 300 workers , depending on the complexity of the design and the timeline of the project.

• Conduct a detailed analysis of the project's scope to accurately identify the required resources, equipment, and workforce.
• Consult industry benchmarks and data to estimate the typical costs and workforce needs for shopping mall and retail center construction projects.
• Allocate sufficient budget and resources to ensure the project is completed on time and within the specified quality standards.

Evaluate the financial feasibility and potential revenue streams

Evaluating the financial feasibility and potential revenue streams is a critical step in the development of a comprehensive business plan for a shopping mall and retail center construction project. This analysis will help determine the viability of the venture, identify potential risks, and guide the creation of a robust financial strategy.

To assess the financial feasibility of the MallCraft Constructors project, the first step is to conduct a thorough market analysis. This includes gathering data on the target market, such as population demographics, consumer spending patterns, and the overall retail landscape in the proposed geographic area. By understanding the market's size, growth potential, and demand for retail space, MallCraft can better estimate the potential revenue streams and assess the project's long-term profitability.

Next, MallCraft must develop a detailed financial model that takes into account the various costs associated with the construction and operation of the shopping mall or retail center. This includes land acquisition, construction expenses, ongoing maintenance, utilities, staffing, and other operational costs. By carefully estimating these expenses, MallCraft can determine the initial capital investment required and project the long-term financial performance of the project.

An essential component of the financial analysis is the identification of potential revenue streams. For a shopping mall or retail center, these may include rental income from tenants, revenue from common area maintenance fees, parking fees, and potential revenue from ancillary services or amenities, such as a food court or entertainment venues. MallCraft must carefully analyze these revenue streams, taking into account factors such as occupancy rates, lease terms, and the competitiveness of the local market.

• Benchmark the financial performance of similar shopping mall and retail center projects in the region to gain insights into realistic revenue projections and operating costs.
• Conduct a sensitivity analysis to understand how changes in key variables, such as occupancy rates or rental rates, could impact the project's overall financial viability.
• Explore opportunities to diversify revenue streams, such as incorporating mixed-use elements or leveraging technology-driven solutions to enhance the shopping experience and generate additional income.

By conducting a thorough financial analysis, MallCraft Constructors can determine the project's overall economic feasibility, identify potential risks and challenges, and develop a comprehensive financial plan that includes detailed projections, cash flow statements, and funding requirements. This analysis will be a crucial component of the business plan, guiding the decision-making process and helping to secure the necessary financing for the project.

According to industry data, the global shopping mall market is expected to grow at a CAGR of 4.5% from 2021 to 2028 , reaching a value of $1.3 trillion by 2028 . Furthermore, a recent study by the International Council of Shopping Centers found that the average occupancy rate for U.S. shopping malls is around 93% , indicating a strong demand for retail space. By carefully evaluating the financial feasibility and potential revenue streams, MallCraft Constructors can position itself to capitalize on these favorable market conditions and develop a successful shopping mall or retail center project.

Identify Potential Locations and Assess Site Selection Criteria

Selecting the right location is a crucial step in the development of a successful shopping mall or retail center. The site selection process requires a comprehensive analysis of various factors to ensure the long-term viability and profitability of the project. For MallCraft Constructors, this step involves a thorough examination of the target market, competitive landscape, and site-specific characteristics.

When identifying potential locations, MallCraft Constructors first conducts a detailed market analysis to understand the demographics, consumer behavior, and spending patterns of the target audience. This includes evaluating factors such as population size, income levels, population growth trends, and the presence of existing retail hubs. By understanding the target market, MallCraft can identify areas with the greatest potential for a thriving shopping mall or retail center.

Next, MallCraft assesses the competitive landscape by analyzing the existing shopping malls and retail centers within the target market. This involves evaluating factors such as the size, tenant mix, and performance of competing properties. MallCraft also considers the potential for market saturation and the ability to differentiate its offerings from the competition.

Once the target market and competitive landscape have been analyzed, MallCraft turns its attention to the site-specific characteristics. The company evaluates factors such as accessibility, visibility, parking availability, and the potential for future expansion. MallCraft also considers the infrastructure and utilities available at the site, as well as any potential environmental or zoning restrictions.

• Conduct a thorough analysis of the target market to identify areas with the greatest potential for a successful shopping mall or retail center.
• Assess the competitive landscape to identify opportunities for differentiation and avoid market saturation.
• Evaluate site-specific characteristics, such as accessibility, visibility, and infrastructure, to ensure the long-term viability of the project.

By carefully analyzing the target market, competitive landscape, and site-specific characteristics, MallCraft Constructors can identify the most promising locations for its shopping mall and retail center development projects. This comprehensive approach helps the company make informed decisions and maximize the chances of success for its clients.

For example, MallCraft's analysis of the Midwest region revealed a growing population with a rising disposable income, coupled with a limited number of high-quality shopping malls. By identifying a site in a rapidly developing suburban area with excellent accessibility and visibility, MallCraft was able to secure a $75 million contract to build a 350,000 square foot shopping mall that is expected to attract over 5 million visitors annually .

Investigate Regulatory Requirements and Obtain Necessary Permits

Navigating the regulatory landscape is a critical step in the development of a successful shopping mall or retail center. As MallCraft Constructors embarks on this project, it is essential to thoroughly investigate the various local, state, and federal regulations that govern commercial real estate construction and operations.

The first step is to conduct a comprehensive review of the zoning and land use regulations in the proposed development area. This includes understanding the permitted uses, height restrictions, setback requirements, and any special overlay districts that may apply. Obtaining the necessary zoning approvals and permits can be a time-consuming process, so it is crucial to factor this into the overall project timeline.

In addition to zoning considerations, MallCraft Constructors must also secure a range of permits and licenses required for the construction and operation of the shopping mall or retail center. These may include, but are not limited to, building permits, occupancy permits, fire safety permits, environmental permits, and business licenses. Depending on the location and scope of the project, the specific requirements may vary.

• Familiarize yourself with the local building codes and construction standards to ensure compliance throughout the project.
• Establish a strong relationship with the relevant regulatory agencies to streamline the permit application and approval process.
• Consider hiring a specialized consultant or attorney to navigate the complex regulatory landscape and identify any potential roadblocks early on.

Another important consideration is the environmental impact of the shopping mall or retail center development. Depending on the location and the project's scope, MallCraft Constructors may need to obtain various environmental permits, such as those related to stormwater management, air quality, or wetland protection. Conducting a thorough environmental assessment and addressing any potential issues can help mitigate delays and ensure compliance with relevant regulations.

Finally, it is crucial to stay informed about any changes or updates to the regulatory environment throughout the planning and construction phases. Regularly monitoring industry news, attending industry events, and maintaining open communication with local authorities can help MallCraft Constructors anticipate and adapt to any shifts in the regulatory landscape.

By meticulously investigating the regulatory requirements and obtaining the necessary permits, MallCraft Constructors can lay the foundation for a successful shopping mall or retail center development project that aligns with all applicable laws and regulations.

Develop a Robust Network of Industry Partners and Suppliers

Establishing a strong network of industry partners and suppliers is a crucial step in the development of a successful shopping mall and retail center construction business. By cultivating these strategic relationships, MallCraft Constructors can ensure access to high-quality materials, specialized services, and industry-leading expertise to deliver exceptional projects.

To build this robust network, MallCraft should first identify and thoroughly vet potential partners across various sectors, including material suppliers, subcontractors, engineering firms, architectural designers, and property management companies. Careful selection of these partners is essential, as they will play a pivotal role in the overall success and profitability of the construction projects.

• Conduct thorough due diligence on potential partners, evaluating their track record, quality of work, and financial stability.
• Prioritize partners who share MallCraft's commitment to sustainability, innovation, and customer-centric design.
• Establish clear, mutually beneficial agreements that outline roles, responsibilities, and performance expectations.

Once the network of partners is established, MallCraft should work to nurture and strengthen these relationships over time. This can be achieved through regular communication, joint planning sessions, and collaborative problem-solving to address industry challenges. By fostering a culture of trust and collaboration, MallCraft can ensure a seamless integration of services and a shared vision for delivering exceptional shopping mall and retail center projects.

Importantly, MallCraft should also actively monitor and manage its supplier relationships, continuously evaluating the quality, timeliness, and cost-effectiveness of the materials and services provided. This vigilance will help the company maintain a competitive edge and adapt to evolving market demands, ensuring that its projects remain at the forefront of the industry.

By developing a robust network of industry partners and suppliers, MallCraft Constructors can leverage the collective expertise and resources of the industry, ultimately enhancing its ability to deliver innovative, sustainable, and technologically advanced shopping mall and retail center projects that meet the needs of modern consumers.

Secure Funding Sources and Create a Financial Plan

Securing adequate funding is a critical step in bringing the Shopping Mall and Retail Center Construction project to life. MallCraft Constructors must carefully assess its financing options and develop a comprehensive financial plan to ensure the venture's long-term viability and success.

The first step is to conduct a thorough feasibility analysis to determine the project's capital requirements. This analysis should consider factors such as land acquisition costs, construction expenses, equipment and technology investments, and operational expenses. By accurately estimating these costs, MallCraft can identify the funding gap that needs to be filled through external sources.

Once the funding requirements are established, MallCraft should explore various financing options , including traditional bank loans, commercial real estate investment trusts (REITs), private equity funds, and government incentives or subsidies. Each option has its own set of advantages, risks, and eligibility criteria, so MallCraft must carefully evaluate them to find the most suitable fit for the project.

• Leverage relationships with local banks and financial institutions to secure favorable loan terms and conditions.
• Investigate government-backed financing programs, such as Small Business Administration (SBA) loans or tax increment financing (TIF), which can provide additional support for commercial real estate projects.
• Engage with experienced real estate investment professionals to explore alternative funding sources, such as crowdfunding platforms or private investors.

In parallel with securing funding, MallCraft must develop a detailed financial plan that outlines the project's projected revenue streams, operating expenses, and cash flow projections. This plan should include a sensitivity analysis to assess the impact of various market conditions and potential risks on the project's financial viability.

The financial plan should also incorporate a comprehensive budget that covers all aspects of the project, including land acquisition, construction, equipment, technology, marketing, and ongoing operations. By meticulously planning and monitoring the financial aspects of the project, MallCraft can ensure that the Shopping Mall and Retail Center Construction venture remains on track and financially sustainable.

• Engage with experienced financial advisors and consultants to help develop a robust financial plan that accounts for industry-specific considerations and best practices.
• Regularly review and update the financial plan to adapt to changing market conditions and ensure the project's long-term financial health.
• Establish clear financial reporting and monitoring systems to track the project's progress and make timely adjustments as needed.

By securing the necessary funding and creating a comprehensive financial plan, MallCraft Constructors can lay the foundation for a successful Shopping Mall and Retail Center Construction project. This step not only ensures the venture's financial viability but also demonstrates the company's commitment to responsible and sustainable development in the industry.

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SHOPPING MALL BUSINESS PLAN TEMPLATE

Explore Options to Get a Business Plan.

Introduction

A shopping mall is a large, often indoor, building with various stores representing many different businesses. Shopping malls are usually located in high-traffic areas near busy intersections or along major highways. The first shopping mall in the United States was the Country Club Plaza in Kansas City, Missouri, which opened in 1922. Today, thousands of shopping malls in the United States are popular destinations for shoppers and tourists alike. If you are thinking about starting your shopping mall, there are a few things you need to know. First, you will need to find a suitable location. Second, you will need to obtain the necessary financing. And third, you will need to develop a business plan. Starting a shopping mall can be a rewarding and profitable venture with careful planning and execution.

Global Market Size

The global market for shopping malls is estimated to be worth $1.2 trillion in 2015, according to a report by JLL. The U.S. alone is home to over 1,200 malls, which account for about 10 percent of the country's retail space. Several factors have contributed to the growth of shopping malls around the world. One is the rise of the middle class in many countries, which has led to more people having disposable income to spend on shopping. Another is the growth of online shopping, which has made it easier for people to compare and find the best deals on products. Despite the growth of the shopping mall industry, malls face several challenges. One is the rise of e-commerce, which has made it easier for people to shop from the comfort of their homes. Another challenge is the economic slowdown in many countries, which has led to less spending on non-essential items like clothing and shoes. Despite these challenges, the shopping mall industry is expected to grow in the coming years. This growth will be driven by the continued rise of the middle class in many countries and the growth of online shopping.

Target Market

If you're thinking of starting a shopping mall business, one of the first things you need to do is identify your target market. Your target market is the group of people who are most likely to shop at your mall. To identify your target market, you need to consider a few factors, including:

-The location of your mall. If you're in a densely populated area, your target market will likely be different than in a more rural area.

-The type of products or services you'll be offering. If you're selling high-end fashion, your target market will be different than if you're selling budget-friendly fashion.

