business plan for a shopping centre

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Shopping Mall Business Plan

MAR.17, 2023

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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Shopping Mall Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business Plans » Real Estate Sector

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 stakeholders (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 retraining 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

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How To Write a Business Plan for Shopping Mall and Retail Center Construction in 9 Steps: Checklist

By henry sheykin, resources on shopping mall and retail center construction.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan

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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How to Start a Shopping Center Business & Succeed

Starting a shopping center business is an exciting entrepreneurial venture that allows you to develop a vibrant, bustling hub for commerce in your local area. With careful planning and dedication to customer service, you can set up your own successful shopping center and create an enjoyable environment for your customers.

The first step in setting up a shopping center is to develop an attractive plan for the space, including its design, layout, and retail mix. You will need to consider the demographics of the area, as well as the type of stores you want to include in your center. Present your plan to potential investors or secure funding from other sources. Once you have secured the necessary funds, it is time to begin construction.

Once construction is finished, it's time to launch and promote your new shopping center. Advertise through local newspapers, radio stations, and social media platforms such as Facebook and Instagram. Design custom promotional materials using Desygner that really capture the essence of your business. Make sure customers are aware of all the amenities and features you offer so they keep coming back.

Finally, focus on customer service. Make sure customers feel welcome and appreciated when they come into your store by creating a friendly atmosphere with helpful staff members. Show that you value their business by offering special promotions or discounts throughout the year.

Creating a successful shopping center takes hard work and dedication, but if done correctly it can be very rewarding. Offering quality products at competitive prices in an enjoyable atmosphere will draw more customers which in turn will lead to increased profits.

What are the Most Common Struggles of Starting a Shopping Centers Business?

Starting a shopping centers business can be an overwhelming process. There are lots of things to consider, from financing and permits to potential locations and managing staff. The main challenge for many entrepreneurs considering this type of business is that it requires a significant amount of capital investment. This means having to secure funding or make a large personal investment in order to get started.

Another common struggle for entrepreneurs starting a shopping centers business is finding the right location. It's important to select a site that's accessible, has plenty of parking and is close to other businesses that help bring in customers. Additionally, it's essential to factor in local zoning laws and ensure that any proposed building permits will be approved.

Even once you've found the ideal spot for your business, there are still many tasks to take care of before you can open your doors. You'll need to build out the space, hire staff, obtain insurance and choose vendors. You also have to be sure you're following all applicable regulations like fire safety codes and health department rules.

How to Get Started with Your Shopping Center Business

The first step toward starting your shopping centers business is researching the market and creating a business plan. Consider who your target customers are and what kind of merchandise they will be interested in purchasing from your store. You should also determine how much space you need and if you plan on offering special services such as cafes or restaurants.

Once you have a clear vision for the type of shopping centers business you want to create, it's time to start looking for financing. Many banks offer loans specifically for entrepreneurs who want to start up their own stores or purchase an existing one. It may also be helpful to look into grants and other forms of financial assistance.

Securing Necessary Permits

Depending on where you plan on setting up shop, there could be several permits necessary before you can open your store--such as food service licenses or occupancy certifications.

It's important to ask local authorities about any particular requirements that must be met in order for your business to operate legally. Stay up-to-date with regulations by attending city council meetings or joining trade associations related to retail businesses.

Managing Your Shopping Center Business

Once everything is in place, it's time to focus on day-to-day management of your shopping center business. Keep track of sales data so that you can find ways to improve customer experience and increase profits.

Make sure that employees have clear expectations in terms of performance and customer service standards, as well as any safety rules they need to follow while working in the store.

Designing attractive promotional material can help boost foot traffic as well as attract more customers online - Desygner is an innovative platform that makes it easy for anyone with no design background to create beautiful graphics quickly.

Starting a Shopping Center Business: A Comprehensive Guide

Are you intrigued by the idea of starting a shopping center business? It's an exciting venture, and there are many things that you should consider. Here's our comprehensive guide to getting your business up and running:

