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Shopping Mall Business Plan

Published Mar.17, 2023

Updated Apr.24, 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 Write a Business Plan for Shopping Mall and Retail Center Construction in 9 Steps: Checklist

By henry sheykin, shopping mall and retail center construction bundle.

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Welcome to our blog post on How To Write a Business Plan for Shopping Mall and Retail Center Construction in 9 Steps: Checklist. In this article, we will guide you through the process of revolutionizing the shopping experience with a multi-level retail center that incorporates state-of-the-art technology, sustainable design, and unique pop-up shops curated by local entrepreneurs.

The shopping mall and retail center industry is experiencing significant growth and transformation. According to recent statistics, the global retail industry is projected to reach a value of $31.88 trillion by 2023, with an annual growth rate of 5.3%. This presents a tremendous opportunity for innovative and forward-thinking businesses in the retail sector.

Now, let's dive into the nine essential steps to write a business plan for your shopping mall and retail center construction project:

• Identify your target market and choose a strategic location.
• Conduct thorough market research and analysis to understand your customers' needs and preferences.
• Assess the competition to identify your unique selling points and stand out in the market.
• Determine the feasibility and financial viability of your project by performing a detailed analysis of costs, revenue projections, and return on investment.
• Create a comprehensive construction budget to ensure you have a clear understanding of the financial resources required for the project.
• Develop a robust and tailored marketing strategy to effectively promote your retail center to your target audience.
• Establish partnerships with local entrepreneurs and secure funding from investors or financial institutions to support your project.
• Hire an experienced project management team to oversee and execute the construction process efficiently.
• Ensure you obtain all necessary permits and approvals from relevant authorities to comply with legal and regulatory requirements.

By following these nine steps, you will be well-equipped to write a comprehensive business plan for your shopping mall and retail center construction project. Stay tuned for our upcoming articles, where we will delve deeper into each step, providing you with invaluable insights and tips.

Identify Target Market And Location

Before embarking on constructing a shopping mall and retail center, it is crucial to identify your target market and select an ideal location for your venture. Understanding your potential customers and finding the right location are key factors in the success of your business.

Start by conducting thorough market research to determine the demographics, preferences, and shopping behaviors of your target market. This information will help you tailor your retail center to meet their needs and preferences. Additionally, it will allow you to curate a collection of pop-up shops that align with the tastes and interests of your target customers.

Consider the location carefully when choosing the ideal spot for your shopping mall and retail center. Evaluate factors such as accessibility, visibility, and proximity to your target market. Is the location easily accessible by public transportation? Does it have ample parking space? Is it located in a high-traffic area? These are all important considerations that will impact the foot traffic and potential success of your retail center.

Here are a few tips to help you in identifying your target market and selecting the right location:

• Research local market trends and consumer behaviors to gain insights into your potential customers.
• Conduct surveys or interviews with your target market to understand their preferences and shopping habits.
• Consider partnering with a retail consultant or market research firm to gain a deeper understanding of the market.
• Visit potential locations personally to assess the surrounding area and its suitability for your retail center.
• Engage with local business associations and chambers of commerce to gather information about the area and its potential for growth.

By thoroughly researching your target market and meticulously selecting the perfect location, you are setting the foundation for a successful shopping mall and retail center construction venture.

Conduct Market Research And Analysis

When embarking on the construction of a shopping mall and retail center, conducting thorough market research and analysis is crucial. This step will provide valuable insights into the demand for your project and help you make informed decisions throughout the planning and development process.

One essential aspect of market research is identifying your target market. Understanding the demographics, preferences, and shopping behaviors of your potential customers will enable you to tailor your retail center to meet their needs. Consider factors such as age, income level, and lifestyle when defining your target market.

Furthermore, it is important to assess the overall market dynamics in the area where you plan to build your shopping mall. Evaluate both the current and projected population growth, economic conditions, and consumer spending patterns. This information will aid in determining the potential demand for retail spaces and the viability of your project.

Market Research Tips:

• Diversify data sources: Obtain information from various sources such as government statistics, industry reports, and customer surveys to ensure a comprehensive understanding of the market.
• Analyze competition: Identify existing and upcoming competitors in the area and evaluate their offerings, pricing strategies, and target markets. This will help you position your retail center strategically.
• Engage with the community: Connect with local business associations, chambers of commerce, and potential customers to gather insights and build relationships that can support your project.
• Consider future trends: Stay updated on emerging retail trends, technological advancements, and sustainable practices to incorporate innovative elements into your shopping mall design and offerings.

By conducting thorough market research and analysis, you will gain a deep understanding of your target market, assess the market dynamics, and identify key competitors. Armed with this valuable information, you will be equipped to make informed decisions that will drive the success of your shopping mall and retail center construction project.

Assess Competition

Assessing the competition is a crucial step in developing a successful business plan for a shopping mall and retail center construction. Understanding the existing and potential competitors in your target market will allow you to position your retail center effectively and differentiate it from others.

First and foremost, identify your direct and indirect competitors . Direct competitors are those retail centers that offer similar products or services in the same geographical area. Indirect competitors, on the other hand, may not offer the same products or services but still compete for the same target market.

Next, analyze their strengths and weaknesses . Look at what your competitors are doing well and areas where they may be lacking. This analysis will help you identify opportunities for differentiation and improvement within your own retail center.

Additionally, examine their pricing strategy, marketing tactics, and customer experience . Understanding how your competitors position themselves in the market and attract customers will enable you to develop a unique value proposition and marketing strategy for your own retail center.

During the competitive analysis, look for any gaps or untapped opportunities in the market that your retail center can fulfill. These could be unmet customer needs, underserved demographics, or emerging trends that your competitors have not capitalized on.

Tips for Assessing Competition:

• Visit competitor retail centers to observe their operations, store layouts, and customer dynamics.
• Conduct online research to gather information about their online presence, customer reviews, and social media engagement.
• Engage with the local community and target market to understand their perceptions and preferences regarding existing retail centers.
• Stay updated on industry trends, emerging technologies, and innovative retail concepts to gain a competitive edge.

Determine Project Feasibility And Financial Viability

Before embarking on any construction project, it is crucial to determine the feasibility and financial viability of the endeavor. This step involves carefully analyzing various factors that can affect the success of the project, such as market demand, cost implications, and potential return on investment.

Market Demand: The first aspect to consider is the market demand for a multi-level retail center. Conduct a thorough market analysis to understand the needs and preferences of the target market. This will help determine if there is sufficient demand for the proposed shopping mall in the chosen location.

Cost Implications: Assessing the cost implications is vital to ensure that the project remains within budget and generates a reasonable return on investment. Calculate the estimated construction costs, including land acquisition, permits, materials, labor, and other related expenses. Consider consulting with professionals in the construction industry to obtain accurate cost estimates.

Potential Return on Investment: Analyze the potential return on investment by projecting the expected revenue and profit margins. Consider factors such as rental income, sales from the curated pop-up shops, and additional revenue streams like advertising or event hosting. Compare these projections with the estimated construction costs to determine if the project is financially viable.

• Engage with local real estate experts to understand the market dynamics and trends.
• Consider conducting a feasibility study to gain deeper insights into the project's viability.
• Explore potential revenue streams beyond traditional retail, such as hosting events or offering unique experiences.
• Factor in future growth potential and scalability of the retail center.

Create A Detailed Construction Budget

Creating a detailed construction budget is essential for the successful completion of any shopping mall and retail center construction project. A well-designed budget helps to ensure that all necessary expenses are accounted for and that the project remains financially viable.

When creating the budget, it is important to thoroughly analyze all aspects of the construction project. This includes determining the cost of materials, labor, equipment, permits, and any additional expenses that may arise during the construction phase.

Here are some key considerations to keep in mind when creating a detailed construction budget:

• Be realistic: Take into account the current market conditions and prices of materials and labor.
• Include contingency funds: Allocate a portion of the budget for unforeseen expenses or changes that may arise during the construction process.
• Consider sustainability: Factor in any extra costs associated with incorporating sustainable design elements into the construction.
• Engage with suppliers and contractors: Get accurate quotes and estimates from suppliers and contractors to ensure that the budget is as accurate as possible.
• Regularly review and update the budget throughout the construction process to account for any changes or unforeseen expenses.
• Consult with a financial advisor or construction expert to help you create a realistic and comprehensive budget.
• Consider building a buffer into the budget to allow for potential cost overruns.

By creating a detailed construction budget, you can effectively manage the financial aspects of your shopping mall and retail center construction project. This will help ensure that the project stays on track and within budget, allowing for a successful and profitable outcome.

