BASING YOUR BUSINESS in a shopping mall has certain advantages over renting space in a strip mall or in a traditional retail district. A mall has built-in foot traffic, good parking, and a mallwide marketing budget. It’s best to work with an experienced real estate broker who represents many malls in your area. Shop carefully; renting space is costly, and you don’t want to be stuck in the wrong place. When you go out looking, consider the following:
? How much space will you need for your sales and storage
areas?
? What kinds of businesses are operating around you? Are
they competitive or complimentary?
? How responsive is the management company to tenants?
Speak to other small retailers in the mall to find out.
? What hours is the mall open on weekdays? Weekends?
Holidays?
? Do you like the feeling of the place? Can you see yourself
working here every day? Visit the mall at different times
of the day and night to check foot traffic and parking
availability.
? How many arrests for shoplifting were made in the recent
months? Mugging? Vandalism in the parking lot? Check
with the local police department to determine the safety
and security of the mall.
? Will you be paying for utilities? Do you have to pay for all
interior improvements? Can you sublease the space to
another business? Make sure you understand exactly what
your lease includes and sign the shortest lease possible to
give yourself an out if your business fails.