• Create a solid business plan. Before you take any steps toward establishing a shopping center, you need to have an in-depth understanding of the industry and how your business will fit in. Draw up a thorough plan that covers everything from legal requirements to financing.
• Choose your location carefully. Not all areas are well-suited for shopping centers, so choose wisely. You should assess factors like population density, competition, access to transportation, visibility, parking availability, and more.
• Set up shop with the right partners. Your success as a shopping center is largely dependent on the quality of vendors and tenants who are included. Make sure that you take time to research potential partners and choose those who will be a good fit for your center.
• Make sure your space looks inviting. Once you have secured the right tenants, it's time to start turning your vision into reality. Create attractive visuals and graphics using tools like Desygner to ensure that your space looks inviting.
• Market yourself properly. Create marketing campaigns that reach potential customers in a way that resonates with them. Utilize digital tactics like social media advertising, email campaigns, and search engine optimization.
• Keep improving. As with any business endeavor, it's important to continuously strive for growth and improvement. Set clear goals and evaluate performance regularly.
• Be prepared for the unexpected. Unexpected costs can arise during any business launch or renovation, so make sure you have emergency funds set aside.
• Prioritize safety and security. Establish policies around security measures like CCTV surveillance, secure parking lots, trained personnel--and always keep safety top of mind.

With these steps in mind, you can lay the foundation for a successful shopping center business. To create stunning visuals without spending hundreds on design agencies, sign up for Desygner today!

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How to write a business plan for a business center?

Creating a business plan for a business center is an essential process for any entrepreneur. It serves as a roadmap that outlines the necessary steps to be taken to start or grow the business, the resources required, and the anticipated financial outcomes. It should be crafted with method and confidence.

This guide is designed to provide you with the tools and knowledge necessary for creating a business center business plan, covering why it is so important both when starting up and running an established business, what should be included in your plan, how it should be structured, what tools should be used to save time and avoid errors, and other helpful tips.

We have a lot to cover, so let's get to it!

In this guide:

Why write a business plan for a business center?

• What information is needed to create a business plan for a business center?
• What goes in the financial forecast for a business center?
• What goes in the written part of a business center business plan?
• What tool can I use to write my business center business plan?

Having a clear understanding of why you want to write a business plan for your business center will make it simpler for you to grasp the rationale behind its structure and content. So before delving into the plan's actual details, let's take a moment to remind ourselves of the primary reasons why you'd want to create a business center business plan.

To have a clear roadmap to grow the business

Running a small business is tough! Economic cycles bring growth and recessions, while the business landscape is ever-changing with new technologies, regulations, competitors, and consumer behaviours emerging constantly.

In such a dynamic context, operating a business without a clear roadmap is akin to driving blindfolded: it's risky, to say the least. That's why crafting a business plan for your business center is vital to establish a successful and sustainable venture.

To create an effective business plan, you'll need to assess your current position (if you're already in business) and define where you want the business to be in the next three to five years.

Once you have a clear destination for your business center, you'll have to:

• Identify the necessary resources (human, equipment, and capital) needed to reach your goals,
• Determine the pace at which the business needs to progress to meet its objectives as scheduled,
• Recognize and address the potential risks you may encounter along the way.

Engaging in this process regularly proves advantageous for both startups and established companies. It empowers you to make informed decisions about resource allocation, ensuring the long-term success of your business.

To anticipate future cash flows

Regularly comparing your actual financial performance to the projections in the financial forecast of your business center's business plan gives you the ability to monitor your business's financial health and make necessary adjustments as needed.

This practice allows you to detect potential financial issues, such as unexpected cash shortfalls before they escalate into major problems. Giving you time to find additional financing or put in place corrective measures.

Additionally, it helps you identify growth opportunities, like excess cash flow that could be allocated to launch new products and services or expand into new markets.

Staying on track with these regular comparisons enables you to make well-informed decisions about the amount of financing your business might require, or the excess cash flow you can expect to generate from your main business activities.

To secure financing

Whether you are a startup or an existing business, writing a detailed business center business plan is essential when seeking financing from banks or investors.

This makes sense given what we've just seen: financiers want to ensure you have a clear roadmap and visibility on your future cash flows.

Banks will use the information included in the plan to assess your borrowing capacity (how much debt your business can support) and your ability to repay the loan before deciding whether they will extend credit to your business and on what terms.

Similarly, investors will review your plan carefully to assess if their investment can generate an attractive return on investment.

To do so, they will be looking for evidence that your business center has the potential for healthy growth, profitability, and cash flow generation over time.

Now that you understand why it is important to create a business plan for a business center, let's take a look at what information is needed to create one.

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Information needed to create a business plan for a business center

Drafting a business center business plan requires research so that you can project sales, investments and cost accurately in your financial forecast, and convince the reader that there is a viable commercial opportunity to be seized.

Below, we'll focus on three critical pieces of information you should gather before starting to write your plan.