Develop A Comprehensive Marketing Strategy

When it comes to successfully launching a multi-level retail center, a strong marketing strategy is essential. It allows you to create awareness, generate excitement, and attract potential customers. Here are some important steps to develop a comprehensive marketing strategy:

• Identify your target audience: It is crucial to understand your target market and create buyer personas. This will help you tailor your marketing efforts to reach the right audience.
• Set clear marketing goals: Establish specific and measurable goals that align with your business objectives. Whether it's increasing footfall, driving online sales, or securing long-term leases, these goals will guide your marketing activities.
• Define your unique selling proposition (USP): Highlight what sets your retail center apart from competitors. Focus on its state-of-the-art technology, sustainable design, and curated pop-up shops to create a compelling message.
• Create a strong online presence: Leverage the power of digital marketing by developing a professional website, using social media platforms, and implementing search engine optimization (SEO) techniques to ensure your retail center is easily discoverable online.
• Engage in content marketing: Share valuable and engaging content through blogs, videos, and social media posts. Provide updates on construction progress, sneak peeks of pop-up shops, and expert advice to build anticipation and create a loyal following.
• Implement targeted advertising campaigns: Utilize both online and offline advertising channels to reach your target audience effectively. Consider Facebook ads, Google AdWords, local newspaper ads, and outdoor billboards to maximize exposure.
• Organize captivating events: Create memorable experiences by organizing launch parties, fashion shows, and collaborative events with local entrepreneurs. These events not only attract potential customers but also foster a sense of community around your retail center.
• Collaborate with local influencers or bloggers to amplify your brand's reach.
• Offer incentives such as exclusive discounts or limited-time promotions to incentivize customers to visit your retail center.
• Regularly track and analyze your marketing efforts to identify what strategies are working and make necessary adjustments.

Establish Partnerships And Secure Funding

In order to successfully execute the construction of your shopping mall and retail center, it is crucial to establish strong partnerships and secure adequate funding. These partnerships will not only provide financial support but also offer valuable expertise and resources to bring your business idea to life.

1. Identify potential partners: Research and identify potential partners who share your vision and have experience in the construction and retail industry. Look for partners who can provide financial backing as well as contribute their expertise and resources.

2. Network and attend industry events: Attend industry events, conferences, and trade shows to meet potential partners who can support your project. These events provide opportunities to connect with industry professionals and discuss potential collaborations.

3. Create a compelling pitch: Develop a persuasive pitch that outlines the benefits and potential returns of investing in your project. Clearly articulate how your multi-level retail center will revolutionize the shopping experience and attract a diverse customer base.

4. Approach potential investors: Reach out to potential investors, including private equity firms, venture capitalists, and banks, who specialize in financing construction projects and commercial developments. Present your business plan, construction budget, and marketing strategy to demonstrate the financial viability and potential profitability of your project.

5. Consider government grants and incentives: Research government grants and incentives that support sustainable construction and economic development projects. Explore opportunities for public-private partnerships that can provide additional funding and resources.

• Highlight the unique features and benefits of your project to attract potential partners and investors.
• Build relationships with industry professionals through networking and attending relevant events.
• Prepare a comprehensive and well-researched business plan to instill confidence in potential investors.
• Consider seeking guidance from a financial advisor or consultant to optimize your funding strategy.

By establishing strong partnerships and securing adequate funding, you will be equipped with the necessary resources and expertise to successfully execute the construction of your shopping mall and retail center. These partnerships will not only ensure financial support but also provide valuable insights and support throughout the entire process.

Hire An Experienced Project Management Team

Hiring an experienced project management team is crucial for the successful execution of your shopping mall and retail center construction project. This team will be responsible for overseeing and coordinating all aspects of the project, from procurement and scheduling to quality control and budget management.

When choosing a project management team, it is important to consider their expertise in the field of construction and their track record of successfully delivering similar projects on time and within budget. Look for professionals who have a deep understanding of construction processes, regulatory requirements, and best practices in the industry.

Tips for hiring an experienced project management team:

• Seek recommendations from other business owners or industry professionals who have previously undertaken construction projects.
• Interview potential project managers to assess their experience, knowledge, and communication skills.
• Ask for references from past clients and take the time to check them.
• Consider hiring a team that has experience working with shopping mall and retail center projects specifically, as they will have a deeper understanding of the unique challenges and requirements of these types of developments.
• Ensure that the project management team has the necessary certifications and licenses required by local authorities.
• Discuss the project timeline and budget with the potential project management team to ensure they are able to meet your expectations.

By hiring an experienced project management team, you can mitigate risks, streamline the construction process, and ensure that your shopping mall and retail center is completed on time, within budget, and to the highest quality standards.

Obtain Necessary Permits and Approvals

In order to proceed with the construction of your shopping mall and retail center, it is crucial to obtain the necessary permits and approvals from the relevant authorities. This step ensures compliance with local regulations and safeguards the legality and safety of your project. Here are some important points to consider:

• 1. Research local regulations: Begin by thoroughly researching and familiarizing yourself with the specific permits and approvals required for constructing a shopping mall and retail center in your chosen location. Different municipalities may have varying requirements, so it is essential to be well-informed.
• 2. Identify the responsible authorities: Determine the specific government agencies or departments responsible for granting the permits and approvals you need. This could include zoning boards, building departments, fire departments, environmental agencies, and others.
• 3. Compile necessary documentation: Prepare all the required documentation and complete any necessary forms or applications. This may include architectural plans, site surveys, environmental impact assessments, engineering reports, and financial statements.
• 4. Secure support from experts: Engage the services of experienced professionals such as architects, engineers, and lawyers who are well-versed in the local regulations and can guide you through the permit application process. They can help ensure that your documentation is accurate, complete, and meets all requirements.
• 5. Submit your application: Once you have compiled all the necessary documentation and completed the required forms, submit your permit application to the relevant authorities. Be aware of any filing deadlines and ensure that your application is submitted well in advance to allow for processing time.
• 6. Follow up regularly: Keep track of the progress of your permit application and regularly follow up with the authorities to ensure that it is moving forward. Address any inquiries or requests for additional information promptly and cooperatively.
• 7. Address any objections or concerns: If there are any objections or concerns raised by the authorities or members of the community, address them in a professional and respectful manner. Work towards finding mutually agreeable solutions to ensure that your project can proceed.
• 8. Receive approvals: Once your permit application has been reviewed and evaluated, you will receive official approvals from the relevant authorities. These approvals will grant you the legal authorization to proceed with the construction of your shopping mall and retail center.

Tips for a Smooth Permitting Process:

• Be proactive and start the permitting process early to allow for potential delays or unexpected requirements.
• Communicate openly and effectively with the authorities, providing clear and concise information to facilitate their review process.
• Maintain a cooperative and collaborative approach when addressing objections or concerns, as this can help build positive relationships and foster support for your project.
• Stay organized and keep copies of all your submitted documents, correspondence, and approvals for future reference.
• Stay updated with any changes in local regulations or requirements that may impact your project, and adjust your plans accordingly.

In conclusion, creating a business plan for shopping mall and retail center construction in nine steps is crucial for the success of your project. By identifying your target market and location, conducting market research, assessing competition, and determining project feasibility, you will lay a strong foundation for your venture.

It is essential to create a detailed construction budget, develop a comprehensive marketing strategy, and establish partnerships to secure the necessary funding. Hiring an experienced project management team and obtaining the required permits and approvals will ensure smooth execution and adherence to regulations.

With careful planning and consideration, you can revolutionize the shopping experience by incorporating state-of-the-art technology, sustainable design, and unique pop-up shops curated by local entrepreneurs. By following this checklist and utilizing professional expertise, you can navigate the complexities of building a shopping mall and retail center successfully.

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Shopping Center Business Plan Template

Explore Options to Get a Business Plan.

Are you interested in starting your own Shopping Center Business?

Introduction

Global market size, target market, business model, competitive landscape, legal and regulatory requirements, financing options, marketing and sales strategies, operations and logistics, human resources & management, why write a business plan.

Writing a business plan for a shopping center is crucial for several reasons: 1. Clear Goals and Objectives: A business plan helps to clearly articulate the goals and objectives of the shopping center. This not only helps the owner to stay focused, but also provides potential investors and partners with a clear understanding of the overall vision for the shopping center. 2. Roadmap for Success: A business plan serves as a roadmap for the shopping center, providing a clear direction and strategy for the business. This is especially important for a shopping center as it involves various components such as marketing, leasing, and management, which can easily get off track without a clear plan in place. 3. Communication Tool: A business plan can be used as a communication tool to convey the shopping center's vision to employees, customers, and other stakeholders. This helps to align everyone's efforts towards a common goal and creates a sense of unity within the organization. 4. Affordable and Straightforward: Writing a business plan is a cost-effective and straightforward way of ensuring the success of a shopping center. It allows the owner to identify potential challenges and come up with strategies to overcome them, thus minimizing the risk of failure. 5. Competitive Analysis: A business plan includes a thorough analysis of the competition, which is crucial for a shopping center. This helps the owner to understand the market landscape, identify their unique selling points, and develop strategies to differentiate themselves from competitors. 6. Understanding the Customer: A business plan requires conducting a detailed customer analysis, which allows the owner to better understand their target market. This information is crucial in developing products/services that meet the needs and preferences of the customers, as well as creating effective marketing strategies. 7. Financial Planning: A business plan helps to determine the financial needs of the shopping center. This includes estimating the initial capital required to start the business and forecasting future financial needs. This information is crucial for securing funding and managing cash flow effectively. 8. Improving Business Model: Writing a business plan requires analyzing the shopping center's business model and identifying areas for improvement. This allows the owner to refine their strategy, improve revenue, and fill any gaps in the business plan. 9. Attracting Investors and Partners: A well-written business plan can be used to attract potential investors and partners. It provides them with a comprehensive understanding of the business and its potential for success, making it easier to secure funding and partnerships. 10. Brand Positioning: A business plan helps to position the shopping center's brand in the marketplace. This involves understanding the role of the shopping center in the market, identifying the target audience, and developing effective branding strategies to attract customers. 11. Uncovering New Opportunities: The process of drafting a business plan involves brainstorming and analyzing the shopping center's potential. This can lead to the discovery of new ideas for products, services, and marketing strategies, providing the business with an opportunity for growth and expansion. 12. Measuring Success: A business plan allows the owner to track the shopping center's progress by comparing actual results with the forecasts and assumptions in the business plan. This helps to identify areas for improvement and update the business plan to ensure long-term success and survival. In conclusion, a business plan is a crucial tool for the success of a shopping center. It helps to clearly articulate the business's goals and objectives, develop effective strategies, understand the market and customers, and attract potential investors and partners. It also serves as a guide for the shopping center's growth and success.