-The demographics of your potential shoppers. This includes factors like age, income, gender, and so on. Once you've considered all of these factors, you should have a good idea of who your target market is. You can start planning your marketing and advertising strategies to reach these potential shoppers.

Business Model

Many different business models can be used when starting a shopping mall business. The most common and successful model is the anchor tenant model. This model relies on having one or more large anchor tenants, such as a department store or a grocery store, that act as draws for customers. The anchor tenant(s) then leases space from the shopping mall owner, and the smaller stores in the mall lease space from the anchor tenant(s). This model is successful because it gives customers a reason to come to the shopping mall and smaller stores with a built-in customer base. Another standard business model for shopping malls is the specialty leasing model. In this model, the shopping mall owner leases space to a variety of different stores that all specialize in a specific type of merchandise. This can be anything from a mall specializing in clothing stores to a mall specializing in electronic stores. The advantage of this model is that it can be easier to attract customers to a shopping mall with a specific type of merchandise they are looking for. Whichever business model is used, it is essential to have a well-thought-out business plan for the shopping mall. This plan should include a detailed marketing strategy, a financial plan, and a plan for operations.

Competitive Landscape

As you develop your business plan and start to think about opening a shopping mall, it's essential to understand the competitive landscape. Who are your potential competitors? What are their strengths and weaknesses? How can you position your shopping mall to succeed in the face of competition? Here are a few things to keep in mind as you research the competitive landscape for your shopping mall business:

• Know your market. Before you can understand the competitive landscape, you need to have a good grasp of the market you're targeting. Who are your potential customers? What are their needs and wants? What are their shopping habits? The more you know about your target market, the better you'll understand the competitive landscape.
• Understand your competition. Once you know your market, it's time to start researching your potential competitors. Who are they? What do they offer? What are their strengths and weaknesses? What is their market share? The more you know about your competition, the better you'll be able to position your own business for success.
• Develop a competitive advantage. Once you understand the competitive landscape, you must develop a competitive advantage. What can you offer that your competitors don't? What can you do better than them? If you can't find a way to stand out from the crowd, your shopping mall is likely to struggle.
• Keep an eye on the future. The competitive landscape is constantly changing, so keeping an eye on the future is essential. What are new shopping malls being developed in your area? What changes are happening with your existing competitors? You'll be better prepared to adapt and change as the landscape shifts by staying ahead of the curve.

Now that you have all the information you need to start your own shopping mall business, it's time to take the next step. If you're unsure where to start, consider hiring a professional business consultant to help you get started. With the proper planning and execution, your shopping mall can be a success.

• Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
• Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
• Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
• Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
• Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
• Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
• Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
• Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
• Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
• Business plans allow you to position your brand by understanding your company’s role in the marketplace.
• Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
• Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.
• Executive Summary
• Company Overview
• Industry Analysis
• Consumer Analysis
• Competitor Analysis & Advantages
• Marketing Strategies & Plan
• Plan of Action
• Management Team

The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.

To complete your perfect Shopping Mall business plan, fill out the form below and download our Shopping Mall business plan template. The template is a word document that can be edited to include information about your Shopping Mall business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.

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Shopping Mall Business Plan Template FAQs

What is a business plan for a/an shopping mall business, how to customize the business plan template for a shopping mall business, what financial information should be included in a shopping mall business plan, are there industry-specific considerations in the shopping mall business plan template, how to conduct market research for a shopping mall business plan, what are the common challenges when creating a business plan for a shopping mall business, how often should i update my shopping mall business plan, can i use the business plan template for seeking funding for a shopping mall business, what legal considerations are there in a shopping mall business plan.

Home > Resources > 11 Steps to Get Your Business into Shopping Malls

11 Steps to Get Your Business into Shopping Malls

We have created a unique team with dedicated resources in helping business owners like yourself to have a strong advantage against the market while building a stable foundation for your business to grow upon., prefer watching a video.

We know we do – and so we have placed together a comprehensive video summary of what the steps are to get your business into malls!

#1 It All Starts with Your Idea

The most important part of any business starts with an idea. An idea that is close to your heart and something that you truly believe in. The drive for which your business is built upon will resonate with your customers when they see you running your business.

This idea can come from anywhere. It may be a hobby, a passed down tradition or even technology to change the future. There are tons of ideas out there that may be the one for you. If you want to own your own business but are struggling to come up with an idea, may we suggest taking a look at possible franchisees that are tremendously successful overseas and bringing them into the Singapore market?

Alternatively, if you are looking to build upon your existing business, why not explore SCAMPER , a design thinking exercise on your business, and find relevant business ideas that would synergize with your current business, bringing about greater market share and revenue to you!

Click here for more resources on: Great Business Concepts and Ideas to Start in a Mall .

#2 Putting it on Paper into a Business Plan

Great! Now that you have an idea for your business, we need to create a business plan or a proposal for the malls. View your proposal as the executive summary of your business. What is your big idea? Grab the attention of the malls by explaining your unique concept, miles apart from their existing tenants.

The malls would want to know:

• What it would look like besides all the other businesses;
• The different types of offering in terms of products (food) your business will have;
• What plans the business has in place stay open during the mall’s opening hours;
• How the business will be bringing in customers of their own; and,
• What technical requirements the business has in terms of power and size.

Click here for more resource on: How to Create Your Business Plan To Get Accepted into Malls .

#3 Engaging a team of Real Estate Professionals

You have done your personal preparation, perhaps reached out to business consultants you know, family and friends for their advice and insight into your business idea. But now, you are ready to engage a real estate professional to represent your interest into the perfect space.

At MallSpacesAsia, we firmly believe in the sharing of knowledge and expertise. So rest assured when working with us, you are not just working with property professionals and their close extensive network with more than 100 malls, but professionals consisting of business consultants, branding consultants, interior designers, and F&B owners.

Our Real Estate Professionals will take you through every step and serve you exclusively along your journey in finding your perfect space and beyond!

Click here for more resources on:  11 Things to Look Out for when Engaging Real Estate Professionals for your Search for Spaces in Malls .

#4 Focus in on your Target Audience

After you have your idea, a business plan and have made contact with our Pro, we will help analyze your business strategies and define your target audience together with you.

Being clear about your target audience is akin to having a goal for your business. While the idea behind your product or service offering may be the difference between a Porsche and a Kia, identifying and acquiring the right target audience is the difference between a full tank of petrol and one running on two liters.

Our Pros have been trained by our team of business consultants in identifying strengths and threats to businesses along with identifying key targets and strategies for a multitude of businesses.

Click here for more resources on:  Why Your Target Audience will Make or Break your Business in Malls

#5 Shortlisting Locations with your Professional

Now it’s time to set your sights on a location. With their extensive network of contacts and relationships with malls, our Pros have access to the latest data analytics and surveys carried out in the industry to identify and shortlist the most suitable location based upon your requirements.

The perfect location for all business does not exist.

However, the perfect location for your business does. Our Pros take into account the type of business you are running, your target audience, type of crowd you prefer, your long-term business objectives, eCommerce enabled , the strength of your branding , and more…

#6 Location Sourcing by your Professional

Having gathered all the information and shortlisted locations, your Pros will start a conversation with the relevant leasing Cluster Managers on your concept and all the unique aspects of your business.

Cluster managers are responsible for most or all malls under their group. Thus, by talking to the cluster managers, we will essentially be talking to all malls under their group at once, increasing our efficiency and effectiveness in the process.

#7 Concept Presentation

Our Pros will usually hear back from the cluster managers within the week and be asked to officially present the concept for each location directly to the mall. This is where your business plan comes into play as an important and crucial document in the process.

We understand that malls are being run as businesses, often hedge their risks as well, and concepts that are accepted by malls are usually those that do not pose a financial risk to the malls as well. Malls have their own business and financial consultants who will review your numbers, this way, the mall is able to validate your business viability in the long run.

The objective of the concept presentation is to gather feedback, secure a buy-in and acceptance around your concept and business plan from the mall. Remember, malls are a business themselves and succeed by having successful businesses in their malls.

#8 Unit Proposal by the Mall

Good news! The mall and their team have thoroughly enjoyed what they heard and saw and have accepted your concept. Moving forward, the leasing manager from the mall will make contact with you and your Pro, proposing a location for your consideration.

Keep in mind that up till this point, you have incurred zero fees from! Because at MallSpacesAsia, we believe bringing you the best service and allow you to explore all your options without worrying about any charges or billable hours. Moving forward, your Pro will inform you with more details of the proposed location.

#9 Viewing & Evaluation

Your Pro will, after being proposed a location for your consideration, arrange an on-site viewing of the location with the leasing manager. The objective of this viewing is to address any concerns about the location and analyze the space from your business perspective.

It is in our best interest to have your best interest at heart. As such, your Pro will advise you of both the strengths and potential pitfalls of each location you view. Do not hesitate to ask any questions or voice out your concerns to your Pro.

Click here for more resources on:  10 Things to Look Out for when Viewing Spaces in Malls

#10 Offer to Lease: Presenting Your Offer

You have made it to your perfect space! You are happy and excited to start your business in your new unit. Now it’s time to have your Pro prepare an official Offer to Lease on your behalf to be sent to the mall.

If you are unsure about usual mall rental charges, take a look at our calculator and the article that goes along with it. If you are still unsure after reading the article and trying out the calculator, be sure to ask your Pro for assistance.

#11 Tenancy Agreement

Welcome to the last step of getting your business into a mall, the Tenancy Agreement. Once your Offer to Lease is accepted by the mall, you and your Pro will receive an official reply. The mall will then proceed to prepare the Tenancy Agreement and the payments process shall begin.

Only at this point in time will payment collected by your Pro for their service rendered to you. For more information on our fee policy, please visit our zero fee policy page .

#12 Bonus: Your Journey Begins

Congratulations for making it through the journey of getting your business into a mall! Now you enter the next phase of your business, setting everything up, advertising and reaching out to potential customers (that you have targeted previously). Reaching out to interior designers, logistical fulfillment companies, branding firms, social media marketing consultancies and more!

Depending on your product offering, your requirements will vary greatly from your neighboring tenants. Remember, starting and growing a successful business isn’t all luck. Sure, luck will help. But being prepared and ready for when your luck arrives will make the difference between thinking how to keep your business afloat and thinking where to open your eighth store!

Talking to a Professional who knows the Process

Have an idea? Looking to expand? Found a mall you want to enter? Let us know and we’ll be pleased to help you! We have a team of real estate relationship managers, business consultants, interior design consultants, marketing consultants, fulfillment consultants, and much more to assist you in any queries you may have.

Getting into a mall requires a process and it starts with your concept. Got a great idea for the mall? Talk to us and we can make it happen for you by recommending suitable malls and spaces for your needs. We know the in and out of Malls and will be with you every step of the way!

At the end of the day, we have searched for and hand-picked the best team of professionals in the mall industry to provide the assistance you require on one or more component in your journey.

Don’t hesitate to reach out to us and we will be in contact with you within the day.

Share this post with your team!

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How to create a business plan: examples & free template.

Table of Contents

How to Write a Business Plan

Executive summary.

Overview and Business Objectives

Company description, define your target market, market analysis, swot analysis, competitive analysis, organization and management team, products and services offered, marketing and sales strategy, logistics and operations plan, financial projections plan, income statement, cash flow statement.

Tips on Writing a Business Plan

Free business plan template, what is a business plan, why you should write a business plan, what are the different types of business plans.

Using Business Plan Software

Business Plan FAQs

What is a good business plan, what are the 3 main purposes of a business plan, can i write a business plan by myself, is it possible to create a one-page business plan, how long should a business plan be, what is a business plan outline, what are the 5 most common business plan mistakes, what questions should be asked in a business plan, what’s the difference between a business plan and a strategic plan, how is business planning for a nonprofit different.

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How to Start a Retail Store Business in a Shopping Mall

Last Updated: August 4, 2024 Approved

This article was co-authored by Gina D'Amore . Gina D'Amore is a Financial Accountant and the Founder of Love's Accounting. With 12 years of experience, Gina specializes in working with smaller companies in every area of accounting, including economics and human resources. She holds a Bachelor's Degree in Economics from Manhattanville College and a Bookkeeping Certificate from MiraCosta College. wikiHow marks an article as reader-approved once it receives enough positive feedback. In this case, 80% of readers who voted found the article helpful, earning it our reader-approved status. This article has been viewed 197,191 times.

Opening a retail store in a shopping mall can give you immediate access to an existing flow of potential customers. In addition, your store can benefit from the amenities and structures that already exist in the mall, freeing you from having to create your own. That said, for many stores, the mall is full of competitors that sell similar products. This means that you'll have to price your products competitively and draw customers into your store. Setting up a store in this way is relatively straightforward if you use the following steps.

Planning Your Store

• For example, a store selling expensive, handmade men's shoes would not do well in a mall frequented by mostly lower-income customers.