Carrying out market research for a business center

Carrying out market research before writing a business plan for a business center is essential to ensure that the financial projections are accurate and realistic.

Market research helps you gain insight into your target customer base, competitors, pricing strategies and other key factors which can have an impact on the commercial success of your business.

In particular, it is useful in forecasting revenue as it provides valuable data regarding potential customers’ spending habits and preferences.

Your market research might reveal that there could be a demand for new services such as virtual office space or conference room rentals. It might also indicate that customers may be looking for more flexible space solutions, such as coworking or hot desking.

This information can then be used to create more accurate financial projections which will help investors make informed decisions about investing in your business center.

Developing the sales and marketing plan for a business center

Budgeting sales and marketing expenses is essential before creating a business center business plan.

A comprehensive sales and marketing plan should provide an accurate projection of what actions need to be implemented to acquire and retain customers, how many people are needed to carry out these initiatives, and how much needs to be spent on promotions, advertising, and other aspects.

This helps ensure that the right amount of resources is allocated to these activities in order to hit the sales and growth objectives forecasted in your business plan.

The staffing and capital expenditure requirements of a business center

Whether you are starting or expanding a business center, it is important to have a clear plan for recruitment and capital expenditures (investment in equipment and real estate) in order to ensure the success of the business.

Both the recruitment and investment plans need to be coherent with the timing and level of growth planned in your forecast, and require appropriate funding.

Staffing costs for a business center might include wages for receptionists, administrative staff, and technical support personnel. Equipment costs for a business center might include computers, printers, copiers, and other office supplies.

In order to create a realistic financial forecast, you will also need to consider the other operating expenses associated with running the business on a day-to-day basis (insurance, bookkeeping, etc.). 

Once you have all the necessary information to create a business plan for your business center, it is time to start creating your financial forecast.

What goes into your business center's financial forecast?

The objective of the financial forecast of your business center's business plan is to show the growth, profitability, funding requirements, and cash generation potential of your business over the next 3 to 5 years.

The four key outputs of a financial forecast for a business center are:

• The profit and loss (P&L) statement ,
• The projected balance sheet ,
• The cash flow forecast ,
• And the sources and uses table .

Let's look at each of these in a bit more detail.

The projected P&L statement

The projected P&L statement for a business center shows how much revenue and profits your business is expected to generate in the future.

Ideally, your business center's P&L statement should show:

• Healthy growth - above inflation level
• Improving or stable profit margins
• Positive net profit

Expectations will vary based on the stage of your business. A startup will be expected to grow faster than an established business center. And similarly, an established company should showcase a higher level of profitability than a new venture.

The projected balance sheet of your business center

The balance sheet for a business center is a financial document that provides a snapshot of your business’s financial health at a given point in time.

It shows three main components: assets, liabilities and equity:

• Assets: are resources owned by the business, such as cash, equipment, and accounts receivable (money owed by clients).
• Liabilities: are debts owed to creditors and other entities, such as accounts payable (money owed to suppliers) and loans.
• Equity: includes the sums invested by the shareholders or business owners and the cumulative profits and losses of the business to date (called retained earnings). It is a proxy for the value of the owner's stake in the business.

Examining the balance sheet is important for lenders, investors, or other stakeholders who are interested in assessing your business center's liquidity and solvency:

• Liquidity: assesses whether or not your business has sufficient cash and short-term assets to honour its liabilities due over the next 12 months. It is a short-term focus.
• Solvency: assesses whether or not your business has the capacity to repay its debt over the medium-term.

Looking at the balance sheet can also provide insights into your business center's investment and financing policies.

In particular, stakeholders can compare the value of equity to the value of the outstanding financial debt to assess how the business is funded and what level of financial risk has been taken by the owners (financial debt is riskier because it has to be repaid, while equity doesn't need to be repaid).

The projected cash flow statement

A cash flow forecast for a business center shows how much cash the business is projected to generate or consume.

The cash flow statement is divided into 3 main areas:

• The operating cash flow shows how much cash is generated or consumed by the operations (running the business)
• The investing cash flow shows how much cash is being invested in capital expenditure (equipment, real estate, etc.)
• The financing cash flow shows how much cash is raised or distributed to investors and lenders

Looking at the cash flow forecast helps you to ensure that your business has enough cash to keep running, and can help you anticipate potential cash shortfalls.

It is also a best practice to include a monthly cash flow statement in the appendices of your business center business plan so that the readers can view the impact of seasonality on your business cash position and generation.