Business plan content

• Executive Summary: This section provides a brief overview of the shopping center business, including its purpose, goals, and key highlights. 2. Company Overview: This section provides a more in-depth look at the shopping center business, including its history, legal structure, and mission and vision statements. 3. Industry Analysis: This section examines the current state of the retail industry and provides insights into market trends, growth potential, and potential challenges for the shopping center business. 4. Consumer Analysis: This section defines the target market for the shopping center, including demographics, buying habits, and preferences. 5. Competitor Analysis & Advantages: This section identifies the main competitors in the local area and analyzes their strengths and weaknesses. It also outlines the unique advantages that the shopping center business has over its competitors. 6. Marketing Strategies & Plan: This section outlines the marketing strategies that will be used to attract and retain customers, including advertising, promotions, and social media. 7. Plan of Action: This section outlines the specific steps that will be taken to launch and grow the shopping center business, including timelines, resources, and responsibilities. 8. Management Team: This section introduces the key members of the management team and their relevant experience and qualifications. 9. Financial Projections: This section provides a detailed financial forecast for the shopping center business, including projected income statements, cash flow statements, and balance sheets for the next 5 years. 10. Risk Assessment: This section identifies potential risks and challenges that the shopping center business may face and outlines strategies for mitigating them. 11. Appendix: This section includes any additional supporting documents, such as market research data, legal documents, and resumes of key team members.

Instructions for the business plan template

Instructions for the Business Plan Template: 1. Download the Shopping Center Business Plan Template: The first step to using the business plan template is to download it. The template is a word document that can be easily edited to include your specific information. 2. Fill out the form: The template includes all of the necessary sections for a comprehensive business plan. Fill out all of the sections with information about your Shopping Center business. The document contains instructions in red font to guide you through each section. 3. Use the tips: Throughout the template, there are also tips provided in blue font to help you complete each section effectively. Make sure to read and utilize these tips as you work through the template. 4. Customize the template: The template is designed to be customizable for your specific business. Feel free to add or remove sections as needed to fit your unique business model. 5. Review and revise: Once you have completed all sections of the template, review it carefully. Make sure all information is accurate and consistent. Revise as needed to ensure a professional and thorough business plan. 6. Complimentary consultation: If you need additional help with drafting your business plan, you can set up a complimentary 30-minute consultation with one of our consultants. They can provide guidance and assistance in completing your plan using the template. 7. Include financial forecast: The free template includes all sections of the business plan except for the financial forecast. It is important to include this section to show the financial viability of your Shopping Center business. Use accurate and realistic projections to support your business plan. By following these instructions and utilizing the business plan template, you can create a professional and comprehensive business plan for your Shopping Center business. Good luck!

Ongoing business planning

Ongoing business planning is crucial for the success of a Shopping Center business. It involves regularly reviewing and updating the business's goals, strategies, and action plans to adapt to changing market conditions and stay competitive. The importance of ongoing business planning for a Shopping Center business can be summarized as follows: 1. Identifying new opportunities: Regularly reviewing and updating the business plan allows Shopping Centers to identify new opportunities for growth and expansion. This could include adding new stores, offering new services, or targeting new customer segments. 2. Staying competitive: In the ever-changing retail landscape, it is important for Shopping Centers to stay competitive. Ongoing business planning helps businesses stay ahead of their competitors by identifying and implementing new strategies and tactics to attract customers and increase sales. 3. Adapting to market changes: Market conditions can change quickly, and businesses need to be able to adapt to these changes to remain profitable. Ongoing business planning allows Shopping Centers to assess market trends and adjust their strategies accordingly. 4. Managing resources effectively: By regularly reviewing and updating their business plan, Shopping Centers can ensure that their resources, such as finances and personnel, are being utilized effectively. This can help improve operational efficiency and reduce costs. 5. Setting and achieving goals: Ongoing business planning helps businesses set and track their goals, giving them a clear direction and focus. This can lead to increased productivity and improved performance. 6. Attracting investors and financing: A well-developed and regularly updated business plan can attract potential investors and secure financing for the business's growth and expansion. It demonstrates to investors that the business is organized, has a clear vision, and has the potential for success. 7. Risk management: Ongoing business planning allows Shopping Centers to identify potential risks and develop strategies to mitigate them. This can help reduce the impact of unforeseen events and protect the business's financial stability. In conclusion, ongoing business planning is essential for the success and growth of a Shopping Center business. It allows businesses to stay competitive, adapt to market changes, and effectively manage resources, while setting and achieving goals. It also helps attract investors and mitigate potential risks. Therefore, businesses should make it a priority to regularly review and update their business plan to ensure their long-term success.

Bespoke business plan services

Want a Bespoke Business Plan for your Shopping Center Business? At Avvale Consulting, we offer tailored business plan services specifically designed for shopping center businesses. Our team of experienced consultants will work closely with you to develop a comprehensive and detailed plan that addresses your unique needs and goals. Our bespoke business plan services for shopping centers include: 1. Market Analysis: We will conduct a thorough analysis of the current market trends and competition in your area. This will help you understand your target audience and identify your competitive advantage. 2. Financial Projections: Our team will create detailed financial projections for your shopping center, including income statements, cash flow analysis, and balance sheets. This will give you a better understanding of your business's financial health and help you make informed decisions. 3. Tenant Mix Strategy: We will help you develop a strategic plan for tenant mix, taking into consideration factors such as target demographics, competition, and market trends. This will ensure that your shopping center has a diverse and successful tenant mix. 4. Marketing and Advertising Plan: Our team will work with you to create a comprehensive marketing and advertising plan that will help you reach your target audience and attract new customers to your shopping center. 5. Operational Plan: We will assist you in creating an operational plan that outlines the day-to-day operations of your shopping center, including staffing, inventory management, and customer service. 6. Risk Management: Our consultants will identify potential risks and challenges that your shopping center may face and develop strategies to mitigate them. With our bespoke business plan services, you will receive a customized and professional plan that will help you achieve your business goals and drive success for your shopping center. Contact us today to learn more about how we can help your shopping center thrive.

Our Company Our company offers a variety of business plan templates that are designed to help entrepreneurs and businesses of all sizes. Our templates are created by experienced consultants with years of experience working with startups and businesses from various industries. We understand the importance of having a well-written and comprehensive business plan, and our templates are designed to make the process easier and more efficient for our clients. Our team has worked with over 300 startups from all around the world, and we have helped raise over $100 million in funding for these businesses. Our consultants have a deep understanding of the startup and business landscape and can provide valuable insights and guidance to help entrepreneurs achieve their goals. In addition to our business plan templates, we also offer a free 30-minute consultation for entrepreneurs to ask any questions they may have about starting their business. We also provide bespoke business plan services, including a 5-year financial forecast, to ensure the success of our clients' businesses and help them secure funding from investors. At our core, we are a startup business consulting firm based in London, United Kingdom. We are dedicated to helping entrepreneurs and businesses achieve their full potential and reach their goals. Our business plan templates are a reflection of our expertise and experience, and we are committed to providing high-quality and comprehensive resources for our clients.

Business plan template FAQ

Q: What is a shopping center business plan? A: A shopping center business plan is a document that outlines the key components of a shopping center, including its target market, competition, marketing and operations strategies, and financial projections. It serves as a roadmap for the development and management of a shopping center. Q: Why is a business plan important for a shopping center? A: A business plan is important because it helps you to clearly define your goals and objectives, understand your target market, and plan for the financial success of your shopping center. It also serves as a tool to attract investors and secure funding for your project. Q: Who should use a shopping center business plan template? A: Anyone who is planning to start or manage a shopping center can use a business plan template. This includes entrepreneurs, investors, and managers who are looking to launch a new shopping center or improve the operations of an existing one. Q: Is a business plan necessary for a small shopping center? A: Yes, a business plan is necessary for any size shopping center. Even if your shopping center is small, a business plan can help you to clarify your goals, identify potential challenges, and develop strategies to overcome them. It also serves as a tool to secure funding and attract tenants. Q: Can I customize the shopping center business plan template to fit my specific needs? A: Yes, the business plan template is fully customizable and can be tailored to fit your specific needs. You can add or remove sections, change the content, and adjust the financial projections to reflect your unique shopping center. Q: Are there any resources or tools included in the business plan template? A: Yes, the shopping center business plan template includes helpful resources and tools, such as market analysis templates, financial projection spreadsheets, and marketing plan outlines. These resources can help you to save time and create a comprehensive plan for your shopping center. Q: How do I know if my shopping center business plan is successful? A: The success of your shopping center business plan can be measured by several factors, including the achievement of your financial goals, the satisfaction of your target market, and the growth of your tenant base. Regularly reviewing and updating your plan can also help you to identify areas for improvement and track your progress towards your goals. Q: Can I use the shopping center business plan template for multiple purposes? A: Yes, the business plan template can be used for multiple purposes, such as securing funding, attracting tenants, and guiding the operations of your shopping center. It can also be used as a tool to communicate your vision and goals to stakeholders and potential partners. Q: Are there any additional resources or support available for using the business plan template? A: Yes, there are additional resources and support available for using the business plan template. This includes tutorials, tips, and guidance on how to customize and utilize the template effectively. You can also reach out to the customer support team for any questions or concerns.