• For example, an underserved demographic in a given market might be plus-size people or Latin Americans. If you notice a lack of stores serving a particular group in the mall, consider building your offerings around that group. [1] X Research source

• A franchise may be relatively simpler to open, but will limit your own freedom to make business choices. In addition, you usually have to pay a large, upfront franchise fee and make regular payments to the franchisor.

• Your store name should be trademarked.
• Your business name, on the other hand, is the legal name of your business, used on official documents like taxes and your lease contract. If your business is a sole proprietorship, your name is the business name.

Working Out Your Finances

• Some places may ask for multiple months of utility and rent payments upfront.
• Next, work with a floor planner and interior designer to determine the cost of upgrading the interior of your store to meet your needs.
• Consider other expenses you will have to pay before opening, like any materials you will have to buy and inventory costs. Also, consider technology costs—you'll have to purchase some method of collecting payments from your customers.
• Finally, think about monthly expenses you might have, such as paying employees and spending on marketing or public relations. [4] X Research source
• Understand the difference between a fixed cost and a variable cost.
• The costs that do not change every month are called fixed costs. For example, the rent, utilities, and payroll.
• The costs that change every month, such as marketing expenses, are known as variable costs.

• For more, see how to fund a business.

Deciding on a Location

• You should also try to locate your store near complementary stores. For example, a jewelry store might want to locate next to an upscale department store. That way, the stores can attract customers to the same corner of the mall together and both benefit from the targeted traffic they receive.

• Kiosks sit in the middle of mall concourses and usually showcase smaller goods, like phone accessories, jewelry, or watches.
• Mall carts, also called retail merchandising units (RMUs), are smaller than kiosks and are located in common areas within malls. They allow for displays of smaller items and can be used to provide simple services like engraving or watch repair.

Opening for Business

• Remember to create a place for your most important or fastest-selling inventory in a dominant position at the front of the store, right in front of the door. [9] X Research source

• Even experienced retail employees will need training in your specific products and in how you wish them to interact with customers.

• Alternately, you can hold a "soft opening" first, where systems and employees are tested before announcing a grand opening. This guarantees that your store is properly functioning before the grand opening.

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Thanks for reading our article! If you'd like to learn more about investments, check out our in-depth interview with Gina D'Amore .

• ↑ https://www.nypl.org/sites/default/files/retail_101_nypl_copy.pdf
• ↑ https://www.inc.com/guides/2010/05/choosing-a-franchise-location.html
• ↑ https://www.inc.com/articles/201108/business-start-up-costs-retail-store.html
• ↑ http://fitsmallbusiness.com/lease-retail-space/

About This Article

Starting up a retail store in a shopping mall is a lot of work, but you can set yourself up for success with the right location and products. Identify a need in the mall or your local market that you can fill. It could be a product such as plus-sized jeans, or a service such as a shoe repair shop. Then, write a business plan that lays out your strategy for operating the store and how you’ll turn a profit. Choose the best available location that meets your space and budget requirements. If you can’t finance your own start-up costs, contact a local bank or apply for a small business loan. You’ll also need to purchase inventory from wholesalers or producers of the items you plan to sell. You can also visit trade shows for your industry to find new, quality products that you can sell. For tips about how to design the inside of your business in a shopping mall, keep reading! Did this summary help you? Yes No

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List of 55 Highly Profitable Mall Business Ideas for a Kiosk or a Storefront and how you can start a successful mall kiosk business

February 14, 2020 Leave a Comment

If you are looking for different ways to build profitable businesses then the key is to locate it close to your potential customers and this is where shopping mall comes in. The trend in almost every part of the wold whether it’s Europe, Middle East, Australia, Asia or America is to create modern shopping malls that adapt to the style of the city and consumers. The future of shopping malls will be smaller stores, adapted to fast moving lifestyle and ecommerce. This trend can be exploited by entrepreneurs to figure out profitable small business ideas and build successful businesses. In a shopping mall, competition is always high due to high concentration of similar shops and stores within the same space but if you can figure out the difference and differentiate your business model, you can excel among those similar shops. In this post we will share with you 55 profitable mall business ideas for a kiosk or Storefront that you can start with little money.

If you are looking to open a kiosk in a shopping mall, here’s a list of profitable business ideas to start in a mall:

1. Open a tattoo studio

Table of Contents

2. Digital Photo Print Shop

Promotional gifts with your logo and brand are suitable for any stage of business, including grand openings, seasonal events or community appreciation. Custom lanyards, enamel pins, stickers, and wristbands, are all great options. These custom products can be easily created on GS-JJ.com.

3. Fresh Juice Kiosk

4. small thrift store, 5. express hair salon, 6. express massage recliners business, 7. cosmetics and beauty products kiosk.

According to a research conducted by boutique research firm Boenning & Scattergood, top 20 malls in America are bringing in $21 billion in retail sales annually. The study was published by CNBC .

Business plan & start: Why a mall kiosk is a good business & How to open a kiosk in a mall

A Mall kiosk is a small retail outlet usually like a booth or a cart located in the aisle of a shopping mall. Basically, a person who has some stuff to sell but cannot afford to rent a shop in a shopping mall would approach the mall authorities for a small space in the shopping mall where they can use to display their wares.

Why you should Start a Mall Kiosk?

Mall Kiosk business has always been around but became more popular as a result of the economic recession. People who found it difficult to raise money for a shop to sell their goods had to resort to mall kiosks, which are generally cheaper and offer more opportunity for sales. Mall kiosks business owners are able to make more sales due to high human traffic at shopping malls.

A lot of people who have no prior intention of buying certain things might just be pressed to purchase such items when displayed in a mall kiosk. These sets of people are called impulsive buyers and they are good targets for people interested in mall kiosk business.

Here’s an article about the future of Malls and small stores inside shopping malls .

Of course, you would have to pay for rentals when using a mall kiosk but the fees are generally cheaper compared to renting a shop space. Prices could be as low as $50 or $100 and as high as $1,000 to $5,000 depending on the shopping mall.

Mall kiosks and carts can be great testing grounds for products and for generating interest in a product or service. They can provide a steady stream of revenue in high-traffic areas and the only real trick is ensuring your product or service is appropriate for where your kiosk is placed. The possibilities are endless.

If you are still wondering what kind of products you could sell in your mall kiosk, here are fifty mall kiosk business ideas for you-:

55 Best Business ideas for a Mall Kiosk / Storefront in 2020

There are hundreds of mall business ideas for a kiosk or storefront that you can explore but we will share with you 55 best business ideas for a mall kiosk.

Food Related Mall Business Ideas for starting a kiosk or a Storefront

8. organic foods store.

The green revolution is here and this is a perfect timing to place organic food selling in a mall kiosk where it is uncommon and rare. Why? The reason is because health buffs are now on the look for organic delicacies and products and as new diseases continue to appear. People are getting more health conscious; in fact, they are becoming cautious of what they eat. So you are assured of new customers faster than you expect it.

9. Fast Food Kiosk

The most popular products for these types of kiosks and carts are familiar staples: popcorn, peanuts, ice cream, hot dogs, pretzels and gourmet donuts or coffee. With the fresh aroma of the tasty treats wafting through high-traffic areas, customers have a hard time walking past your kiosk without stopping for a treat.

10. Candy Storefront

Candy sales kiosks are popping up in every mall across North America, and why not? Starting a business that retails candy is very straightforward and the biggest challenge to overcome is selecting the right operating location for the business. Ideally, a candy shop should be in a very busy area of a community so it can take advantage of foot traffic, as well as impulse buying by consumers.

Also consider offering customers a free delivery service to expand the potential market to include customers who want to send candies to relatives in the hospital, loved ones at holiday time, and business owners seeking to reward clients or employees with their favorite box of chocolates or candies.

11. Start a Chocolate Kiosk

Everyone loves chocolate, or most people love chocolate. So why not make a business out of it? But beware, despite the huge preference of people for chocolate varieties and all the glamour of being a chocolatier is some pretty stiff competition and a lot of hard work.

First, with its rising popularity, the market has become very crowded. The work also requires, (beyond just a love of chocolate) considerable knowledge, skill and the ability to handle long hours and a very repetitive production cycle for the product. Chocolate market in the U.S. is also projected to grow in 2020.

12. Cakes & Bakery Kiosk

There are cake addicts all over the globe and the United States of America isn’t left out/. As a matter of fact it is one of the countries where cakes are consumed. Therefore the American market would serve a great medium for profit. Start selling cupcakes in a mall kiosk and make good money at the end of every selling day. Ask kids what’s their favorite snacks and they are likely to mention cupcake, thereby making it a perfect choice to be in my list of small retail business ideas to start. When somebody tells you that everybody loves cupcakes, just believe it.

13. Take out Fast Food Outlet

Starting a take-out fast food outlet is a very easy business venture to set in a mall. This type of restaurant requires little experience to operate and the kitchen equipment needed can be purchased secondhand.

Like many restaurants, a take-out fast food outlet restaurant can be established in a fixed location, such as a storefront or kiosk in a mall food court. The business can also be operated on a mobile basis from an enclosed trailer or van that has been converted into a mobile restaurant.

Gifts Shop Mall Business Ideas for a Small Kiosk or Storefront

14. small gift shop.

A lot of people go into malls and gift shops without the faintest idea of what to buy. You can start a gift selling and packaging business in your mall kiosk. You would stock and display a variety of gift items that people could buy. You can also add a delivery service to your business.

15. Artworks

  If you are an artist with your own collection, you can sell your works through a mall kiosk. Even if you are not an artist, you can get art works from other artists at discounted prices and sell on their behalf.

16. Customization

You can run a kind of business where you help people customize and imprint their names, nicknames, logos or whatever they wish to inscribe on items they buy from the mall.

17. Paint and Wallpaper Store

Starting a retail paint and wallpaper store is a relatively stable retail business venture to start, as there is no real threat from the Internet sales of these products. However, the big threat comes in the form of big box retailers, so business location is of critical importance to the success which is why this business is ideal for a mall kiosk, and survival of this kind of retailing venture.

To increase sales and profits beyond just selling paint and wallpaper, also provide customers with unique services, such as after-hours instruction classes in various home decorating mediums and other products and services, such as equipment rentals for do-it-yourself painters.

18. Movie Poster Sales

Movie posters can often be purchased for less than $1 each from video stores and movie theaters. Once framed, these valuable pieces of art can be resold at flea markets, mall kiosks and to interior designers for terrific profits. Older movie posters are also in high demand as collector items and this side of the business is best suited for internet sales.

You can develop your own website for a small investment and start marketing collectible movie posters. There are guides available that list the value of collectible movie posters depending on condition. These guides will be an invaluable source of information if you intend to offer collectible movie posters for sale.

Fashion Accessories, Clothing and Apparels retail sales Mall Business Ideas

19. open a lingerie store.

Heading into the new millennium, specialization is the buzzword for retail ‘bricks and mortar’ businesses, and opening a lingerie shop fits the bill perfectly. Get started by selecting a highly visible store location for your business. Kiosk Malls and strip malls are a good choice (though you’ll want to make sure there are no “big name” competitors) and you will only require less than 1,000 square feet, so the rent should be reasonable.

Next you will want to establish accounts with lingerie manufacturers and distributors. Harness the power of the Internet to locate these companies. The rest is pretty straightforward; you stock your store and sell your products.

20. Sell Rhinestone Shirts

Rhinestone shirts are a hot product at any sales location. The sparkle factor of a beautiful rhinestone shirt will catch everyone’s eye as they walk by. It is natural to turn and look at a flash of light. Take advantage of this fact and you could be making a lot of easy money not only during the holiday season, but for the entire year!

21. Eye wear Stand

Sunglasses and other types of ornamental eyewear are almost universally-loved products which do well in a kiosk or cart. These items appeal to both low- and high-income shoppers, and so do well in mainstream as well as upscale retail malls. Outlook of the eyewear market in the U.S.

22. Sell Sunglasses

Although they used to sell well only during the summer, fashion trends have made wearing sunglasses an all-year-round thing. So, they now sell during both summer and winter. You can sell cheap generic sunglasses, legal knock-offs, or both. However, your choice of what to sell should boil down to what sells best in your locality.

23. Athletic Footwear

As people become more aware of the health benefits of exercising regularly to keep fit, the demand for running shoes, dumbbells, etc. is on the increase. And these items—new or used—now sell well all year round. If you live in a locality where many people exercise regularly, then you can sell these items at your local flea market and your mall kiosk.

24. Shoes, Belts, Sandals and Slippers Retailing

Another profitable and highly thriving business that can be ventured into in a mall kiosk or wants to horn his or her entrepreneurial skills should consider starting is to start retailing male and female shoes, sandals, slippers, and belts et al. It is a simple business that needs just the ability to combine one plus one.

Just like any other retailing business in a mall, you don’t need necessarily need to rent a big shop; all you need to do is to look for a small space in a mall to market your wares. The market for this kind of business is also wide. Even though it looks as if the competition is stiff, but truth remains that profit is guaranteed.