The initial financing plan

The initial financing plan, also known as a sources and uses table, is a valuable resource to have in your business plan when starting your business center as it reveals the origins of the money needed to establish the business (sources) and how it will be allocated (uses).

Having this table helps show what costs are involved in setting up your business center, how risks are shared between founders, investors and lenders, and what the starting cash position will be. This cash position needs to be sufficient to sustain operations until the business reaches a break-even point.

Now that you have a clear understanding of what goes into the financial forecast of your business center business plan, let's shift our focus to the written part of the plan.

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The written part of a business center business plan

The written part of a business center business plan is composed of 7 main sections:

• The executive summary
• The presentation of the company
• The products and services
• The market analysis
• The strategy
• The operations
• The financial plan

Throughout these sections, you will seek to provide the reader with the details and context needed for them to form a view on whether or not your business plan is achievable and your forecast a realistic possibility.

Let's go through the content of each section in more detail!

1. The executive summary

The executive summary, the first section of your business center's business plan, serves as an inviting snapshot of your entire plan, leaving readers eager to know more about your business.

To compose an effective executive summary, start with a concise introduction of your business, covering its name, concept, location, history, and unique aspects. Share insights about the services or products you intend to offer and your target customer base.

Subsequently, provide an overview of your business center's addressable market, highlighting current trends and potential growth opportunities.

Then, present a summary of critical financial figures, such as projected revenues, profits, and cash flows.

You should then include a summary of your key financial figures such as projected revenues, profits, and cash flows.

Lastly, address any funding needs in the "ask" section of your executive summary.

2. The presentation of the company

In your business center business plan, the second section should focus on the structure and ownership, location, and management team of your company.

In the structure and ownership part, you'll provide an overview of the business's legal structure, details about the owners, and their respective investments and ownership shares. This clarity is crucial, especially if you're seeking financing, as it helps the reader understand which legal entity will receive the funds and who controls the business.

Moving on to the location part, you'll offer an overview of the company's premises and their surroundings. Explain why this particular location is of interest, highlighting factors like catchment area, accessibility, and nearby amenities.

When describing the location of your business center, you could emphasize its proximity to major highways and other transportation links, as well as potential customers. You may also want to highlight the access to a highly skilled workforce, as well as the availability of quality resources. Additionally, you could point out the potential for growth in the area, as well as the potential for your business center to become a hub for businesses in the area. This might convince a third party financier of the potential of your business center and its strategic location.

Finally, you should introduce your management team. Describe each member's role, background, and experience.

Don't forget to emphasize any past successes achieved by the management team and how long they've been working together. Demonstrating their track record and teamwork will help potential lenders or investors gain confidence in their leadership and ability to execute the business plan.

3. The products and services section

The products and services section of your business center business plan should include a detailed description of what your company sells to its customers. 

For example, your business center might offer customers the use of a shared workspace, printing services, and meeting rooms. This can enable customers to have access to resources and professional tools that they may not have access to otherwise, such as high-speed internet, printers, and other equipment. It also provides them with the opportunity to meet with colleagues and clients in a professional space.

The reader will want to understand what makes your business center unique from other businesses in this competitive market.

When drafting this section, you should be precise about the categories of products or services you sell, the clients you are targeting and the channels that you are targeting them through. 

4. The market analysis

When you present your market analysis in your business center business plan, it's crucial to include detailed information about customers' demographics and segmentation, target market, competition, barriers to entry, and any relevant regulations.

The main objective of this section is to help the reader understand the size and attractiveness of the market while demonstrating your solid understanding of the industry.

Begin with the demographics and segmentation subsection, providing an overview of the addressable market for your business center, the key trends in the marketplace, and introducing different customer segments along with their preferences in terms of purchasing habits and budgets.

Next, focus on your target market, zooming in on the specific customer segments your business center aims to serve and explaining how your products and services fulfil their distinct needs.

For example, your target market might include busy professionals who travel frequently for work. They need a place to meet with colleagues, print documents, and have access to a conference room or other amenities. These customers value convenience and quality when it comes to business centers as they are often pressed for time and need to maximize their efficiency.

Then proceed to the competition subsection, where you introduce your main competitors and highlight what sets you apart from them.

Finally, conclude your market analysis with an overview of the key regulations applicable to your business center.

5. The strategy section

When crafting the strategy section of your business plan for your business center, it's important to cover several key aspects, including your competitive edge, pricing strategy, sales & marketing plan, milestones, and risks and mitigants.