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

University of Melbourne Student Pavilion | KoningEizenberg Architecture

Meadow House Maasland | JURY!

Cascada de Luz House | Studio Saxe

Hyparschale Building Hall – Conversion Refurbishment and Conservation | gmp Architects

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How to Select a Shopping Center Location Your plan for retail success requires a shopping center or mall location. So how do you find one--and how much will it cost? Read on to learn the ins and outs of these retail locations.

Editor's note: This article was excerpted from How to Start a Retail Store

Shopping centers are distinctly different from downtown and local business strips. The shopping center building is pre-planned as a merchandising unit for interplay among tenants. Its site is deliberately selected by the developer for easy access to pull customers from a trade area. It has on-site parking as a common feature of the layout. The amount of parking space is directly related to the retail area. Customers like the shopping center's convenience. They drive in, park and walk to their destination in relative safety and speed. Some shopping centers provide weather protection, and most provide an atmosphere created for shopping comfort. For the customer, the shopping center has great appeal.

Can You Qualify?

Developers and owners of shopping centers look for successful retailers. If you are considering a shopping center for a first-store venture, you may have trouble. Your financial backing and merchandising experience may be unproven to the developer. Your challenge is convincing the developer that the new store has a reasonable chance of success and will help the tenant mix.

Whether or not a small retailer can get into a particular shopping center depends on the market and management. A small shopping center may need only one children's shoe store, for example, while a regional center may expect enough business for two or more.

Darrell T., a licensed dealer of Thomas Kinkade artwork, thinks the main reason the Seattle mall leasing agents allowed him in without prior retail experience is because the artist his gallery exclusively represents has a great reputation--and because of the product line the gallery carries. "In nationwide mall tenant polls, I believe [the artist] is No. 2 in sales per square foot, second only to Sunglass Hut," says Darrell.

To finance a center, the developer needs major leases from companies with strong credit ratings. The developer's own lenders favor tenant rosters that include the triple-A ratings of national chains. However, local merchants with good business records and proven understanding of the market have a good chance of being considered by a shopping center developer. So if you or your store manager has a good reputation and track record in retailing in the area, you may be able to make a strong case for acceptance into the center you want.

Center Costs

In examining any shopping center location, get answers to questions such as these: Are its shoppers your prospective customers? Would the center offer the best sales volume potential for your kind of merchandise or service? Can you benefit enough from the center's access to a market? If yes, can you produce the appeal that will make the center's customers come to your store? Can you deal with the competition of other stores?

How much space do you need and where do you want it? Naturally, the amount of space you want will determine your rent. Many merchants need to rethink their space requirements when locating in a shopping center. Rents are typically high, so space must be used efficiently. What amount of space will you need to handle the sales volume you expect to have? Be sure that it has adequate interior space for sufficient inventory, an area for an office, and possibly a receiving and shipping area. You should also consider the necessity for adequate space for expansion when business picks up.

Your location in a center is important. Do you need to be in the main flow of customers as they pass between the stores with the greatest customer pull? Who will your neighbors be? What will their effect on your sales be?

"We're in [a mall that] has about 60 specialty shops," says Darrell T. "We compared it to some of the other sites in the territory that were available to us, and based on the information we received--sales per square foot, other stores--we went ahead and chose [this mall]. We have to be a little picky about our location. Galleries located in a prime spot within a mall do much better than those that are in an out-of-the-way location. Even though the malls are comparable, basically a 'C' location in an 'A' mall is not the same as an 'A' location in a 'B' mall," he says. "And location in the mall is quite possibly the most important factor--even more than the mall you are in--in my mind. As long as you are visible and can catch the shopper's eye, I think you'll do well wherever you go."

What will rent really cost? In most nonshopping center locations, rent is a fixed amount that has no relationship to sales volume. In a shopping center, the rent is usually stated as a minimum guaranteed rent per square foot of leased area against a percentage. Typically, this percentage is between 5 and 7 percent of gross sales, but it varies by type of business and other factors. This means that if the rent calculated by the percentage of sales is higher than the guaranteed rent, you pay the higher amount. If it is lower than the guaranteed rent, then you pay the guaranteed rent amount.

But this guarantee is not the end. In addition, you may have to pay dues to the center's merchants' association. You may also have to pay for maintenance of common areas. Therefore, you must think of "total rent" when considering what you can afford to pay. Can you draw enough sales to cover the true rent of being in a center?

Don't forget that you still have to design and finish out your space. You pay for light fixtures, counters, shelves, painting, floor coverings, and installing your own heating and cooling units. Some landlords provide a cost allowance toward completion of your retail space. This "tenant allowance" is for storefronts, ceiling treatment and wall coverings. The allowance is a percentage of their cost and is spelled out in a dollar amount in the lease. Some developers will help you plan storefronts, exterior signs and interior color schemes. They provide this service to ensure storefronts that add to the center's image rather than detract from it.

Specialty Leasing

About 80 percent of America's 1,800 enclosed and regional shopping malls have temporary tenants, which include kiosks and carts. There are between 10 and 40 carts per mall at the Simon De Bartolo Property Group malls of Indianapolis, which rely on carts to add color and variety, as well as to generate income. Entrepreneurs can display their wares in a prime, high-foot-traffic location with little investment. Some cart operators move in just to capitalize on busy holiday seasons, and others remain year-round.

Rent for in-line stores is about four times the rent for carts and kiosks. You can buy a cart for $3,000-plus or rent one from a mall. Many entrepreneurs find carts and kiosks a low-cost way to launch a retail business or to supplement an existing business. You'll see a variety of specialty products introduced this way--silver jewelry, engraved products, imported fragrances, hair accessories, watches, etc. Some retailers use carts as test businesses in potential markets, while others make more than $1 million by operating several carts in several malls and cities.

At Bloomington, Minnesota's Mall of America, about 100 temporary tenants dazzle 40 million visitors a year. Cart rental rates are about $2,300 a month or 15 percent of monthly sales, whichever is greater. All temporary tenants must pay $1,500 in "key money," which pays for a store designer to design and build a cart with the right look.

Everything Is Negotiable

Once you've decided what kind of space you want, where, and how long you need it, it's time to consult a lawyer to discuss what specific issues you need to address in order to negotiate the best lease for your business. Core points to review carefully are occupancy date, chargeable floor space, which renovations or tenant improvements the landlord will do or pay for, services to be provided, liability, and renewal or termination terms. Once you're close to reaching an agreement with the real estate broker, leasing agent or landlord, your attorney can make sure that everything is in writing to clearly define each party's obligations.

Retail space is usually rented on what's called a "net lease" basis, meaning that you arrange for most of its services. Unless your premises are tied to the building's mechanical systems, the costs for most services--such as heating and air-conditioning--are your responsibility.

The breadth of your use clause (the specific use intended for the space) will affect your ability to assign your lease or sublet the premises. The broader the definition, the better. If you've leased the space to sell ski equipment, for example, and business lags because of a lack of snowfall, you want to have the option of opening a juice bar instead.

In addition, it's a good idea to get a restrictive covenant to prevent the landlord from leasing space in the same building or nearby to a business that competes with you. How far this provision extends will depend on the type of area you're located in. In a city, it might be a few blocks, whereas in the suburbs, it could be a few miles.

With shopping center leases, you are customarily charged for maintenance of common areas and for the mall's marketing efforts. Find out what the mall's plans are for any structural alterations or remodeling, resurfacing the parking lots, or replacing the roof. These can be devastating assessments for a young business. Requirements for hours and days of operation, employee parking restrictions, participation in community service events, gift certificate and loyalty programs, and storefront appearance may not fit into your business plan or capabilities. Make sure you will be capable of conforming to these requirements.

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Shopping Mall Small Business Idea and Business Plan

Starting your own small business in the UK isn’t easy but having a properly developed business plan will help you achieve success.

To start a Shopping Mall business in the UK, take the time and explain the idea via a business plan.

Understanding all of the aspects of the business idea will be the key to getting the Shopping Mall business running like a well-oiled machine. The business plan you develop will help you organize the elements needed into a strategy that you can actually use to startup, by paving a clear road map as to what you need to follow for the lifespan of your business.