How to run a successful mall kiosk business.?How to start your own business in a mall?

https://youtu.be/OrplMEezazg

25. Sell Western Apparel

Like country and western music, country and western apparel is currently enjoying a rebound in terms of consumer demand and popularity. Starting a business that retails western apparel is a sensational new business venture to put into action.

In the spirit of being unique, consider opening a retail business selling the apparel in a nontraditional retail environment. Try locating the business within an established country and western theme restaurant or club, or establishing the business within a music retailer that specializes in country music sales.

26. Sell Vintage Clothing

The value and popularity of collectible clothing has been on a steady increase for the past decade and this demand for outfits from the ’40s to the ’80s shows no signs of diminishing. Starting a business that sells vintage duds from a retail storefront or online is a fantastic venture. If you’re choosing to go online with this idea, there are various money-making options available.

You can charge people a fee to list items for sale, sell banner advertising space, participate in online auctions or, the most obvious choice, scout out collectible clothing yourself in thrift stores, yard sales, online auctions or directly from sellers, and sell it online for a profit.

Other Highly Profitable Mall Business Ideas in 2020

27. electronics store.

You could sell electronic gadgets and computer items in your mall kiosk. For instance, you can sell small mp3 players, fancy torch lights, bedside lamps, small radios, cd players, portable DVD players, game consoles and other small electronic gadgets. You will not need huge capital for set up but you can expand in the future from your kiosk.

28. Sporting Equipment

Another item you could sell is sporting equipment and gym or exercise equipment like tennis, rackets, ball, sportswear, water bottles, and protein powders to mention few.

29. Promotional and Clearance Sales

  Mall kiosks are also great for selling clearance items. Perhaps you have a bigger store in the mall and you are running a sales promotion or offering some goods on sale, a mall kiosk would make your products more visible.

30. Pawnshop

Pawnbrokers sometimes get a bad rap, and unfortunately it only takes a few bad apples dealing in stolen merchandise to give the industry a bad name for all operators of pawnshops. However, like any business venture, eventually the bad business operators will disappear and the good operators will flourish.

Starting a pawnshop business is a good choice as a business start-up for a few reasons, such as no special business skill requirements, relatively low initial investment, and excellent profit potential. Furthermore, utilizing used product pricing or value guides such as the Blue Book take away any guesswork in terms of the wholesale and retail value of products

31. Used CD sales

If you love music, consider starting a used CD shop. The business can be established in a storefront location or alternately in a sales kiosk located within a busy mall or public market. To initially establish an inventory of CDs for the business, place classified advertisements in the local community newspaper offering to purchase whole or partial CD collections. Currently, secondhand music CDs are retailing for $5 to $12 each, and as rule of thumb, owners of secondhand CD shops mark up all products by 100 percent for retailing purposes.

32. Cosmetics Store

Beauty products have traditionally been avoided by retailers at high-end shopping centers but are finding more in-roads as merchants realize their value. They’re great testing grounds for new products or ideas, and consumers are accustomed to kiosk merchants selling unusual or newer products. This market is almost exclusively female and visual appeal is the key to success.

33. Informational Displays

Not all kiosks sell products. Many are simply informational booths, in the hopes that the passersby will buy the real product or service later on. Some more common businesses taking advantage of the traffic and interest kiosks generate include time-shares, dealerships, and leisure-living businesses. Due to the nature of the eventual wares sold, higher-end venues are the best locations for these kiosks.

34. Custom Goods

Offering something that passerby can’t get at other mall stores can be one way of increasing your profit. Do this by selling custom goods such as rhinestone t-shirts spelling out people’s names, custom namesake bookmarks or mugs, t-shirts and other wares on which you can print customers’ pictures.

If you make jewelry, allow the customer to pick out what color beads or cord she wants. Engaging your customer in the process of what she’s paying for, such as choosing specific colors or giving you her name, may bring more business your way.

35. Book Store

What else do students do other than read books? So, the reason is obvious why textbooks and notebooks sell well in environments dominated by college and university students. If you want to start a very profitable business that caters to students, then you should consider opening a bookstore.

36. Phone Casing and Cover

People like to change the cases and covers of their smart phones, e-readers, personal organizers, etc. from time to time. So, these items generally sell well all year round. They are usually very cheap and can be sold for huge profits even at flea markets. So, if your locality abounds with tech savvy folks who use phones and other personal items, consider this option.

37. Sell Posters and Wallpapers

Large images that drive people crazy or stir their emotions are always good sellers. For example, if you live in a locality where the people are soccer-crazy, posters and wallpapers showing popular soccer teams and players will definitely be a great seller.

38. Sell Baseball Caps

If you live in a locality where baseball caps are common, then you have another flea market business idea. Most individuals have many baseball caps in their wardrobes, and they will continue to buy more. So, if you can find a good supply source and have a good market, you can start selling baseball and sports caps.

39. Sell Cheap Toys

Children’s toys are one of the highest selling products because there is always huge global demand for them. If you are looking to start a profitable business that requires little or no capital and technical know-how, then you should consider buying and selling children’s toys. Most toys made for babies and toddlers cost between one to two dollars. And they’re even cheaper at flea markets. If there is a good market in your locality for children’s toys.

40. Handmade Jewelry Shop

Handcrafted and stylish costume jewelries sell all year round. If you make your own beads or other type of jewelry, focus on making pieces that will fascinate people in your locality. For example, you can make pieces that are similar to popular high-priced jewelry, and sell to people who cannot afford those but will settle for yours. Your mall is the perfect location to start this business by renting a small space and smiling to the bank.

41. Sell DVD Movies 

Children’s movies, classic movies, and old blockbusters are usually good sellers, especially when they sell for cheap. However, if you are opting for this business, make sure you deal with reputable wholesalers, and beware of pirates.

42. Perfume and Cologne Sales

Retailing of perfumes from different designers is yet another profitable retailing business venture that a college student can successfully be considered in a college town. This type of business is simple to start and it is also easy to manage.

What you need to do is to ensure that you have perfumes from different perfume designers and then move from hostel to hostel to market the perfumes to students. Everyone want to look and smell good, most especially students, this is one of the reasons why you have got to adopt a great marketing strategy in other to get a whole lot of people to buy stuff from you.

43. Beddings and Pillow Store

As an entrepreneur in a town with a big mall who is looking towards making extra money on campus you should consider retailing bed sheets, duvets and pillows et al. It is a thriving and profitable retailing business that any passionate individual can conveniently carry out and make a living out of. You can easily visit mall within the town to situate your kiosk for bed sheets, duvets and pillows et al.

44. Used Books Store

Some people think that paper books are no longer in demand because of the internet. People can now easily download e-books for a very low price. However, there are still a lot of people who prefer to read paper books. They love the smell, sight, and feel of reading a real book made of paper instead of staring at an electronic book.

Aside that, reading from an electronic screen is quite strenuous to the eyes and most people can’t read that way for long. This is why buying and selling used books in a mall kiosk would still make a good business. However, before you start your buy and sell business, you must first understand the business and industry you are about to jump into.

45. Gadget Accessories Kiosk

When there is gadget, there is always an accessory. They are like the shades and shoulder pads of Lady Gaga; they can never be separated. Because modern gadgets like tablets, cell phones, laptops and MP3 players are flooding the stores, they tend to be so generic that owners look for ways to be unique.

What else can do the job better than buying accessories? As gadgets dominate the market, selling gadgets accessories will also continue to make great revenue especially if situated in a good location.

46. Retail Beauty Products

Who does not want to be perfect, or at least close to it. Avon ladies are passé and you have your own warrior to introduce new beauty products to the world – yourself. With the right mixture of catalogues, selling will just be a breeze as you laugh all the way to the bank.

47. Sell Baby Products 

They say the world is overpopulated, which means more babies coming out by the second. Selling baby equipment and products is a lucrative business especially in the Western world.

48. Sell Used Phones

The trend is on and the demand for smart phones at an affordable rate is on the rise. Phones and tablets such as the BlackBerry, iPhone, iPad, Samsung Galaxy, HTC, etc are now being mopped up by a tech crazy generation in countries like Nigeria, Ghana, USA, U.K, South Africa, India, etc.

Now for those who are interested in making money off these technology crazy kids, you are welcome on board. Buying and selling used mobile cell phones is good business because a lot of people cannot live without phones but only a few can afford brand new mobile phones, especially the latest models and expensive brands.

49. Leather Accessories and Products Store

Selling leather fashions is another great fashion retailing business to initiate. Worldwide there are thousands of manufacturers of leather fashions and accessories, so securing a wholesale source for products should not prove to be difficult.

In the spirit of being unique, consider retailing the leather fashions in nontraditional methods including by ways of the Internet, home shopping parties, and catalog sales apart from the base which is the mall kiosk. Like many clothing ventures, the profit potential is excellent for a business that retails leather fashions, as many items can retail for as much $1,000 each, and the same item can often be purchased wholesale for less than $500.

50. Sell Children Books and Software

The name says it all. In terms of a specialty retail business, this is one of the best. The book side of the business will be of interest to traditional parents. Try to stock hard-to-find titles covering a wide range of topics revolving around children’s interaction or involvement.

On the software side, try to include software applications for children and for parents to use with children. Good topics include games, education, how-to, music, sports and family relationships. If you have the room and inclination, you can also stock toys that are licensed from book characters or children’s music and videos.

51. Make and Sell Dolls

It may not seem like it, but doll making and repairs is a giant segment of the craft and toy industry. To reinforce this, simply visit an antique shop that specializes in antique dolls or a retailer of new custom “one of a kind” dolls, and you’ll soon see that the prices are out of this world. A doll-making business can be started from home on a part-time basis.

You can sell the dolls you make through retail accounts, kiosks, mail order, craft shows and the internet. This is an enterprise that requires very little in the way of startup investment, and the ongoing monthly overhead is also very small. Once you’ve sharpened your skills in doll making, you can proceed to antique doll repairs.

52. Design and Sell Packing Crates

Designing and building custom made-to-order packing crates is a great business to initiate and has an almost endless supply of potential customers. Every year millions of products are manufactured and shipped in packing crates that have been specially designed and built to protect the cargo.

The easiest way to get new clients for a packing crate manufacturing business is to simply design and distribute a promotional package to all the manufacturers in your community. The information package should outline and give details about your specialty service as well as include all vital contact information.

53. Children Play Centers & Gaming Zone

Millions of parents go to shopping malls every day, usually with their children in tow. While shopping can be a terrific family outing, sometimes a break from the children while shopping can also be a pleasant experience.

Starting a shopping mall play center business can fill a couple of demands. The first, of course, gives parents a fantastic place to drop off their children while shopping, the second is that the business can be built into a successful and profitable venture, which is exactly what you want to hear if starting this type of business is a consideration for you.

54. Hobby Shop

Model trains, puzzles, and games of all sorts are big business, and launching a hobby shop retail business can put you on the path to financial freedom. Hobby shops can be operated from a retail storefront, from a mall kiosk, or as an online store via your own Web site.

The possibilities are endless. However, one thing is for sure, the markups added onto these types of products are enormous. The investment required to start a hobby shop will greatly depend on the way in which the business is set up. Likewise, these same variables will also determine your monthly overhead operating costs.

The appeal of kiosks and carts is that they are fairly easy to set up, low maintenance, highly accessible to a targeted buying audience and are less expensive than opening up a retail storefront. If you’re thinking of starting a kiosk business of your own, consider some of the most common and successful ideas and product options available.

Mall kiosks and carts can be great testing grounds for products and for generating interest in a product or service. They can provide a steady stream of revenue in high-traffic areas and the only real trick is ensuring your product or service is appropriate for where your kiosk is placed.

55. Open Antiques Shop

If you are looking for a unique mall business idea then starting an Antiques shop can be fun. Not only antiques sell at higher prices and you can expect great margins. You do not have to rent or lease a big space inside the mall, a small stand or a storefront with select antique items such as watches, coins, decorative items and stamps would be enough to get started.

Other profitable ecommerce business ideas and useful resources for business owners:

Most Profitable ecommerce business ideas

Profitable Businesses in Fashion Industry

Video Marketing Guide

How to Retain Patients for Dental Practice

Best Advertising Ideas for Small Businesses

How to get online reviews from customers

Phone Screen Repair Cost

How Automation can improve customer experience?

Bed Bath and Beyond Closing Stores

Facebook users worldwide

Starbucks Franchise Cost

Commission for a Car Salesman

Cost of Opening TopGolf Franchise

Free Marketing tools for home business

Low cost business ideas in 2020

How to Start CAD Business

Small Business Opportunities in USA

Best Advertising Ideas for Small Business

Best Business to start in California

How Online casinos protect your Data?