In the competitive edge subsection, clearly explain what sets your company apart from competitors. This is particularly critical if you're a startup, as you'll be trying to establish your presence in the marketplace among entrenched players.

The pricing strategy subsection should demonstrate how you aim to maintain profitability while offering competitive prices to your customers.

For the sales & marketing plan, outline how you plan to reach and acquire new customers, as well as retain existing ones through loyalty programs or special offers.

In the milestones subsection, detail what your company has achieved thus far and outline your primary objectives for the coming years by including specific dates for expected progress. This ensures everyone involved has clear expectations.

Lastly, in the risks and mitigants subsection, list the main risks that could potentially impact the execution of your plan. Explain the measures you've taken to minimize these risks. This is vital for investors or lenders to feel confident in supporting your venture - try to proactively address any objection they might have.

Your business center could face a number of risks. For example, there may be a risk of a data breach, which could result in financial loss and reputational damage. Additionally, your business center could face the risk of equipment failure, which might lead to disruption in the business operations and could cost money and time to repair.

6. The operations section

In your business plan, it's also essential to provide a detailed overview of the operations of your business center.

Start by covering your team, highlighting key roles and your recruitment plan to support the expected growth. Outline the qualifications and experience required for each role and your intended recruitment methods, whether through job boards, referrals, or headhunters.

Next, clearly state your business center's operating hours, allowing the reader to assess staffing levels adequately. Additionally, mention any plans for varying opening times during peak seasons and how you'll handle customer queries outside normal operating hours.

Then, shift your focus to the key assets and intellectual property (IP) necessary for your business. If you rely on licenses, trademarks, physical structures like equipment or property, or lease agreements, make sure to include them in this section.

You could have a key asset such as a good location, which could attract customers and give your business center a competitive advantage. Additionally, your business center might have intellectual property (IP) such as business plans, customer lists, or marketing materials, which could help you stand out from the competition.

Lastly, include a list of suppliers you plan to work with, detailing their services and main commercial terms, such as price, payment terms, and contract duration. Investors are interested in understanding why you've chosen specific suppliers, which may be due to higher-quality products or established relationships from previous ventures.

7. The presentation of the financial plan

The financial plan section is where we will include the financial forecast we talked about earlier in this guide.

Now that you have a clear idea of the content of a business center business plan, let's look at some of the tools you can use to create yours.

What tool should I use to write my business center's business plan?

In this section, we will be reviewing the two main options for writing a business center business plan efficiently:

• Using specialized software,
• Outsourcing the drafting to the business plan writer.

Using an online business plan software for your business center's business plan

The modern and most efficient way to write a business center business plan is to use business plan software .

There are several advantages to using specialized software:

• You can easily create your financial forecast by letting the software take care of the financial calculations for you without errors
• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can access a library of dozens of complete business plan samples and templates for inspiration
• You get a professional business plan, formatted and ready to be sent to your bank or investors
• You can easily track your actual financial performance against your financial forecast
• You can create scenarios to stress test your forecast's main assumptions
• You can easily update your forecast as time goes by to maintain visibility on future cash flows
• You have a friendly support team on standby to assist you when you are stuck

If you're interested in using this type of solution, you can try The Business Plan Shop for free by signing up here .

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Hiring a business plan writer to write your business center's business plan

Outsourcing your business center business plan to a business plan writer can also be a viable option.

Business plan writers are skilled in creating error-free business plans and accurate financial forecasts. Moreover, hiring a consultant can save you valuable time, allowing you to focus on day-to-day business operations.

However, it's essential to be aware that hiring business plan writers will be expensive, as you're not only paying for their time but also the software they use and their profit margin.

Based on experience, you should budget at least £1.5k ($2.0k) excluding tax for a comprehensive business plan, and more if you require changes after initial discussions with lenders or investors.

Also, exercise caution when seeking investment. Investors prefer their funds to be directed towards business growth rather than spent on consulting fees. Therefore, the amount you spend on business plan writing services and other consulting services should be insignificant compared to the amount raised.

Keep in mind that one drawback is that you usually don't own the business plan itself; you only receive the output, while the actual document is saved in the consultant's business planning software. This can make it challenging to update the document without retaining the consultant's services.

For these reasons, carefully consider outsourcing your business center business plan to a business plan writer, weighing the advantages and disadvantages of seeking outside assistance.

Why not create your business center's business plan using Word or Excel?

Using Microsoft Excel and Word (or their Google, Apple, or open-source equivalents) to write a business center business plan is a terrible idea.