Starting a Shopping Mall business isn’t easy, but when done right, it can lead to a lot of success.

To help you get started, you can use the free business plan builder tool to develop your own Shopping Mall business plan.

The business plan template is very easy to use, is interactive and will quickly and easily help you create your business plan just by answering the needed questions about your small business idea.

Create your own Shopping Mall business plan for free using the Business Plan Builder

The free business plan template builder is divided into a few easy to follow steps.

The free business plan builder template is provided by UKStartups.org to help you develop your own business plan. For step by step guidance, see the 5 steps below.

Once completed, the result will be a clean, professional plan that will help you start your own Shopping Mall small business in the UK.

When you have completed your Shopping Mall business plan, the next step will be to find available funding that will help, or to speak with a funding adviser who will assist you each step of the way to securing the needed funds to make your Shopping Mall business startup.

If you are looking to limit your startup costs when starting up a Shopping Mall small business in the UK, this free business plan builder tool will be it.

Starting a Shopping Mall business is only one of the ways others have used this free business plan tool. There are hundreds of different ideas you can start, and if you need guidance, do reach out to a UKStartups expert to get the needed assistance and guidance.

Step 1. Your business information

To develop a proper Shopping Mall business plan with the free business plan builder template, it is important to answer each of the questions about your business to the best of your abilities.

What is your business? What are the products/services you provide? Who are your customers? What are your goals…etc?

Having a clear explanation will help you create a in-depth business plan that you can actually use to start the Shopping Mall business and to apply for needed funding to cover your startup costs.

Step 2. Projecting your revenues/income

The Shopping Mall industry can have great results. Planning and projecting the financial figures to approximate what you will make each year is crucial to building a strong business plan.

What do you think your business will make from each of its products/services? Simply list your products/services, enter the appropriate financial figures (costs and expenses).

If you don’t have the figures, in many cases it is recommended to do a a bit more research on other Shopping Mall businesses locally and within your own region to get an idea of potential revenue. You can do your best to estimate the figures and growth potential.

If you need assistance in projecting, you can always contact UK Startups funding experts for the help.

Step 3. Your business market

As a Shopping Mall business, having a clear explanation of the market and industry that you are in will help you plan for the figure and will ensure you can take the business to the next level.

Explain your location of business, share specifics about your customers, showcase your competition and explain the advantages you have over your competition.

Step 4. The future plan

Starting your own Shopping Mall business and getting it off the ground is important to you.

No matter if you’re planning on applying for government funding for your Shopping Mall business or not, it is important to plan out the future and provide an explanation of how you will grow the business. This means explaining your marketing plan, your sales strategy and clearly outlining a growth plan for the next few years.

Be sure to break this down step by step to show how you intend on making sure your Shopping Mall business can grow each year.

Keep in mind that often business plans are focused on key people. Be sure to discuss yourself, your role and any other key figures in the business as well.

Step 5. The financials

In the end, it all comes down to the financials. If you are seeking funding, or not – the business plan you develop needs to have clearly defined financials or projections. The business plan builder tool makes it easy to develop your financial charts by simply entering your expected revenues per month and year. If you don’t have the figures as it’s a new business be sure to project the figures based on your expectations. If you need help with this, ask the UK Startups experts .

A clear breakdown of your funding needs is also recommended in case you are seeking funding and this free business plan template will help you with exactly that. When developing your Shopping Mall business plan using this free template, the above 5 steps are recommended in order to succeed. While there are other key points that will assist you in starting your business, finding funding...etc, the free template will help put you on the right path

Be sure to request a professional to review your business plan , to answer any questions you may have and to help you with the funding search once you’ve done the initial free template. You can request this directly via UKStartups.org and through the Small Business Startup Platform as a member.

If starting a Shopping Mall business is just one of your ideas, perhaps considering other options, here are some popular small business’s others have chosen to startup

• Armenian Church
• Fish & Chips Restaurant
• Transportation Service
• Indoor Lodging

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Commercial Real Estate Training

A Basic Guide to Shopping Center Operations and Management

When you manage and lease shopping centers, the inspection process is a regular daily event.  Given the number of tenants and customers moving through a property on an average trading day, there are lots if issues to monitor including risk and liability.

Most shopping centers will have a ‘ Maintenance Manager ’ and perhaps a small team of specialist trades people or contractors to keep the property and building functioning effectively.  They are part of the ‘ property management team ’.

I mentioned that ‘risk and liability’ is a big issue every day in the inspection process for many retail properties; that is the case, however many other concerns also evolve as part of running a complex retail property.  Try some of these for starters:

• Cleaning strategies and operations
• Energy use and consumption
• Security within and around the building
• Lighting in common areas and around the property perimeter
• Access to and from the property
• Car parking use and access for customers and tenants
• Plant and machinery performance
• Tenant use of premises and property
• Lease compliances and essential terms and conditions
• Rental and lease negotiations
• Retail property marketing
• Tenant mix strategies and clustering
• Expenditure and outgoings controls and budgets

Take all of these issues above and merge into that a number of zones or segments of the property that require control and monitoring.  Most particularly they are:

• Common areas
• Tenant premises
• Loading docks
• Transport drop off points
• Roads and access points
• Service areas
• Plant rooms and machinery areas
• Storage areas
• Food courts

From such a complex and diverse list of issues you can see why shopping center managers and or leasing experts are highly experienced individuals.  Most people working in this segment of the property industry specialise in just retail property and bring with that specialisation a high level of awareness of just what makes a good retail property function effectively for all stakeholders (landlord, tenants, customers, and financiers).

Having spent a good percentage of my time working on shopping centers in one form or another, I highly recommend the market segment to those agents that want to focus on something of complexity and specialisation.  When you really understand retail property investment and shopping centers in general, your experience is of high value to local clients and property owners.  That makes it easier for you to dominate market share in retail property sales and leasing.

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Towards defining shopping centres and their management systems

• Original Article
• Published: 14 January 2009
• Volume 8 , pages 39–55, ( 2009 )

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• Michael Pitt &
• Zairul N Musa 1  

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Today, the subject of shopping centres is more complex than ever. In many ways, their complexities are in terms of size, type and characteristics. Consequently, the formats of shopping centre have often been confused with their identities. This is due to the fact that the industry has grown and evolved so much that the existing classifications are no longer adequate. In today's world, the roles of shopping centres can be seen from different perspectives, that is, as a place of business, as a property and as an investment. Shopping centre managers need to understand these perspectives before developing their own objectives and policies in managing their shopping centres. Having an excellent management team is no longer enough if the management systems are not effective. This will raise further issues in the areas of managing properties and facilities or in managing tenant mix within the shopping centres. Shopping centre managers should, however, take these issues as a challenge in order to improve the existing systems. This paper attempts to provide an overview of shopping centres and their management systems to gain a general understanding of the background of shopping centres.

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INTRODUCTION

Since the 1960s, both the number and type of managed shopping centres have increased considerably in the United Kingdom. This sector is identified as a major contributor to the UK economy and is becoming more complex in terms of size, type and characteristics. The past 58 years of growth in shopping centres have created important roles and challenges for the management of shopping centres. The challenges have been to identify, understand and meet the ongoing needs of consumers, retailers and owners. In spite of this, retailing is not the business of shopping centres: this is a retailer's core business. Shopping centres more likely provide a business place that includes retail space/units, facilities and services to the potential retailers. The core business of shopping centres is leasing retail space for profit.

The non-core business of shopping centres is as a supporting function to the core business and its tenants/occupiers. This non-core business is not aimed at generating income, but at incurring cost to ensure the effectiveness of the supporting function. This aspect of the non-core business of shopping centres is identified as managing the property and facilities. In order to maximise the income stream, the centre manager needs to optimise the operational costs. This is the main challenge to centre managers today.

What is a shopping centre?

The term ‘shopping centre’ has been evolving since the early 1950s. A range of definitions have been developed for shopping centres, which often tend to reflect the fact that industry was evolving. In simple terms, a shopping centre can be defined as a building that contains many units of shops but is managed as a single property. Shopping centres today are more complex in terms of size, type and characteristics. This situation has contributed to the confusion as to shopping centre identities.

Delisle (2007) shows that over the years, shopping centre formats have taken on a confusing array of identities, with names that include such descriptors as centres, commons, crossings, hybrids, lifestyle centres, malls, markets, marts, mega-malls, mixed-use, outlets, parkways, places, plazas, promenades, shops, strips, squares, super centres, town centres, urban retail, vertical and villages. The reason behind the existence of these descriptors is that, because of the maturity of the industry, there are currently numerous types of centres that go beyond the standard definitions. The shopping centre industry originally offered four basic terms: neighbourhood, community, regional and super-regional centres. As the industry has grown and changed, however, more types of centres have evolved, and these four classifications are no longer adequate.

The International Council of Shopping Centres (2004) has defined a shopping centre as a group of retail and other commercial establishments that is planned, developed, owned and managed as a single property, with on-site parking provided. The market generally determines the centre's size, orientation, and characteristics of the trade area served by the centre. The three main physical configurations of shopping centres are malls, open-air centres and hybrid centres. Within these configurations, eight principal shopping centres types have been identified according to the US market (see Table 1 ). This definition is meant to provide guidelines for understanding major differences between the basic types of shopping centres.