Catchy Trucking Business name ideas

Best Countries to start a Business

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15 Key Shopping Malls Design Touchpoints: A Roadmap to Success

In the ever-evolving retail realm, shopping malls are vibrant consumer culture epicenters where commerce, entertainment, and community converge. Designing these sprawling havens of experience is an intricate dance that requires a harmonious blend of aesthetics, functionality, and a deep understanding of human behavior. In this article, we’ll embark on an exploration of the pivotal elements that transform mere brick and mortar into captivating destinations. From the artistry of layout planning that influences foot traffic flow to the strategic positioning of anchor stores that guide the shopping narrative, we delve into the essentials that architects, retailers, and enthusiasts must grasp to create thriving retail utopias. Join us as we unravel the secrets behind captivating mall atmospheres, immersive experiences, and the symbiotic relationship between architectural brilliance and commercial triumph.

© Terrence Zhang

Designing Shopping Malls: 10 Must-Have Mall Creation Insights

Whether you’re an aspiring designer, a seasoned retailer, or simply someone intrigued by the captivating charm of shopping malls, the following tips promise valuable insights into crafting spaces where shopping transcends mere transactions and transforms into an enchanting journey.

1) Entrance Elegance

First impressions matter, and shopping malls are no exception. A grand, inviting entrance sets the tone for the entire mall experience. Take the example of The Grove in Los Angeles, where a lush garden entrance welcomes visitors, making them feel like they’re entering a vibrant urban oasis.

© Thegrovela.com

2) Awe-Inspiring Atriums

Ah, the heart of the mall – the atrium. A soaring, open space bathed in natural light can be a game-changer. The Dubai Mall, with its breathtaking central aquarium, epitomizes this idea. It’s a mesmerizing focal point that draws shoppers in.

© Adobe Stock

3) Wayfinding Wonders

Have you ever felt like a mouse in a maze? That’s what poor wayfinding can do to mall-goers. Effective signage, intuitive layouts, and landmarks like distinctive sculptures (think the ‘Bean’ in Chicago’s Millennium Park) help visitors easily find their way.

Starlight Place / Aedas. Courtesy of Aedas

The Bean by Anish Kapoor. © Choose Chicago

4) Sensory Havens

Shopping Malls aren’t just about shopping; they’re sensory experiences. Soothing sounds, pleasant aromas, and even tactile elements can create a multi-sensory wonderland. The Mall of Emirates in Dubai boasts an indoor ski slope, treating shoppers to the touch of natural snow.

© Majid Al Futtaim

5) Diverse Dining Destinations

Let’s talk about food, shall we? A mall isn’t complete without a diverse range of dining options. From food courts to upscale restaurants, the array satisfies various cravings. Take Sweden’s Mall of Scandinavia, which houses a mind-boggling 22 restaurants in its “Eats” section.

MLC Centre Food Court / Luchetti Krelle. © Michel Wee

6) Tech-Savvy Integrations

In today’s digital age, malls must keep up with tech-savvy shoppers. Integrating smart technologies for seamless parking, interactive directories (like the Westfield Century City mall’s touchscreen maps), and even virtual fitting rooms enhances the overall shopping experience.

© Acquire Digital

7) Retail Theater

Shopping is an art, and malls are the stage. Engaging displays, creative window dressings, and pop-up shops transform shopping into an immersive experience. London’s Selfridges takes this to heart with its ever-changing, visually stunning window displays.

Photo courtesy of Selfridges

8) Kid-Friendly Zones

Happy kids make for comfortable shopping. Incorporating play areas, child-friendly facilities, and even educational spaces like museums or workshops can turn shopping malls into a family haven. The Mall of America, with its Nickelodeon Universe theme park, is a prime example.

© Jersey Digs

9) Green Retreats

Amidst the concrete jungle, a touch of green can be rejuvenating. Rooftop gardens, indoor landscapes, and even vertical gardens (check out Singapore’s Jewel Changi Airport ) infuse shopping malls with fresh air.

© Velvet Escape

10) Local Flair

Every mall has a unique story, and integrating local culture and artistry into the design can create a special connection with the community. The Grand Bazaar Shops in Las Vegas celebrates the city’s vibrant spirit with its dazzling blend of architecture and entertainment.

11) Social Spaces

Shopping Malls aren’t just about shopping; they’re about socializing too. Cozy seating areas, lounges, and event spaces encourage visitors to linger, connect, and make memories. Toronto’s Eaton Centre has a stunning urban park-inspired atrium that serves as a communal hub.

© Pantages Hotel

12) Accessibility for All

Designing with inclusivity in mind is a must. From ramps and elevators to sensory-friendly spaces for those with sensitivities, malls should be welcoming to everyone. Mall of India in Delhi even features braille signage and tactile paths for the visually impaired.

© Address of Choice

13) Sustainable Practices

With environmental concerns on the rise, sustainable design practices have become paramount. Incorporating energy-efficient lighting, recycled materials , and even renewable energy sources like solar panels showcases a commitment to a greener future.

Mega Foodwalk / FOS. © Rungkit Charoenwat

14) Thoughtful Traffic Flow

Have you ever felt like swimming against the current in a crowded mall? A well-planned traffic flow prevents congestion and ensures a seamless shopping experience. The Mall of the Emirates in Dubai strategically separates its luxury and casual sections to cater to different shopper preferences.

© Time Out Dubai

15) Future-Focused Flexibility

Lastly, shopping malls should have room to evolve. Adaptable spaces for changing retail trends, emerging technologies, and shifting visitor preferences ensure that the mall remains relevant for years. New York’s Hudson Yards is designed with modular spaces that can transform based on needs.

© Hudson Yards

In a nutshell, designing shopping malls is no small feat. It takes a keen eye for aesthetics, an understanding human behavior, and a deep commitment to creating a multi-sensory wonderland. From awe-inspiring atriums to sensory havens, diverse dining destinations to smart integrations, and everything in between, the tips shared in this article offer valuable insights into crafting spaces where shopping transcends mere transactions. By incorporating these must-have mall creation insights, architects, retailers, and enthusiasts can create thriving shopping malls that elevate the shopping experience and leave lasting impressions on visitors.

Tags: Mall Mall Design Modern Mall Design Public Architecture Shopping Center

Jining Cultural Industry Park | Laguarda.Low Architects

Asian Games Cricket Field | AZUT

Pasco County Schools Kirkland Ranch Academy of Innovation | CannonDesign + Hepner Architects

Church of Beatified Restituta | Atelier Stepan

How to Write a Business Plan (Plus Examples & Templates)

Have you ever wondered how to write a business plan step by step? Mike Andes, told us: 

This guide will help you write a business plan to impress investors.

Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses.  He knows a thing or two about writing  business plans!

We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!

What Is a Business Plan?

A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including: 

• Finding customers
• Plans for developing a team
•  Competition
• Legal structures
• Key milestones you are pursuing

If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .

Get a Business Idea

Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills. 

Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:

• What am I good at?
• What would I enjoy doing?
• What can I get paid for?”

If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it. 

As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”

If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video

Conduct Market Analysis

Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.

Product and Service Demand

A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.

With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services. 

If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.

You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.

 I ran a quick test of how many people between 18-65  you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.

Identify Demographics of Target Market

Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:

• Other Interests
• Marital Status
• Do they have kids?

Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,  

“It helps you quickly evaluate what the best areas are for your business to be located.”

How to Write a Business Plan

Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan. 

Each of the following should be a section of your business plan:

• Business Plan Cover Page
• Table of Contents
• Executive Summary
• Company Description
• Description of Products and Services

SWOT Analysis

• Competitor Data
• Competitive Analysis
• Marketing Expenses Strategy 

Pricing Strategy

• Distribution Channel Assessment
• Operational Plan
• Management and Organizational Strategy
• Financial Statements and/or Financial Projections

We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go. 

How to Write a Business Plan Step 1. Create a Cover Page

The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.

A good business plan should have the following elements on a cover page:

• Professionally designed logo
• Company name
• Mission or Vision Statement
• Contact Info

Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.

How to Write a Business Plan Step 2. Create a Table of Contents

Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.

A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.

Check out Canva’s article about creating a  table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.

How to Write a Business Plan Step 3. Write an Executive Summary

An executive summary is where your business plan should catch the readers interest.  It doesn’t need to be long, but should be quick and easy to read.

Mike told us,

How long should an executive summary bein an informal business plan?

For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches .  This can also be used for the content of emails to get readers’ attention.

It consists of three basic parts:

• An introduction to you and your business.
• What your business is about.
• A call to action

Example of an informal executive summary 

One of the best elevator pitches I’ve used is:

So far that pitch has achieved a 100% success rate in getting partnerships for the business.

What should I include in an executive summary for investors?

Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:

• Introduction of yourself and company.
• An origin story (Recognition of a problem and how you came to solution)
• An introduction to your products or services.
• Your unique value proposition. Make sure to include intellectual property.
• Where you are in the business life cycle
• Request and why you need it.

Successful business plan examples

The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.

Here’s the interview with the owner of Urbanity:

When to write an executive summary?

Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.

What mistakes do people make when writing an executive summary?

Business owners commonly go into too much detail about the following items in an executive summary:

• Marketing and sales processes
• Financial statements
• Organizational structure
• Market analysis

These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.

How to Write a Business Plan Step 4. Company Description

Every business plan should include a company description. A great business plan will include the following elements while describing the company:

• Mission statement
• Philosophy and vision
• Company goals

Target market

• Legal structure

Let’s take a look at what each section includes in a good business plan.

Mission Statement

A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements. 

Company Philosophy and Vision

The company philosophy is what drives your company. You’ll normally hear them called core values.  These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.

What makes your company different?

Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity. 

Examples of core values

One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:

•  Prioritize communication.
•  Never stop learning.
•  Be transparent.
•  Start small and grow incrementally.

These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .

What is a vision statement?

A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.

Example vision statements

The Alzheimer’s Association is a great example of a vision statement:

A world without Alzheimer’s Disease and other dementia.

It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.

Business Goals

You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.

Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.

How far in advance should a business plan?

Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team  understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.

Example of great business goals

My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.

If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).

You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources. 

Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.

A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:

• What is the industry outlook long-term and short-term?
• How will your business take advantage of projected industry changes and trends?
• What might happen to your competitors and how will your business successfully compete?

Industry resources

Some helpful resources to help you establish more about your industry are:

• Trade Associations
• Federal Reserve
• Bureau of Labor Statistics

Legal Structure

There are five basic types of legal structures that most people will utilize:

• Sole proprietorships
• Limited Liability Companies (LLC)

Partnerships

Corporations.

• Franchises.

Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.

You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.

Sole Proprietorship

A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.

To start a sole proprietorship, fill out a special tax form called a  Schedule C . Sole proprietors can also join the American Independent Business Alliance .

Limited Liability Company (LLC)

An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.

Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.

Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .

There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.

How to Write a Business Plan Step 5. Products and Services

This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:

• Unique features that differentiate your business products from competitors
• Intellectual property
• Your supply chain
• Cost and pricing structure 

Questions to answer about your products and services

Mike gave us a list  of the most important questions to answer about your product and services:

• How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
• How do you let them know they need a product?
• How do you communicate the message?
• How will you do transactions?
• How much will you be selling it for?
• How many do you think you’ll sell and why?

Make sure to use the worksheet on our business plan template .

How to Write a Business Plan Step 6. Sales and Marketing Plan

The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer.  It should contain the following sections:

SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.

Business owners need to do a thorough job documenting how their service or product stacks up against the competition.

If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .

SWOT Examples

Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.

Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:

• Adding offerings that fit with your current small business
• Increase sales to current customers
• Reducing costs through bulk ordering
• Finding ways to reduce inventory
•  And other areas you can improve

Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.

The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing. 

Include Competitor Data in Your Business Plan

When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.

For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .

What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.

Marketing Strategy

The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.

If you haven’t already included it, Mike recommends:

“They’ll want to know about Demographics, ages, and wealth of your target market.”

Make sure to include the Total addressable market .  The term refers to the value if you captured 100% of the market.

Advertising Strategy

You’ll explain what formats of advertising you’ll be using. Some possibilities are:

• Online: Facebook and Google are the big names to work with here.
• Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
• Radio : iHeartMedia is one of the best ways to advertise on the radio
• Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
• Billboards: Attracting customers with billboards can be beneficial in high traffic areas.

You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.

Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”

Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .

This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.

Some common pricing strategies are:

• Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
• Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
• Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
• Freemium services –  Commonly used for software, where there is a free plan, then purchase options for more functionality.

HubSpot has a great calculator and blog on pricing strategies.

Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.

Distribution Plan

This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.

Supply Chain Examples

For instance, lawn care companies  would need to cover aspects such as:

• Suppliers for lawn care equipment and tools
• Any chemicals or treatments needed
• Repair parts for sprinkler systems
• Vehicles to transport equipment and employees
• Insurance to protect the company vehicles and people.

Examples of Supply Chains

These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:

• Raw materials
• Shipping of raw materials
• Converting of raw materials to thread
• Shipping thread to produce garments
• Garment producer
• Shipping to company
• Company storage
• Shipping to retail stores

There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.