For starters, creating an accurate and error-free financial forecast on Excel (or any spreadsheet) is very technical and requires both a strong grasp of accounting principles and solid skills in financial modelling.

As a result, it is unlikely anyone will trust your numbers unless - like us at The Business Plan Shop - you hold a degree in finance and accounting and have significant financial modelling experience in your past.

The second reason is that it is inefficient. Building forecasts on spreadsheets was the only option in the 1990s and early 2000s, nowadays technology has advanced and software can do it much faster and much more accurately.

And with the rise of AI, software is also becoming smarter at helping us detect mistakes in our forecasts and helping us analyse the numbers to make better decisions.

Also, using software makes it easy to compare actuals vs. forecasts and maintain our forecasts up to date to maintain visibility on future cash flows - as we discussed earlier in this guide - whereas this is a pain to do with a spreadsheet.

That's for the forecast, but what about the written part of my business center business plan?

This part is less error-prone, but here also software brings tremendous gains in productivity:

• Word processors don't include instructions and examples for each part of your business plan
• Word processors don't update your numbers automatically when they change in your forecast
• Word processors don't handle the formatting for you

Overall, while Word or Excel may be viable options for creating a business center business plan for some entrepreneurs, it is by far not the best or most efficient solution.

• Using business plan software is a modern and cost-effective way of writing and maintaining business plans.
• A business plan is not a one-shot exercise as maintaining it current is the only way to keep visibility on your future cash flows.
• A business plan has 2 main parts: a financial forecast outlining the funding requirements of your business center and the expected growth, profits and cash flows for the next 3 to 5 years; and a written part which gives the reader the information needed to decide if they believe the forecast is achievable.

We hope that this in-depth guide met your expectations and that you now have a clear understanding of how to write your business center business plan. Do not hesitate to contact our friendly team if you have questions additional questions we haven't addressed here.

Also on The Business Plan Shop

• How to write a business plan to secure a bank loan?
• Key steps to write a business plan?
• Top mistakes to avoid in your business plan

Do you know entrepreneurs interested in starting or growing a business center? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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SHOPPING MALL BUSINESS PLAN TEMPLATE

Explore Options to Get a Business Plan.

Introduction

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

Global Market Size

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

Target Market

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

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

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

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

Business Model

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

Competitive Landscape

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

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

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

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

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

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

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Shopping Mall Business Plan Template FAQs

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

• Business Type
• Business Plan for Shopping Mall

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

• Yakitori Restaurant
• Grain Elevator
• Non-Governmental Organization
• Emergency Training School
• Environmental Engineer

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5 Considerations for a Small Shopping Center Design

Learn how to boost customer satisfaction and maximize retail profits with thoughtful design and implementation of technology.

April 20, 2023

Just because your shopping center is smaller doesn’t mean you should skimp on parking. The amount of space you can dedicate to parking relies on many factors, including the relationship between your leased space and surrounding private and public roadways. The generally accepted parking-to-retail ratio  is estimated anywhere between five to ten spaces per 1,000 square feet of commercial space.

Of course, one must also be cautious of how parking spaces are laid out. What appears to be ample space may become a congested mess when submitted to real-world traffic conditions. There is a direct link between parking availability and customer satisfaction , making it one of the most crucial shopping mall design considerations. If customers have a frustrating experience visiting your shopping center, they will be far less likely to return.

Consider the relationship between your shopping center’s entrances and the surrounding parking. Examine how parking lot entrances and exits feed into and out of surrounding roads. Monitor the overall flow of public traffic around your retail space, especially during peak hours, and see how it may exacerbate inherent issues with your design draft.

Picking the right retail businesses is a must when you have limited space. Performing an initial survey on surrounding businesses, population demographics, and other customer and location data will help you determine which stores your shopping center should house.

Importantly, you should have at least one or two anchor stores within your center to ensure a steady flow of customers to your retail center. Unfortunately, recent trends have seen an outflux of traditional retail anchors like department stores away from smaller centers as national chains look for ways to cut costs by closing underperforming retail locations. According to Deloitte , there are over 750 anchor vacancies across the United States, primarily in smaller Class B and Class C malls. Look to alternate sectors, like grocery stores, restaurants, entertainment centers, or even healthcare, to fill the gaps these traditional anchors have left behind.

Flesh out the rest of your properties with a mix of conventional and micro-retail  offerings. Temporary pop-up stores and smaller boutiques can add a much-needed burst of spontaneity to your retail traffic, encouraging shoppers to check in regularly for new offerings. Their smaller, non-traditional footprint can also fit into spaces that generally go unused.