Basic configuration

According to the International Council of Shopping Centres (2004) , the basic design configurations of shopping centres are as follows.

The most common design mode for regional and super-regional centres is often referred to as a ‘shopping mall’. The walkway or ‘mall’ is typically enclosed, climate-controlled and lighted, flanked on one or both sides by storefronts and entrances. On-site parking, usually provided around the perimeter of the centre, may be surface or structured.

Open-air centre

An attached row of stores or service outlets managed as a unit, with on-site parking usually located in front of the stores, with common areas that are not enclosed, is often referred to as an ‘open-air centre’. Open canopies may connect the storefronts, but an open-air centre does not have enclosed walkways linking the stores. The most common variations of this configuration are linear, L-shaped, U-shaped, Z-shaped or cluster. The linear form is often used in neighbourhood and community centres. The cluster form and its variations have lent themselves to the emergence of new classes of centres such as the lifestyle centre, in which the physical layout and open feel are differentiating features. Historically, the open-air configuration has been referred to as a ‘strip centre’, although the strip centre got its name from the linear form, where stores sit side by side in a long and narrow row of stores.

Hybrid centre

This is a centre that combines elements from two or more of the main shopping centre types. Common hybrids include value-oriented mega-malls (combining mall, power centre and outlet elements), power-lifestyle centres (combining power centre and lifestyle centre elements) and entertainment-retail centres (combining retail uses with megaplex movie theatres, theme restaurants and other entertainment uses).

Types of shopping centres

Within the basic configurations, there are eight major types: neighbourhood centres, community centres, regional centres, super-regional centres, fashion/speciality centres, power centres, themes/festival centres and outlet centres.

The neighbourhood centre includes between 15 and 20 stores and is designed to provide convenience shopping for customers within a 1.5-mile radius. This type of centre generally has a 50 000-square foot gross leasable area (GLA), although actual size may range from 30 000 to 100 000 square feet ( Kyle, 2000 ).

A community centre includes between 20 and 70 stores, usually has a junior department store plus other convenience outlets, and draws customers from a 5-mile radius. Ranging from 100 000 to 450 000 square feet of GLA, it is usually about 150 000 square feet ( Graham and Bible, 1992 ).

Regional centres can vary greatly in size (from 70 to 225 stores), but all have at least one major department store as their anchor tenant. Customers typically come from 10 to 50 miles to take advantage of the full range of merchandise and services offered by the major stores. These centres typically contain 450 000 gross square feet of leasable area and range from 300 000 to 850 000 square feet ( Graham and Bible, 1992 ; Kyle, 2000 ).

A super-regional centre provides an extensive variety of general merchandise, apparel, furniture and home furnishings. To be considered a super-regional centre, however, it must contain three or more department stores of 100 000 square feet or greater. The GLA is typically 800 000 square feet, but can range from 600 000 to 1 500 000 square feet ( Graham and Bible, 1992 ).

The fashion/speciality centre is composed mainly of upscale apparel shops, boutiques and craft shops carrying selected fashion or unique merchandise of high quality and price. These centres need not be anchored, although sometimes restaurants or entertainment can provide the draw of anchors. The physical design of the centre is very sophisticated, emphasising a rich décor and high-quality landscaping. These centres are usually found in trade areas with high income levels ( The International Council of Shopping Centres, 2004 ).

Power centres are usually dominated by several large anchors, including discount department stores, off-price stores, warehouse clubs or stores that offer tremendous selection in a particular merchandise category at low prices. Some of these anchors can be freestanding (unconnected). These centres have only a minimum number of small speciality tenants ( The International Council of Shopping Centres, 2004 ).

A theme or festival centre typically employs a unifying theme that is carried out by the individual shops in their architectural design and, to an extent, in their merchandise. This centre has the greatest appeal for tourists; it can be anchored by restaurants and entertainment facilities. This type of centre is generally located in an urban area, tends to be adapted from an older, sometimes historic, building and can be part of a mixed-use project ( The International Council of Shopping Centres, 2004 ).

The outlet centre is usually located in a rural area or occasionally in a tourist area. An outlet centre consists mostly of manufacturers' outlet stores selling their own brands at a discount. Typically, an outlet centre is not anchored. A strip configuration is most common, although some are enclosed malls, and others can be arranged in a village cluster ( The International Council of Shopping Centres, 2004 ).

THE ROLES OF SHOPPING CENTRES

Shopping centres as places of business.

Shopping centres have been developed to provide a business place that includes retail spaces, facilities and services to the retailers. As a business place, the location factor is very important. This is because the location factor is typically what first attracts successful retailers. Aside from a good location, accessibility also creates the desire to visit and shop at shopping centres. The National Retail Planning Forum (2000) reports that most shopping centres in the United Kingdom have been developed in town centres. This shows that suitable sites in town centres seem to offer the best opportunities for a business.

From another perspective, the sound design of a shopping centre is crucial in portraying its image as a business place. The attractiveness of the design is considered a pull factor that attracts retailers and patrons. Shopping centre design is a synthesis of many demands, including physical constraints, market forces, management needs and local authority requirements, out of which is created the physical form to support the shopping activity. The design embraces the mechanics of vehicle manoeuvring, the skills of image-making and an understanding of the centre's construction. Above all these, however, is the creation of a sense of place, of somewhere where people want to be, and the transformation of the everyday experience of shopping into one of enjoyment and fulfilment ( Morgan and Walker, 1988 ).

Almost all shopping centres consist of a site that comprises land that it occupies and some types of buildings. These house tenants or retailers offering goods and/or services. The space occupied and leased by tenants is measured in square feet or square meters, and a shopping centre's total leasable space is known as its GLA ( London, 1999 ). Retailers in shopping centres usually include a range of tenants (see Table 2 ). Department stores, supermarkets, apparel stores, and entertainment and leisure facilities are considered fairly standard tenants in a shopping centre ( Abratt et al, 1985 ; McGoldrick and Thomson, 1992 ).

Traditionally, department stores, supermarkets and variety stores have dominated the tenant mix of the larger shopping centres ( Oosthuizen, 1981 ; Urban Land Institute, 1983 ; Carlson, 1991 ). The largest stores within shopping centres are usually known as anchors tenants. The anchor tenant of the shopping centre is typically a department store that occupies space with a size range of 50 000–300 000 square feet. One of the underlying principles of shopping centre is the idea that anchors are the main attraction for shoppers ( London, 1999 ).

The role of the shopping centre as a business place is to provide a better place for retailers in terms of attractiveness of the location, its catchments of population, accessibility, parking facilities and the quality of the shopping environment as a whole (The National Retail Planning Forum, 2000).

Shopping centre as a property

A shopping centre as a property is seen as a building that contains physical structures, spaces and facilities, and is managed as a single property. As a property, it needs to be managed and maintained to ensure that its value is increased. Howard (1997) has pointed out that the excellence of performance or the worth of a shopping centre is generally assessed in terms of its value in the property market. In order to achieve this, the management effort should be directed to the maintenance and improvement of this value.

As a property, it is an unavoidable fact that the building housing a shopping centre will deteriorate. It will show signs of physical deterioration. Physical deterioration is a deterioration of the physical fabric of the building as a function of use and the action of the elements. Depreciation is considered to be a loss in the real existing use value of property ( Baum, 1994 ). To overcome this problem, a strategic maintenance operation is needed (see Figure 1 ). Needless to say, maintenance is a necessary part of the shopping centre business.

Maintenance strategies. Source : Van de Water, 2000 .

Maintenance in shopping centres is more than just repairing equipment, fixing roof leaks and checking broken tiles. It is about securing the future of the asset through a planned maintenance programme. Paul (1999) suggests that a well-run maintenance programme is needed for the following purposes:

to provide cross-training of maintenance employees to provide more flexibility in responding to centre problems;

to emphasise constant communication among all centre operations, management and marketing departments, as well as ownership;

to constantly strive to identify areas in which greater efficiency and productivity can be achieved;

to develop a crisis maintenance management plan to be implemented in conjunction with the overall scope of the shopping centre's master plan.

The role of shopping centres as a property in terms of maintenance is to ensure that the shopping centre's infrastructure is effectively run. This should ensure the enhancement of the customer and tenant surroundings while not forgetting the preservation of the investor's investment. By disregarding the significance of the role of maintenance will affect the ultimate income and value of the shopping centres and the overall success of the business.

Shopping centre as an investment

Shopping centres have been built by developers, often managed by the same or specialised organisations, and have been sold to the institutional investment community. Most of the institutions are life insurance and multinational corporations ( Okubo, 1999 ). According to London (1999) , historically, the ownership of most shopping centres has traditionally passed to pension funds and insurance companies. Howard (1997) added that local authorities and property companies are also prominent owners. The aim of the owners is typically to secure a future stream of income in return for their capital investment. Martin (1982) states that the owner's objectives are a requirement for immediate income, an emphasis on future income, enhancement of the centre's capital value and realisation of capital. According to BOMI (2001) , the income streams of shopping centres are as follows.