The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.

According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.

How to Write a Business Plan Step 7. Company Organization and Operational Plan

This part of the business plan is focused on how the business model will function while serving customers.  The business plan should provide an overview of  how the team will manage the following aspects:

Quality Control

• Legal environment

Let’s look at each for some insight.

Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.

If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.

Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.

Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.

There are a variety of organizations that help define quality control including:

• International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
• AICPA – Standard defined for accounting.
• The Joint Commission – Healthcare
• ASHRAE – HVAC best practices

You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.

For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.

• The size of your location
• The type of building (retail, industrial, commercial, etc.)
• Zoning restrictions – Urban Wire has a good map on how zoning works in each state
• Accessibility – Does it meet ADA requirements?
• Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
• Utilities – b.e.f. has a good energy calculator .

Legal Environment

The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:

• Any licenses and/or permits that are needed and whether you’ve obtained them
• Any trademarks, copyrights, or patents that you have or are in the process of applying for
• The insurance coverage your business requires and how much it costs
• Any environmental, health, or workplace regulations affecting your business
• Any special regulations affecting your industry
• Bonding requirements, if applicable

Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.

Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:

• What is the current leadership structure and what will it look like in the future?
• What types of employees will you have? Are there any licensing or educational requirements?
• How many employees will you need?
• Will you ever hire freelancers or independent contractors?
• What is each position’s job description?
• What is the pay structure (hourly, salaried, base plus commission, etc.)?
• How do you plan to find qualified employees and contractors?

One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:

Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.

How to Write a Business Plan Step 8. Financial Statements 

No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.

Provide All Financial Income from an Existing Business

An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.

You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.

If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:

• Higher Revenue if expanding business
• Lower Cost of Goods Sold if purchasing inventory with bulk discounts
• Adding interest if utilizing financing (not equity deal)
• Changes in expenses
• Addition of financing information to the cash flow statement
• Changes in Earnings per Share on the balance sheet

Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.

Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.

Financial Projections For A Startup Business Plan

Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.

Mike gave the following advice in his interview:

Financial Forecasting Mistakes

One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.

Let’s use custom t-shirts as an example.

Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.

With that data,  you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.

Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.

Here’s a table for easier viewing of that information.

The point here is to make sure your business proposal examples make sense.

You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.

Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.

How to Write a Business Plan Step 9. Business Plan Example of Funding Requests

What is a business plan without a plan on how to obtain funding?

The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.

In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.

Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.

Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.

Ways to get funding for a small business

There are a variety of ways to cover this. the most common are:

• Bootstrapping – Using your savings without external funding.
• Taking out debt – loans, credit cards
• Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
• Crowdsourcing – Promising a good for funding to create the product

Keep reading for more tips on how to write a business plan.

How funding will be used

When asking for business financing make sure to include:

• How much to get started?
• What is the minimum viable product and how soon can you make money?
• How will the money be spent?

Mike emphasized two aspects that should be included in every plan, 

How to Write a Business Plan Resources

Here are some links to a business plan sample and business plan outline. 

• Sample plan

It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:

• Wise Plans –  Shares a lot of information on starting businesses and is a business plan writing company.
• Optimus Business Plans –  Another business plan writing company.
• Venture Capital – A venture capital thread that can help give you ideas.

How to Write a Business Plan: What’s Next?

We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:

• The definition of a business plan
• Coming up with a business idea
• Performing market research
• The critical components of a business plan
• An example business plan

In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.

Don’t forget to check out the rest of our business hub .

Have you written a business plan before? How did it impact your ability to achieve your goals?

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How To Start A Shopping Mall Business in India – Complete Guide

• by Next What Business Research Team
• Business Plans , Retail
• August 31, 2024

The shopping mall is an emerging and lucrative business in India. However, the business demands the right strategic planning with financial and marketing planning. Here in this article, we intend to explore the steps to follow to start a shopping mall business in India.

Nowadays, the shopping mall is not a business only for metropolitan cities. This big retail business venture is fast becoming successful in Tier 2, and Tier 3 cities, and small towns as well. If you have a good location with sufficient capital to invest, you can think of opening a shopping mall. However, there are a lot of other factors that you must consider before starting this business.

Table of Contents

Is the Shopping Mall Business Profitable in India?

Shopping malls are gaining tremendous popularity these days. And definitely, there are several reasons behind it. According to retail industry experts, the demand for the mall will increase in the coming years. And we can expect significant growth in the shopping mall business throughout the country.

Generally, shopping malls offer a comfortable and luxurious shopping experience. Additionally, a mall offers a lot of activities and means of entertainment. Apart from the shopping, it offers movies, a games plaza, a banquet hall, a food court, and enormous events throughout the year. As a result, shopping malls are becoming popular hangout destinations for city residents.

10 Steps to Start a Shopping Mall Business in India

1. Market Research and Feasibility Study

Conduct thorough market research to identify potential locations, target demographics, and competition. Analyze consumer preferences, purchasing behaviour, and demand for retail spaces in the selected area. Assess the feasibility of the project by evaluating factors such as population density, economic growth prospects, infrastructure development, and regulatory environment.

2. Business Plan Development

Develop a detailed business plan outlining the objectives, target market, value proposition, revenue model, operational strategy, and financial projections for the shopping mall. Define the mall’s concept, theme, and tenant mix based on market research insights and consumer preferences. Determine the size and layout of the mall, as well as the amenities and facilities to be provided.

3. Secure Funding

Estimate the initial investment required to acquire land, construct the mall, and cover pre-operational expenses such as licensing, permits, and marketing. Explore financing options such as bank loans , equity investment, or partnerships with investors or developers. Prepare a comprehensive financial model highlighting projected revenues, expenses, and return on investment (ROI) to attract potential investors.

4. Site Selection and Acquisition

Identify suitable sites for the shopping mall based on location, accessibility, visibility, and proximity to residential areas, commercial hubs, transportation hubs, and major thoroughfares. Negotiate with landowners or developers to acquire the land or enter into lease agreements for long-term development.

5. Obtain Necessary Approvals and Permits

Obtain the required approvals, permits, and licenses from local authorities, municipal corporations, urban development authorities, and regulatory bodies for land acquisition, construction, environmental clearances, fire safety, building codes, and zoning regulations. Ensure compliance with applicable laws and regulations governing real estate development and commercial operations.

Read :  How to Register a Company in India

6. Design and Construction

Hire experienced architects, engineers, and construction contractors to design and build the shopping mall according to the approved plans and specifications. Focus on creating a visually appealing, functional, and efficient layout that maximizes retail space, enhances foot traffic, and provides amenities such as parking, landscaping, security, and utilities.

7. Tenant Acquisition and Leasing

Attract reputable retail brands, anchor tenants, speciality stores, entertainment venues, restaurants, and service providers to lease space in the shopping mall. Develop attractive leasing packages, negotiate lease terms, and sign agreements with tenants based on rental rates, lease duration, tenant improvements, and revenue-sharing arrangements.

8. Mall Management and Operations

Establish effective mall management systems and procedures to oversee day-to-day operations, maintenance, security, cleaning, tenant relations, marketing, and customer service. Hire qualified staff, security personnel, maintenance crews, and service providers to ensure smooth functioning and a positive shopping experience for visitors.

9. Marketing and Promotion

Implement a comprehensive marketing and promotional strategy to create awareness, generate footfall, and drive sales at the shopping mall. Utilize a mix of traditional advertising, digital marketing, social media engagement, events, promotions, loyalty programs, and partnerships to attract shoppers, enhance brand visibility, and foster customer loyalty.

10. Monitor Performance and Adaptation

Regularly monitor key performance indicators (KPIs) such as foot traffic, occupancy rates, sales per square foot, tenant turnover, customer feedback, and financial metrics to assess the mall’s performance and identify areas for improvement. Continuously innovate, adapt, and optimize operations to meet evolving market trends and consumer preferences.

Cost of Starting A Shopping Mall In India

There are various types of costs when you are building a mall or shopping center. The entire process starts with market research and ends with marketing and maintenance. The start-up investment will also depend on the size and location of the shopping mall. Here we put some of the basic input costs to open a shopping mall.

• First of all, you must do some market surveys or market research . It helps in making an informed decision. Therefore, it makes the project profitable and eliminates the possibility of failure.
• Finding the location and acquiring the land. You must be prepared to invest a considerable amount of investment. The right location is extremely critical for the success of a shopping mall business.
• After that, you will need to create an architectural drawing and design including the estimate. And definitely, this costs a lump sum amount. In the designing part, there are several design formats. And you have to create those formats for permission from the authority. It includes the site map, elevation, structural design, electrical design, overview, etc.
• After getting the plan, the next part is sanctioning the project from the corporation or Municipal authority. And here, you will need to pay the fees.
• Next is the construction cost. It includes material costs, labour charges, and consulting costs.
• Additionally, you must prepare the interior of the mall. It includes a ceiling, flooring, toilets, doors, windows, lighting, air conditioning, etc.
• Furthermore, there are some costs for the exterior facilities. Here the list includes pavements, security room, parking space, landscaping, etc.
• After building the complete infrastructure, some costs are required for marketing and promotion.
• For running the mall, you will need to employ employees. According to the size of the mall, this cost varies.
• And finally, You must have the capital for expenses like maintenance, utility bills, etc. Because in initiating a shopping mall business you must have working capital for the first 6 months.

Frequently Asked Questions

What is the typical timeline for building a shopping mall from start to finish.

The timeline can vary depending on factors such as land acquisition, regulatory approvals, construction complexity, and tenant leasing. On average, it may take 2 to 4 years or more to complete the entire development process.

How much capital investment is required to start a shopping mall business?

The capital investment can vary significantly based on factors such as land cost, construction expenses, infrastructure development, tenant fit-outs, marketing, and operational costs. A rough estimate could range from several crores to hundreds of crores of rupees.

What are the key factors to consider when selecting a location for a shopping mall?

Important factors include demographics, population density, purchasing power, accessibility, visibility, proximity to transportation hubs, road networks, parking facilities, competition, and potential for future growth.

What are the common revenue streams for a shopping mall business?

Revenue streams typically include rental income from tenants, revenue-sharing arrangements, parking fees, advertising and promotional revenue, event hosting fees, and income from ancillary services such as property management and facility rentals.

What are the legal and regulatory requirements for operating a shopping mall in India?

Legal requirements may include obtaining permits and licenses for land use, construction, fire safety, environmental compliance, signage, food safety, and entertainment licenses for cinemas or event spaces. Compliance with local municipal laws and building codes is essential.

What are the risks and challenges associated with operating a shopping mall business?

Risks include economic downturns affecting consumer spending, changing retail trends, competition from e-commerce, tenant turnover, regulatory changes, security threats, and operational issues such as maintenance and tenant disputes.

Is it advisable to invest in a franchise or partner with a developer for a shopping mall business?

It depends on individual circumstances and preferences. Partnering with an experienced developer or investing in a reputable franchise can provide access to expertise, resources, and established brand recognition, but it’s essential to carefully evaluate the terms and risks involved.

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Mall Design: How to Make Profitable Commercial Retail Properties

How to create a modern mall design that will keep visitors returning for years to come..

June 30, 2022

The ideal shopping mall experience has changed greatly since commercial retail properties began spreading in the post-World-War-2 boom. Advancing technology and shifting consumer preferences present new opportunities for malls, as well as for locations that are ready for an overhaul. Here are some resources and tips to keep in mind as you begin to plot out your ideal design.

The modern visitor has a variety of priorities as they go to visit the mall: shopping, of course, but also leisure, entertainment, and dining. Famed shopping malls such as the Mall of America feature grandiose attractions like amusement parks and massive aquariums, but you likely don’t need to go quite that far to set your location apart. Consult this article from retail planning thought leader Hussam Raouf  for more ideas on how to make your mall feel larger than life in the right way.

Clothing and department stores which prominently featured apparel were formerly cornerstones of many malls, but the number of consumers who shop mainly in-store for apparel  is down dramatically in recent years. Instead, dining is now one of the principal attractions for visiting malls, and the desire for a good meal is even more universal than the desire for stylish and comfy clothes.

On top of prominently featuring dining options, another study  found that 71 percent of shoppers would shop more often if they could use AR in the process. From taking a fresh look at new products to finding their way around the premises, AR offers a compelling new hook for shoppers.

If you’re looking for floor plan inspiration, you need look no further than the maps for modern malls such as Rutherford, New Jersey’s innovative American Dream mall  or the elegant design of The Galleria  in Houston, Texas. If you want an even more detailed look at one potential layout, you could also retrofit this free mall floor plan template from Edraw .

Modern malls have access to significant amounts of data, as a McKinsey report states , but many planners and location managers don’t have the analytical tools or wherewithal to capitalize on this priceless resource. Make analytics the backbone of your design, not an afterthought, and you’ll see dividends for years to come.