Unlike when they venture out to larger malls that encourage exploration, many visitors to your shopping center will likely only need to stop by a single store. Making it easy for customers to arrive, get what they need, and get out quickly will be crucial for providing a quality shopping experience.

Ensuring that your location remains accessible to people with disabilities will also go a long way to providing a more comfortable and welcoming experience for all of your guests. Include ramps, elevators, automatic door openers, and other fixtures as state and federal regulations dictate.

Some shoppers will look for an excuse to linger after finishing their primary task, so provide opportunities for relaxation. Amenities like vending machines, restrooms, benches, plants, fountains, and other decorations create a welcoming environment, encouraging visitors to pop into different stores.

Knowing where to place these amenities in a way that optimizes the customer experience and maximizes revenue requires capturing and understanding live data — and tools like augmented reality can help. AR apps, digital signage, and digital twins all provide critical insight into the ways shoppers move and interact with your retail space, revealing the results of successful decisions and surfacing pain points to address.  Download our free ebook  to learn how digital infrastructure can help you get the most out of your small shopping center designs.  Or  get in touch  with Resonai today and set up a free demonstration.

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Build a mall – complete guide (costs, construction & financing).

 December 24, 2019

If you want to build a mall, you’ll need the answers to many questions. For example, how much does it cost to build a mall? How much does it cost to build a small strip mall? What expertise do you need to build a shopping mall and how to build a strip mall? What’s involved if you want to build a shopping center?

This article addresses all of these questions and discusses shopping mall financing, including how Assets America ® can help. We also answer some frequently asked questions about how to build a mall.

Reem Mall Construction Time Lapse – June 2018

How Assets America ® Can Help

Assets America ® can finance your shopping mall with loans starting at $20 million. There is virtually no limit to the amount of financing we can arrange. Importantly, we have decades of experience financing all sorts of shopping malls and high-end commercial projects.

Our deep network of private investors and banks can most often provide financing even when your bank turns you down. Don’t make a move until you speak with us first. We will be happy to confer with you on a confidential, no-obligation basis. So please call us at 206-622-3000 or simply fill out the form below and expect a very quick response.

Apply For Financing

Types of malls.

Before discussing how to build a mall, it’s important at the outset to define the various types of malls.

A general term encompassing properties such as a shopping mall, shopping complex, strip mall, or pedestrian street.

Shopping Center/Mall/Complex

This is a series of one or more buildings containing shops, adjacent parking, and interconnected walkways. Usually, the shops are indoors. Shopping malls may contain entertainment and dining venues. They can range in size from neighborhood centers to super-regional centers.

An open-air shopping center usually arranged in a single row of stores fronted by a sidewalk. Typically, developers build strip malls as a unit accompanied by suitable parking facilities. Many are separate from pedestrian connections and rely on cars and mass transit. Power centers are large strip malls.

This is a marketplace, public square, or similar open space. It may include streets closed off to vehicular traffic.      

Outlet Mall

A mall in which manufacturers sell their wares directly to the public, usually at discount prices.

How Much Does It Cost to Build a Mall?

It’s not cheap to build a mall. The national average is $24.9 million for a medium-sized shopping mall , not including land purchase and clearing. To build a mall, demolition may be necessary, and this will add significantly to the total cost.

A typical mall has four anchor stores, two floors, and 56,000 square feet. Naturally, mall sizes and costs vary greatly according to size, site conditions, construction techniques, tenants, amenities, and location.

Mall construction requires the participation of an owner/developer, architects, general contractor, and subcontractors. Typically, malls use “best” quality building techniques and materials in order to minimize bonding and insurance costs.

Of the average $24.9 million total cost, the breakdown is:

The average construction costs are $442 per square foot , although costs range from $225 to $450 per square foot . These cost estimates assume that labor belongs to unions without mob control.