— Typically, the largest income stream is percentage rent. Such leases generally provide for payment of a fixed minimum rental computed against a percentage of sales. Generally the percentage of sales is negotiated as part of the original leasing process.

— Common area maintenance charges pass on to each tenant a pro-rata share for exterior maintenance, certain utility costs and other related to areas used by tenants' retail customers.

— Advertising funds and merchants associations, often controlled by the tenants of major retail centres, active merchants associations and advertising funds, provide a benefit to the retail centre through customer recognition and increased traffic flow. The presence of these entities may provide both revenue and expenses to the property manager.

— Income derived from seasonal or temporary activities might include kiosk rental, gift-wrapping or sidewalk sales during warm weather.

— A retail pad is a freestanding parcel of property generally within the confines of a larger project parcel. It is commonly developed for use by such businesses as banks and restaurants.

Howard (1997) identified that the retail and other property investment does offers long-term security and a reliable income stream to investors. This is because of the nature of the most common form of leasing of the retail unit. Shopping centre leases generally follow the pattern of all other landlord and tenant leases. These leases tend to be long term, 20 or 25 years, or even up to 99 years (larger tenants are those who have sought very long-term leases) ( Howard, 1997 ).

The shopping centre lease covenants are subject to length of term, rent reviews, rental payments, user clauses, assignments, sale notices, projecting signs and shop fronts ( Northen, 1984 ).

The recent growth of Real Estate Investment Trusts (REIT) has changed the shopping centre's nature as an investment. The majority of historical investors appear to favour investment through the REITs rather than direct ownership. The secondary effects of these current trends are reducing the long-standing emphasis on value enhancement in favour of cash flow to serve the needs of the public markets. The REIT era has also brought a significant focus on redevelopment of existing centres ( London, 1999 ).

Shopping centres as an investment show the ability of the property to generate a future income stream that may attract investors. The quality of management in the shopping centre is, however, an important factor that can affect the success or failure of the centre ( Morgan and Walker, 1988 ). This shows the importance of the role of shopping centre management in securing a future stream of income as a return from the owner's capital investment. It does not make sense to spend tens of millions of pounds designing and building shopping centres only to hand them over to inadequate management.

THE ESTABLISHMENT OF MANAGEMENT SYSTEMS IN SHOPPING CENTRES

During the development of shopping centres, the owners have to plan on how to market the space and manage the building later on. Typically, the owners of shopping centres will be appointing letting agents and managing agents to carry out the tasks (see Figure 2 ). Letting agents and managing agents are usually appointed from one property company that offers both services. The role of the letting agent is important in marketing the space or leasing a vacant space, and in searching for the potential tenants to be part of tenant mix in shopping centres. The managing agent is responsible for setting up the management systems and recruiting the management teams for the shopping centre on behalf of the owner. In some cases there is an in-house managing agent appointed by the owner of the shopping centre from their subsidiary company. An example of this is Bluewater in Canterbury, United Kingdom, where the owner is Lend Lease plc and their subsidiary company is Lend Lease Real Estate Investment, which manages the shopping centres.

Establishment of management system in shopping centres.

The roles of the shopping centre management team includes a thorough development of decision-making, managerial creativity and the art of management. Management functions such as planning, organising, staffing, directing and controlling are treated as basic guides to effective management. Shopping centre management teams include the general manager, centre manager, marketing and public relations manager, human resource and administration manager, operational manager, information technology manager, event manager, retail liaison manager, customer service manager and so on. Management teams in shopping centres may vary from one shopping centre to another.

This is because they seek and attempt to establish the right teams to face the challenges in managing shopping centres in today's environment.

One of the most consistent challenges in shopping centre management has been to identify, understand and meet the ongoing needs of consumers, retailers and owners ( London, 1999 ). Without a proper approach, shopping centres cannot be managed to their full potential.

Nevertheless, for a centre to be described as excellent, it needs to be well designed and superbly finished, with an unrivalled tenant mix. It also needs management of exceptional quality if the realisation of that excellence is to be achieved ( Kaye, 1989a ). One of the most important reasons to employ a centre manager is to achieve the shopping centre owner's goals and objectives ( Okubo, 1999 ). The shopping centre manager has to be capable of assembling a team who will be able to produce a first-class standard in the basics of housekeeping, maintenance and security, at acceptable cost ( Kaye, 1989a ). Cowper (1992) suggests that an effective and experienced centre manager should be able to make the task of the shopping centre management more efficient.

The centre manager has a duty to ensure the success of the shopping centre. Martin (1982) states that the manager's duties include public relations; responsibility for rent review; redecorations; lease renewals and the follow-up action thereon; custody of and responsibility for original documents, particularly leases, service contracts, records drawings, guarantees, recruitment and discharge of staff; and power to engage contractors for cleaning, refuse disposal, security and so on. Once the centre manager has made the commitment to manage a shopping centre, he has committed himself to perform the duties in accordance with the owner's expectations ( Okubo, 1999 ). According to Kaye (1989b) , a first-class manager can work wonders with an indifferent centre, but a mediocre manager cannot achieve excellence however good the centre he is given to manage.

The operation and management of shopping centres encompasses three mains aspects. These are property, facilities and tenant mix. The management of shopping centre property and facilities is very important for the management teams to maintain and organise, especially the image and the physical aspects. Aside from this, it is also important to retain the value of the property and optimise the operational cost. When managing the tenant mix of a retail property such as a shopping centre, managers needs to develop an effective business model for tenant location, tenant selection and the structure of lease agreements so as to create value, increase the brand value of the property rentals and achieve long-term stability in the value of discounted cash flows given various uncertainties ( McGoldrick and Thomson, 1992 ).

The operational and management systems of shopping centres are different from one shopping centre to another, due to variance in the structure of the organisation, size of the centres, management strategy either in-house or outsourced and facilities provided. Therefore, it is important to establish how the system would be from the beginning to ensure the quality and effectiveness at the end of the day.

OPERATIONAL AND MANAGEMENT ISSUES IN SHOPPING CENTRES

Problems often arise from unsatisfactory tenants' needs and expectations, a weakness in the management system, changes in policies and regulations and so on. The issues that arise in the operation and management of shopping centres can be discussed in two main areas, the management of property and facilities and the management of tenant mix.

(1) Issues in managing property and facilities

The management of property and facilities involves the total physical aspects of shopping centres. Centre manager and management teams have their own management system in managing these physical aspects. Whether the management system is effective or not depends, however, on several issues that relate to the property and facilities of shopping centres:

Signposting

Signposting is very important, particularly in larger shopping centres. The design and direction must be clear and unambiguous, to help people find their destination. Over-designing, unclear signage, confusing and inconsistent information between directories and signposting and outdated signage are among the issues that can hinder the effective use of signposting ( Cowper, 1992 ). Although this is not a critical issue that needs immediate action from management teams, it could affect shopping centre performance if it is not taken care of. It is therefore the duty of the management teams to ensure that the signposting system for the centre, both operational and directional, is effective ( Cowper, 1992 ).

Safety and security

Safety and security issues have become the main concern for both shopping centre tenants and consumers. As shopping centres have evolved into town centres in many cities, they have become public gathering places for people of all types and ages. Shopping centre managers and management teams must balance the need for their facilities to be easily accessible public places with the need to keep out the dangerous elements that such places sometimes attract. Almost every shopping centre attracts some homeless people, juveniles and gangs that can disrupt ordinary operations. In many localities, shopping centres have become the hub of teenage social activities – raising the potential for increased security problems. Violent crime has become an even more frequent occurrence at some shopping centres. The worst case was the 1996 bombing at The Arndale Shopping Centre, Manchester, United Kingdom. Even though gunplay is not common, the potential exists, as evidenced by a gun battle between rival gangs in a shopping mall outside Los Angeles ( Overstreet and Clodfelter, 1995 ). Shopping centre managers will need to determine the impact of such activities on customers' feelings of safety, and on their shopping behaviour.

Violent crime at shopping centres receives a lot of attention, but a previous research study shows that the types of crimes receiving the most attention – carjacking, kidnapping, arson, rape and other serious crimes – are the least likely to occur. The results of this study indicated that by far the greatest security problem for shopping centres was shoplifting. Incidents of disorderly conduct were the second most frequently reported problem, followed by trespassing, vagrancy and panhandling, which together made up the third most reported problems. Vandalism was the fourth most reported crime, followed by automobile break-ins ( Overstreet and Clodfelter, 1995 ).

Every shopping centre has developed its own approach to handling security problems, ranging from the passive to the preventive. Most shopping centres have their own security officers, whether they are in-house staff or outsourced, to ensure the safety environment of the centre. In addition, closed-circuit television technology (CCTV) is a popular tool used in many shopping centres. The purpose of using CCTV is to identify and record incidents. Overstreet and Clodfelter (1995) , however, suggest that shopping centre managers and management teams should also include the outer vicinity of the shopping centres in addressing the security concern of patrons to the shopping centres, on appropriate levels of visible security, and on investigating the possibility that actual incidents are more frequent than previously thought.