If you’re refurbishing a current design, one of the best ways to find relevant data is to pull it from the very same navigation and wayfaring solutions you may already provide to customers. This helps inform your understanding of the flow of foot traffic as well as of the customer journey, allowing you to plan store adjacencies to maximize revenue and extend visits.

Read more in our article, 7 Shopping Mall Floor Plan Resources and Design Tips to Give Your Layout a Boost.

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Successful tenants make for a successful mall. While you can’t control how each business operates beyond the bounds of your tenant agreement, you can set everyone who does business in your location up for success by following mall design best practices that put their needs at the forefront. Keep these aspects in mind as you design your new space and your tenants will thank you.

Lively crowds on the premises are a good sign for just about any mall, but only if they’re managed efficiently. Your mall design should account for how visitors will flow through the facility on busy shopping days such as Black Friday as well as creating a welcoming atmosphere even during quieter hours of operation.

Consider how foot traffic will flow through your location with the draw of certain anchor spaces in mind, and use that to direct people efficiently. Filling your floor plan with points of interest can also help to ease crowding in certain areas, and modern AR technology makes it easy and effective to continually add new spots without the need for costly construction or other physical logistics.

One of the most visible ways to support the success of tenants is to build prominent, high-profile signage into your design. Modern digital signage options allow you to create beautiful, custom-built solutions for your space or opt for affordable, pre-made solutions which fit in just about anywhere. Digital signage is both more adaptable and more engaging  than traditional signage, and it can also double as a ready-made advertising option to provide an additional revenue stream for your mall.

The best way to get visitors to all  the stores in your mall is to make sure they actually know about them, and the most direct way to build awareness is to implement a ready-made concierge service. In the past this could take the form of a dedicated information desk or prominently displayed map kiosks, and these still have their place in modern mall designs. However, modern solutions allow customers to access all the information they need directly from the smartphones in their pockets. Either way, tenants will benefit from a greater understanding of their offerings, and customers will too.

Read more in our article, 5 Mall Design Best Practices That Drive Tenant Satisfaction .

Ultimately, the lifeblood of any mall is the visitors flowing through it. Building a mall that appeals to your desired audience — which is likely quite broad — is a challenging task, and one that will require a different approach depending on your location, resources, and other factors. However, keeping these best practices in mind will ensure that your customers get the most out of your mall, whatever shape it may take.

To make your mall stand out in visitors’ minds as more than a convenient collection of stores and restaurants, you need to turn the mall itself into a destination. Look to the Dubai Mall, which attracted more than 84 million visitors in 2019 with not just 1,200 stores but also the sprawling Dubai Aquarium  and a 155 million-year-old dinosaur , as one way to go big in becoming a true destination.

You may not have the financial resources to commit to such sprawling experiences, but you can still do a lot with a little planning ahead of time. For instance, AR technology can offer a flexible way to do everything from limited-time sales promotions to art installations to scavenger-hunt-style minigames which will send visitors from one side of the mall to the other.

Malls can immerse people in large spaces filled with cohesive design aesthetics and beautiful interiors, the likes of which they’re unlikely to experience anywhere outside of an art gallery or high-tech corporate campus. Embrace that opportunity by using contemporary design trends to inform the nature of your space. There’s nothing wrong with looking to existing locations for a little inspiration, either — the West Edmonton Mall  is commonly cited as one of the best malls in the world for the way it blends a theme park experience with shopping and dining.

The pandemic has left us all with a greater awareness of public health and sanitary concerns, and even as the world arrives at a new normal it’s unlikely to leave those lessons behind. Your design can embrace this new paradigm for public places by building in spaces that naturally encourage responsible distances between visitors, and by favoring architecture and installations which are easy to keep clean.

Read more in our article, 5 Interior Design Best Practices for Malls that Help Engage Shoppers .

Looking for more ways to make your mall a modern shopping experience that can use practical, accessible technology to keep patrons engaged and coming back for years to come? Get in touch with Resonai today and set up a free demonstration.

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Shopping Mall Design [Floor Plan and Layout Included]

By: Author Tony Martins Ajaero

Home » Business ideas » Real Estate Industry » Shopping Mall

There are a wide range of reasons why shopping malls have excelled across the globe. One of those reasons is that it ensures that consumers can make choices from the wide assortment choices of merchandise spread across various categories.

However, it is important to note that shopping malls have grown past the stage of offering consumers just shopping platforms.

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• Shopping Mall Startup Cost Analysis (Monthly Expenses, Sales and Breakeven Point Included)

These days, you will find that shopping malls are where people love to spend their time. They now feature facilities such as game rooms and gaming arenas, movie theaters, multiplexes, and book shops. Many now include eateries encompassing fine dining restaurants, fast food corners, dessert points, or even coffee shops.

Steps to Design a Shopping Mall

Market Research and Feasibility Study

Same as with starting any other business, you need to first start by carrying out extensive market research to ensure you have a good insight into the local demographics and consumer behavior, in addition to the retail trends within the location where you intend to build the shopping mall. Evaluate and fully understand the economic viability of the project.

Take your time to carry out a feasibility study to assess the demand for a shopping mall while also taking into consideration factors such as population growth, income levels, and competition from shopping centers already in business.

Site Selection and Zoning Compliance

The proper market research will ensure you are knowledgeable enough to pinpoint the right location to build the shopping mall.

Choose the ideal location for your business based on the market research findings, accessibility, as well as zoning regulations. You have to ensure that the location or site you choose is well situated to guarantee easy transportation access.

Also, check to verify that the location is in line with zoning laws and regulations. Don’t forget to obtain all the requisite permits necessary for the development of the shopping mall.

Work with local authorities to fully comprehend and comply with all building codes, environmental requirements, as well as land use restrictions.

Architectural Design and Layout Planning

You should leverage the expertise of well-experienced architects and urban planners to design a visually alluring and functional layout. Take into account vital factors like traffic flow, parking facilities, and space utilization.

Also endeavor to come up with a comprehensive architectural plan that features the layout of stores, common areas, entertainment spaces, and amenities.

Don’t skip on creating an attractive environment that brings in customers while also boosting the overall shopping experience.

Tenant Mix and Leasing Strategy

It is also essential you take your time to come up with a diverse and mind-blowing tenant mix to ensure that you can attract attention while also satisfying the varying needs of your target audience. Take into consideration a balanced combination of anchor tenants, specialty shops, restaurants, and entertainment venues.

Don’t forget to put in place a strategic leasing strategy to draw in well-known retailers and guarantee a dynamic and vibrant atmosphere within the mall. Make sure to work out lease terms that are equally beneficial for both the mall management and tenants.

Technology Integration and Sustainability

When designing a shopping mall, it is very essential in this age that you incorporate technology to boost the general shopping experience.

Consider putting in place smart parking solutions, digital signage, as well as functional mobile apps to boost wayfinding and awareness about the shopping mall.

Also, leverage sustainable design principles to limit any impact the mall might have on the environment. Utilize energy-efficient lighting, green spaces, and eco-friendly construction materials.

Tips for Shopping Mall Floor Plan, Layout and Dimension

Understanding Target Audience and Demographics

Before designing the floor plan of the shopping mall, you must understand your intended audience as well as the demographics of the local community. This is very essential if you want the mall layout to be efficient enough to cater to the preferences and needs of shoppers.

For example, note that a shopping mall in an urban setting can possess some entirely different requirements especially when put in comparison with one in a suburban area.

Zoning for Maximum Engagement

Vone various areas within the mall to boost customer engagement. For instance, consider placing high-traffic retailers as well as popular brands close to the entry point of the mall to draw in substantial foot traffic.

You can also design themed zones or sections within the mall, which would include a dining court or entertainment area since they are known to boost the general shopping experience and motivate visitors to move around and explore.

Flexible Spaces for Retailers

Keep in mind that flexible retail spaces make it easy to accommodate a wide array of store sizes. This gives room for versatility especially when it comes to leasing, guaranteeing that the mall will draw in a vast array of retailers, from small boutiques to large department stores.

Also, seek ways to utilize modular elements in the floor plan because it will work to ensure easy adjustments and make it possible for the mall to align with evolving market demands.

Efficient Circulation and Traffic Flow

Make sure that all the pathways are big or adequate to fit in foot traffic, particularly during holidays or sales events. Don’t also forget to position escalators, elevators, as well as staircases to guarantee easy and premium accessibility as well as reduce any possible congestion. Keep in mind that a properly crafted layout ensures customers have a fun and productive shopping experience.

Adhering to Regulatory Standards and Accessibility

Make sure you fully understand local building codes and regulations. Don’t forget to consider accessibility for persons with disabilities by installing ramps, elevators, as well as designated rest areas.

Conforming with safety standards is very important, and this will most often necessitate the installation of emergency exits, lighting, and ventilation.

Aside from legal adherence, note that these stipulated requirements also work to bolster the overall safety and comfort of the shopping environment.

Factors to Consider When Designing a Shopping Mall

There are essential factors you will want to take into consideration when designing a shopping mall. Although the main intention is to design a place where people will be happy to visit, these factors will ensure you have a visually appealing mall that resonates with the interests of your target audience.

Demographic Analysis and Target Market

Carry out an extensive demographic analysis particularly since it will form the foundation of a successful design. Take your time to evaluate the age, income levels, and lifestyle, coupled with the preferences of the target market.

Be sure to understand the surrounding community as well as its evolving dynamics, ensuring that the mall’s design aligns appropriately with the needs and desires of the local population.

Retail Mix and Tenant Selection

In this line of business, the amount of success you can achieve will more or less depend on the mix of retailers and brands. Ensure to have a varying and well-curated retail mix that meets the numerous needs and interests of your consumer.

Don’t forget to take great care when choosing your tenants, and you will want to do this based on their brand reputation, market relevance, as well as their ability to attract foot traffic.

Having a good balance of anchor stores with niche boutiques ensures you have a functional shopping environment that will draw in a wide array of consumers.

Technology Integration and Omnichannel Experience

You can’t underestimate the need to inculcate and effectively use technology in shopping mall design and operations. Make sure that the infrastructure supports robust Wi-Fi connectivity, and seamless mobile payments, while also providing interactive elements including digital signage and augmented reality.

It is also possible to boost the shopping experience by leveraging an omnichannel approach that integrates online and offline retail, ensuring that consumers will have a seamless and fun shopping adventure.

Sustainability and Environmental Considerations

It is also important you adopt eco-friendly practices when designing a shopping mall. This can include energy-efficient lighting, and green spaces, coupled with sustainable materials in construction. Don’t forget to work on waste reduction and recycling initiatives.

Aside from its widely known appeal to environmentally conscious consumers, keep in mind that it ensures that the shopping mall conforms to broader sustainability goals.

Accessibility, Amenities, and Experience

A shopping mall without the right access is already dead on arrival. Owing to that, you must design the mall with easy navigation, ample parking, and numerous entry points.

Ensure to make available the right amenities, which would include comfortable seating areas, family-friendly spaces, as well as properly designed restrooms.

Ensure to design a welcoming atmosphere by leveraging attractive and visually pleasing landscaping, artwork, and architectural features.

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Free Business Plan Template for Small Businesses (2024)

Use this free business plan template to write your business plan quickly and efficiently.

A good business plan is essential to successfully starting your business —  and the easiest way to simplify the work of writing a business plan is to start with a business plan template.

You’re already investing time and energy in refining your business model and planning your launch—there’s no need to reinvent the wheel when it comes to writing a business plan. Instead, to help build a complete and effective plan, lean on time-tested structures created by other  entrepreneurs and startups. 

Ahead, learn what it takes to create a solid business plan and download Shopify's free business plan template to get started on your dream today. 

What this free business plan template includes

• Executive summary
• Company overview
• Products or services offered
• Market analysis
• Marketing plan
• Logistics and operations plan
• Financial plan

This business plan outline is designed to ensure you’re thinking through all of the important facets of starting a new business. It’s intended to help new business owners and entrepreneurs consider the full scope of running a business and identify functional areas they may not have considered or where they may need to level up their skills as they grow.

That said, it may not include the specific details or structure preferred by a potential investor or lender. If your goal with a business plan is to secure funding , check with your target organizations—typically banks or investors—to see if they have business plan templates you can follow to maximize your chances of success.

Shopify's free business plan template includes seven key elements typically found in the traditional business plan format:

1. Executive summary

This is a one-page summary of your whole plan, typically written after the rest of the plan is completed. The description section of your executive summary will also cover your management team, business objectives and strategy, and other background information about the brand. 

2. Company overview

This section of your business plan will answer two fundamental questions: “Who are you?” and “What do you plan to do?” Answering these questions clarifies why your company exists, what sets it apart from others, and why it’s a good investment opportunity. This section will detail the reasons for your business’s existence, its goals, and its guiding principles.

3. Products or services offered

What you sell and the most important features of your products or services. It also includes any plans for intellectual property, like patent filings or copyright. If you do market research for new product lines, it will show up in this section of your business plan.

4. Market analysis

This section includes everything from estimated market size to your target markets and competitive advantage. It’ll include a competitive analysis of your industry to address competitors’ strengths and weaknesses. Market research is an important part of ensuring you have a viable idea.

5. Marketing plan

How you intend to get the word out about your business, and what strategic decisions you’ve made about things like your pricing strategy. It also covers potential customers’ demographics, your sales plan, and your metrics and milestones for success.

6. Logistics and operations plan

Everything that needs to happen to turn your raw materials into products and get them into the hands of your customers.

7. Financial plan

It’s important to include a look at your financial projections, including both revenue and expense projections. This section includes templates for three key financial statements: an income statement, a balance sheet, and a cash-flow statement . You can also include whether or not you need a business loan and how much you’ll need.

Business plan examples

What do financial projections look like on paper? How do you write an executive summary? What should your company description include?  Business plan examples  can help answer some of these questions and transform your business idea into an actionable plan.

Professional business plan example

Inside the template, you'll find a sample business plan featuring a fictional ecommerce business . 

The sample is set up to help you get a sense of each section and understand how they apply to the planning and evaluation stages of a business plan. If you’re looking for funding, this example won’t be a complete or formal look at business plans, but it will give you a great place to start and notes about where to expand.

Lean business plan example

A lean business plan format is a shortened version of your more detailed business plan. It’s helpful when modifying your plan for a specific audience, like investors or new hires. 

Also known as a one-page business plan, it includes only the most important, need-to-know information, such as:

• Company description
• Key members of your team
• Customer segments

💡 Tip: For a step-by-step guide to creating a lean business plan (including a sample business plan), read Shopify's guide on how to create a lean business plan .

Benefits of writing a solid business plan

It’s tempting to dive right into execution when you’re excited about a new business or side project, but taking the time to write a thorough business plan and get your thoughts on paper allows you to do a number of beneficial things:

• Test the viability of your business idea. Whether you’ve got one business idea or many, business plans can make an idea more tangible, helping you see if it’s truly viable and ensure you’ve found a target market. 
• Plan for your next phase. Whether your goal is to start a new business or scale an existing business to the next level, a business plan can help you understand what needs to happen and identify gaps to address.
• Clarify marketing strategy, goals, and tactics. Writing a business plan can show you the actionable next steps to take on a big, abstract idea. It can also help you narrow your strategy and identify clear-cut tactics that will support it.
• Scope the necessary work. Without a concrete plan, cost overruns and delays are all but certain. A business plan can help you see the full scope of work to be done and adjust your investment of time and money accordingly.
• Hire and build partnerships. When you need buy-in from potential employees and business partners, especially in the early stages of your business, a clearly written business plan is one of the best tools at your disposal. A business plan provides a refined look at your goals for the business, letting partners judge for themselves whether or not they agree with your vision.
• Secure funds. Seeking financing for your business—whether from venture capital, financial institutions, or Shopify Capital —is one of the most common reasons to create a business plan.

Why you should you use a template for a business plan

A business plan can be as informal or formal as your situation calls for, but even if you’re a fan of the back-of-the-napkin approach to planning, there are some key benefits to starting your plan from an existing outline or simple business plan template.

No blank-page paralysis

A blank page can be intimidating to even the most seasoned writers. Using an established business planning process and template can help you get past the inertia of starting your business plan, and it allows you to skip the work of building an outline from scratch. You can always adjust a template to suit your needs.

Guidance on what to include in each section

If you’ve never sat through a business class, you might never have created a SWOT analysis or financial projections. Templates that offer guidance—in plain language—about how to fill in each section can help you navigate sometimes-daunting business jargon and create a complete and effective plan.

Knowing you’ve considered every section

In some cases, you may not need to complete every section of a startup business plan template, but its initial structure shows you you’re choosing to omit a section as opposed to forgetting to include it in the first place.

Tips for creating a successful business plan

There are some high-level strategic guidelines beyond the advice included in this free business plan template that can help you write an effective, complete plan while minimizing busywork.

Understand the audience for your plan

If you’re writing a business plan for yourself in order to get clarity on your ideas and your industry as a whole, you may not need to include the same level of detail or polish you would with a business plan you want to send to potential investors. Knowing who will read your plan will help you decide how much time to spend on it.

Know your goals

Understanding the goals of your plan can help you set the right scope. If your goal is to use the plan as a roadmap for growth, you may invest more time in it than if your goal is to understand the competitive landscape of a new industry.

Take it step by step

Writing a 10- to 15-page document can feel daunting, so try to tackle one section at a time. Select a couple of sections you feel most confident writing and start there—you can start on the next few sections once those are complete. Jot down bullet-point notes in each section before you start writing to organize your thoughts and streamline the writing process.

Maximize your business planning efforts

Planning is key to the financial success of any type of business , whether you’re a startup, non-profit, or corporation.

To make sure your efforts are focused on the highest-value parts of your own business planning, like clarifying your goals, setting a strategy, and understanding the target market and competitive landscape, lean on a business plan outline to handle the structure and format for you. Even if you eventually omit sections, you’ll save yourself time and energy by starting with a framework already in place.

Business plan template FAQ

What is the purpose of a business plan.

The purpose of your business plan is to describe a new business opportunity or an existing one. It clarifies the business strategy, marketing plan, financial forecasts, potential providers, and more information about the company.

How do I write a simple business plan?

• Choose a business plan format, such as a traditional or a one-page business plan. 
• Find a business plan template.
• Read through a business plan sample.
• Fill in the sections of your business plan.

What is the best business plan template?

If you need help writing a business plan, Shopify’s template is one of the most beginner-friendly options you’ll find. It’s comprehensive, well-written, and helps you fill out every section.

What are the 5 essential parts of a business plan?

The five essential parts of a traditional business plan include:

• Executive summary: This is a brief overview of the business plan, summarizing the key points and highlighting the main points of the plan.
• Business description: This section outlines the business concept and how it will be executed.
• Market analysis: This section provides an in-depth look at the target market and how the business will compete in the marketplace.
• Financial plan: This section details the financial projections for the business, including sales forecasts, capital requirements, and a break-even analysis.
• Management and organization: This section describes the management team and the organizational structure of the business.

Are there any free business plan templates?

There are several free templates for business plans for small business owners available online, including Shopify’s own version.

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How to develop a business plan for your mall kiosk.

Succeeding in business starts with a plan. A kiosk may be tiny compared to traditional retail operations, but it’s still a serious enterprise — just ask anyone who’s tried to run one (or more). In order to be successful, there are important steps you should take and factors to consider as you develop a business plan for your mall kiosk .

Decide what to sell.

Profitability and growth hinge on choosing the right product(s) . Successful kiosks sell merchandise that is different from what shoppers can find elsewhere. You’ll do best with a narrow range of products but an impressive depth of selection within that range. For example, fragrances, small electronics, designer eyewear, and jewelry are some of the most successful products to sell at kiosks. Ask if your mall has a list of embargoed products.

As you’re researching possible products, ask about the ordering process and delivery timing. The last thing you want is to run out of inventory. Make a calendar so you can anticipate heavier sales periods. 

Choose your location.

You’ve already decided a mall is the right venue for you. But which one? Research community and mall-specific demographics to be sure they match your target audience. Placement within the mall makes a big difference, too. Malls typically forbid competing kiosks, but you do want to be located near inline stores that draw customers like yours.

Will your kiosk be temporary/seasonal or a permanent year-round business? 

Develop a budget.

You’ll need capital to cover your startup costs and at least a few months of operating expenses. You also need to know all your one-time and ongoing expenses in order to price your products and know if you’re making a profit. Ask if your mall takes a percentage of your sales on top of your monthly lease payment. Ask about other fees — for advertising, maintenance, etc.

If you need financing, a strong business plan for your mall kiosk will show lenders you’re serious. If you’re a first-time entrepreneur, your business plan will boost your credibility with mall management, too.

Design your kiosk.

Usually, you can lease or rent a kiosk from mall management. Some malls require you to do this, others will allow you to purchase your own kiosk . Find out what your mall’s requirements are, then consult with a display design expert about your kiosk’s details. You want your presence to be as unique as possible, and the physical design and fixtures should be perfectly aligned with the products you plan to sell.

A business plan for your mall kiosk has to address marketing.

Sure, you’ll have a “guaranteed” audience of thousands of mall shoppers. But, how will you capture the attention of passersby and attract them to your kiosk ? Two great ways to do that are providing demos of products and handing out samples. You should also ask mall management about advertising and promotions plans. If there's a mall-wide event, take full advantage. Gather customers email addresses and promise to send exclusive offers. 

Your smartest marketing move will be to learn everything you can about visual merchandising . Even the hottest products won’t sell if your kiosk looks a mess or it’s overstuffed. On the other hand, irresistible displays and friendly, helpful interactions will attract customers and keep them coming back. So make that part of your plan, too.

And don't forget about social media. Millions of people follow business' social media accounts. Use it to your advantage by creating your own business accounts, posting photos, special offers, new products, etc. 

Of course, each entrepreneur's business plan will vary, but this is a great foundation to start from. The most important thing to remember is to take your time and put a lot of thought into this plan. The more solid your plan is, the more likely your kiosk is to succeed. 

Topics: Kiosks

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Bloomingdale to reveal vision for reviving Stratford Square Mall area

Editor’s note: The mall presentation has been moved to the Bloomingdale Golf Club due to forecasted rain Tuesday.

With the shuttered Stratford Square Mall about to meet the wrecking ball, Bloomingdale leaders on Tuesday will unveil a conceptual redevelopment plan for the property.

The village expects demolition of the cavernous mall — itself a six-month process — to begin in October. Officials want to prime the area for what the village hopes will become a mix of restaurants, entertainment venues, some retail, housing options and public open spaces.

“The goal is to make this a viable community experience asset again, as it was in the past,” Village President Franco Coladipietro said. “Stratford was a very important part of a lot of people's lives.”

Stratford Square opened in the 1980s and served as an economic engine. At one time, the regional shopping center had a half dozen anchor stores, a movie theater and a carousel. But in recent years, the mall looked more like the set of a zombie film. YouTubers labeled Stratford Square a dead mall even before the doors closed permanently in April.

“This is an opportunity, really, for the village to bring life back into that area. Obviously, the mall had been in a decline, and it finally reached the point where change was needed,” Village Administrator Pietro Scalera said. “And our expectation is that with the mixed-use development that will come about, we will have new activity in our community. It’ll give us a sense of pride.”

Taking action

The village is working with Florida-based Gravity Architecture & Design on the vision for the Stratford Square area. Bloomingdale officials will give the public a look at preliminary design drawings during a presentation at the Bloomingdale Golf Club on Tuesday evening.

“We've been talking with potential developers for the last year to try to determine what's viable … There's obviously a desire on the part of people to have certain things there,” Coladipietro said, “but you have to create that intersection of what the market's going to provide and what your wants are.”

Bloomingdale officials tried to partner on a joint venture with Namdar Realty Group, a New York-based real estate firm that acquired the interior portion of the mall in October 2019. But negotiations fell through.

After steadily buying vacant anchor stores, the village purchased the last piece — the core of the mall — earlier this year to spearhead redevelopment efforts.

“Our desire is not to be a long-term property owner. Our desire is to sell off these parcels to different developers. But to do it in a way that is in keeping with the vision that we have,” Coladipietro said, as opposed to turning over the entire property to one developer that would then have control over what happens there into the future.

If the village and the mayor “did not have the fortitude to take that step, we would still be dealing with a vacant mall that would only get worse as time continued on and become more of an eyesore to our community,” Scalera said.

Dismantling the mall

Once demolition begins, water cannons will spray the section of a building being removed to help keep dust on site, Scalera said.

The Kohl’s and Woodman's grocery stores will remain open.

“We want to avoid any disruption to those two businesses during this work,” said Scalera, adding that it’s “important for us for them to continue to have an ability to have their patrons have access — direct access — to those businesses.”

The demolition contract is expected to cost $4.7 million. The village is using a line of credit, which is being paid for from a home-rule sales tax fund.

“We're just very fortunate that the village is in a very strong financial position that is allowing us the opportunity to take the lead or the initiative on the redevelopment of the area,” Scalera said.

Coladipietro said a brass band, the Jimmy Farace Trio, will play before Tuesday’s presentation, and there will be an interactive display.

There's a “tremendous amount of pride … in the fact that we've been able to do what we've been able to do in a short period of time,” he said, “to hopefully turn this property around and, again, make it a place where it becomes a resident experience for everyone, instead of what it is currently, which is a blight on our community.”

What: Stratford Square Mall Transformation Public Meeting

When: 6:30 p.m. Tuesday

Where: Bloomingdale Golf Club, 181 Glen Ellyn Road, Bloomingdale

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