Mechanical and electrical equipment

Energy use and installation of mechanical and electrical equipment are also becoming a main concern for shopping centre management. In the United Kingdom, the environmental criteria for an efficient shopping centre air-handling system should be mainly directed towards producing efficient ventilation and cooling systems. It is important to ensure, therefore, that the mechanical and electrical specification is no more or less than is required to provide a comfortable environment for shopping centre customers. This is because mechanical and electrical running and maintenance costs can become an issue for the service charge.

According to the Department of the Environment, Transport and the Regions (1997) report, shopping centres pay, on average, GBP 13/m 2 per year for the energy they use in common areas. In many centres, this is more than 10 per cent of the service charge. Whatever the figure is, this issue becomes a continual challenge to the centre manager and management teams when optimising the energy costs. Whatever the approaches used, it is worthwhile for them to consider the guidelines for energy efficiency in shopping centres published by the Department of the Environment, Transport and the Regions. These guidelines are very useful for centre management teams in developing or improving their own energy efficiency systems, and were designed as a starting point to help managers of shopping centres reduce their energy costs. In addition, they suggest ways to achieve immediate energy-use savings in shopping centres without incurring major costs. Most of the measures will, in fact, cost nothing, and some of them will cut maintenance costs as well.

Car parking

Parking spaces are important to the car-borne shopper, but not essential to the success of the scheme. Most of the shopping centres in the United Kingdom have car-park facilities, but the number of spaces provided is limited. This is because most of the shopping centres were developed in the town centre, and have a limited area to provide more spaces, or because the developer/owner wants to fulfil at least the minimum requirement from the planning consent. Nevertheless, the public transportation networks in the town centres are perceived as good and reliable by many shoppers. Moreover, some of the town centres have provided multi-storey parking spaces to the public, managed by the Local Authority.

Typically, the main issues with regard to car-park facilities are safety and security. Therefore, the car park management must have as its paramount objective the comfort and security of the car-borne shopper, particularly security. To tackle these issues, the car park should be maintained by the centre management either as part of its in-house operation or through a management agreement with a car-park operator, so that it can control opening hours, security, cleaning, maintenance and tariffs ( Morgan and Walker, 1988 ). Parking tariffs need to be considered carefully and must be reasonable. Morgan and Walker (1988) suggest that the pricing policy adopted by centre management should be compatible with the needs and requirements of the centre, the number of available spaces and the rates applicable in other car parks in the town. Therefore, the first priority should be to provide a service to the centre and the second to make a profit.

Shopping centre waste is varied, and is mostly produced by retail businesses. Envirowise (2002) has identified the waste generated from the retail sector as follows:

damaged or obsolete stock;

discarded packaging;

the time and effort spent handling waste, for example, crushing and moving single-use packaging;

the time and effort spent managing waste, for example, storing and processing damaged goods;

excessive or inefficient use of water and energy.

Although the retail sector is a major contributor to the UK economy, with sales of £225 billion in 2001, it also produces large amounts of waste – an estimated 12 million tonnes/year at a cost of over £360 million/year ( Envirowise, 2002 ). Moreover, shopping centre management in the United Kingdom currently spend about £15 million/year on waste disposal, and this cost is expected to rise to £18 million/year by 2004 ( Envirowise, 2002 ). With regard to the figures, there is a strong business case for taking action to prevent and reduce waste. This apparently shows the weakness of shopping centre management in managing waste and establishing waste minimisation systems.

Today, many UK shopping centres are attempting to achieve significant cost and other benefits through waste minimisation, while maintaining high levels of service. Although concerns about increasing waste disposal costs are expressed by managers, what may be lacking is an innovative and proactive response to waste and waste contract management. Therefore, the application of new multiple-contract management practices that drive innovative solutions, creativity in contract delivery and service, and general good service is badly needed in this industry ( Pitt, 2005 ).

(2) Issues in managing tenant mix

Tenants in shopping centres are a mixture of different types of retailers. The term that is commonly used to describe the mixture of retailers in shopping centres is tenant mix. Abratt et al (1985) provide probably the most comprehensive list of the objectives and principles of tenant mix available. They rely on the definition provided by Kaylin (1973) :

Tenant mix refers to the combination of business establishments occupying space in a shopping centre to form an assemblage that produces optimum sales, rents, service to the community and financiability of the shopping centre venture.

Taken from the perspective of a leasing manager, a good tenant mix is described as a variety of stores that work together to enhance the centre's performance, and operate successfully as individual businesses. These descriptions of tenant mix stress the underlying objective of maximising shopping centre profitability, and are therefore investor-orientated. They identify the key to maximising profitability, which is maximisation of sales through provision of the optimum service to the community ( Greenspan, 1987 ).

Greenspan further suggests that a successful tenant mix needs to respond to such changes, requiring ‘continuous monitoring, evaluation and action on the part of the manager’. Kirkup and Rafiq (1994) provide three reasons for the increased difficulty in maintaining a successful tenant mix:

Heightened competition between centres, arising from their proliferation and consumers greater mobility, has created pressures for differentiation between centres by means of tenant mix.

A difficult retail market, such as that suffered in the United Kingdom in the early 1990s and again in middle-market fashion in 1999/2000, will result in falls in retailers space needs and a reduction in landlords' flexibility in managing tenant mix.

Ever-changing demographics, fashion and consumer demand, which lead to the decline of some older retailers and the brisk expansion of new ones, often with different space requirements.

Kirkup and Rafiq (1999) found more complex management structures operating for UK shopping centres. The UK model has up to three layers of management involved in tenant-mix policy: the investor/developer may engage an asset manager, who in turn may appoint an on-site centre manager, who is the day-to-day point of contact for the retail occupiers. One or more letting agents may also be involved. All three management layers, and potentially others, are involved to a greater or lesser extent in the management of tenant mix.

The prerequisite for successful management of retail tenant mix in any centre is monitoring its performance – that is, the level of profit achieved by its retailers and the implications for the centre's rental income and capital value. Greenspan (1987) advocated the constant monitoring of sales performance, competition and demographics for this purpose. She also suggested continual manager–tenant communication to allow managers to understand tenants' business needs.

In addition, Greenspan (1987) advocated proactive management of tenant mix, rather than relying on changes instigated by retailers. This can involve negotiations for surrender of leases, possibly involving a payment to the retailer. More radically, a centre may be wholly or partially refurbished, and the tenant mix repositioned towards a changed demographic or competitive environment.

CHALLENGES IN MANAGING SHOPPING CENTRES

Generally, it must be remembered that the shopping centre industry has moved fast since the early 1950s, as mentioned earlier. In fact, in the past 58 years of growth, shopping centres have created important roles and challenges for shopping centre management. Since the nineteenth century, one of the most consistent challenges in shopping centre management has been to identify, understand and meet the ongoing needs of consumers, retailers and owners. These key parties are fundamental to any shopping centre in the world.

Today shopping centres are becoming more complex in terms of its size, type and characteristics and this depicts the challenging role the management team face. It is important for the owner/developer to establish excellent management teams in order to face the challenges. The British Council of Shopping Centres has taken the step of funding diploma courses in shopping centre management to provide managers with the appropriate education and skills ( Kaye, 1989a ). In the United States, the University of Shopping Centres has been established to offer all shopping centre professionals continuing education training in specialised fields relating to the shopping centre industry.

The quality of management in a shopping centre is identified as the third most important factor that can affect the success or failure of shopping centre ( Morgan and Walker, 1988 ). This statistic shows the importance of shopping centre management.

The reality is that all shopping centres have to compete with others shopping centres in town or a new development coming up. Today, the competition comes from the new and changing format of shopping centres: power centres, hypermarkets, outlet centres, lifestyle centres and so on. Another challenge is the impact of internet shopping services on how shoppers behave. In addition, an environmental agenda has become a new challenge, and demands the participation of shopping centres. Therefore, it is critical to understand how shopping centre management works today, and how they are managing the challenges for tomorrow while maintaining the success of the centres.

Shopping centres are unique as a real estate format because they typically evolve and change more rapidly than other properties. Furthermore, they serve a variety of special viewers, in addition to consumers, retailers and owners. Often such viewers include the communities in which shopping centres are located.

Traditionally, major retail shopping centres have been managed via in-house management teams, in a relatively static and standard fashion. Many are managed on behalf of investors through a combination of centre management teams and managing agents. They generally provide the primary focal point for managing the building asset and retaining relationships within the community and with retailers, with substantive support from consultants and contractors on a centre-by-centre basis.

As a result of all this, a confusing range of relationships exist, ranging from retailers' service contracts to centre IT infrastructure, promotions, mechanical, electrical and fabric maintenance, cleaning, lifts and security, and a host of other arrangements. Historically, these relationships have tended to be managed in a fragmented fashion between the on-site operational team and numerous third-party suppliers. This limits the extent to which shopping centre management seem to seek innovation that can add value to the centre and its stakeholders.

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Zairul N Musa

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Pitt, M., Musa, Z. Towards defining shopping centres and their management systems. J Retail Leisure Property 8 , 39–55 (2009). https://doi.org/10.1057/rlp.2008.25

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Received : 30 October 2008

Revised : 30 October 2008

Published : 14 January 2009

Issue Date : 01 February 2009

DOI : https://doi.org/10.1057/rlp.2008.25

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