Non-unionized labor has the following national average costs:

Breakdown of Costs

To calculate “How much does it cost to build a mall?”, account for the following types of typical costs:

• Acoustic ceilings, suspended
• Brick face, stucco, or stone exteriors
• Communication systems
• Concrete foundation
• Display fronts with aluminum/glass double doors, bulkheads, finished walls, and lighting
• Doors and partitions
• Floors covered with carpet and sheet vinyl
• Fluorescent lighting, recessed
• Gypsum-board interior walls
• HVAC equipment and suspended ducts
• Office space and mezzanines
• Security and safety systems
• Six plumbing features per 4,000 square feet
• Stairwells, escalators, and passenger and freight elevators
• Steel roofs with plywood sheathing and five-ply insulation

Architect Costs

Typically, architects will consume about 17% ($4.23 million) of the total budget to build a mall. In return, you receive the following services:

• Develop/ascertain project budget
• Draft plans for proposed work
• Create schematics and floor plans
• Interface with structural engineers and governmental planning agencies
• Finalize all details for drawings, materials, and finishes
• Serve as or work with the project manager
• Obtain permits
• Advise about selection of contractors and bids
• Complete all documents necessary for construction

Contractor Costs

Without a doubt, the contractor is responsible for the daily management of the project. Typically, contractor cost comprises 14% ($3.49 million) of the total budget. In addition, a contractor might extract $3+ million in indirect fees and markups. Contractor tasks include:

• Procuring all materials and services
• Selecting and hiring subcontractors
• Collaborating with the architect and the owner to evaluate plans
• Pulling all permits for work and installation of utilities
• Overseeing all construction
• Providing final cleanup of the construction site

How Much Does It Cost to Build a Small Strip Mall?

Unsurprisingly, a small strip mall is less expensive to build. Usually, it consists of a street lined with attached stores and on-street parking. You don’t have to spend money on interconnecting walkways other than the main front thoroughfare. Nor do you have to build parking structures, although you certainly can if that is part of your plan.

There won’t be elaborate food courts and other amenities you would typically find in a shopping complex. You must choose what kind of tenants will be located at the strip mall and price your construction accordingly. Clearly, you may have to minimize costs if your mall comprises down-market stores. For example, these may include:

• Vintage clothing shops
• Dollar stores
• Resale shops
• Bail bonds providers
• Liquor stores
• Blood purchase services
• Tattoo parlors
• Laundromats
• Discount shoe stores
• Food banks and soup kitchens
• Payday lenders and check cashers
• Walk-in injury lawyer storefronts
• Bakery outlets
• Animal pounds
• Teenage addiction counseling clinics

Clearly, your rental income projections must account for the types of tenants you attract. These projections may tempt you to cut corners during construction, but nevertheless, you must build to the minimum safety codes. Typically, a minimum-cost small strip mall might cost about $250/square foot to build .

How to Build a Strip Mall or Shopping Center

There are a series of steps you will need to build a shopping mall, including the following items.

1. Site Selection

You must choose the land upon which you’ll construct your mall. Naturally, you want a location that is easy to access, and not too far from a nearby center. Also, it should provide space for parking and not create local traffic congestion.

The location should be convenient for access by your targeted market. Will your targeted customers be able to afford shopping at the tenant shops at the mall? Frankly, some malls appeal to average-to-low-income customers, while others will market to the rich, educated elite.

Undoubtedly, another factor is age. Will you be targeting teenagers and young adults, or will you favor mature adults and seniors? Perhaps you’ll go after a mix of all types of customers, but you’ll need to consider the pros and cons.

A mall that appeals to everyone may appeal to no one. However, a mall that targets a slice of the consumer market may be limiting its traffic.

2. Characteristics and Amenities

Your mall plans may follow a theme and include amenities like restaurants and other service providers. Will the mall have something different or unique to attract customers? You should research existing malls to see how they address these issues. Clearly, you need to discover which approaches work and which don’t.

In addition, your research will include technical aspects such as tenancy mix, footfalls, best practices, and so forth. A major decision will be the size of the mall and the intended anchor tenants.

The branding of your mall depends on its tenants, characteristics, and amenities. These incur costs beyond construction, but your branding plans can influence how you build the mall.

For example, a mall with small discount stores looks quite different from one with upscale department stores and boutiques. Naturally, your construction budget might be much lower if your mall consists of down-market tenants. These might include dollar stores, used-book stores, furniture consignment shops, and charitable recycled merchandise stores.

There is no reason that this type of mall will be less profitable than an upscale mall. However, a down-market mall should minimize costs. This may include average-to-budget materials, non-unionized labor, and unskilled workers.

3. Operational Aspects

Your building plans should account for the special requirements of a mall. For instance, you may need to include special facilities to support mall security that operates 24/7. You might want to include a first-aid center to handle on-site injuries. You’ll also have to provide for cleaning and maintenance operations.

Some malls have on-site property managers and tenant recruiters. The extent to which your mall will have on-site support operations will most certainly affect the cost of construction.

Another operational aspect that affects construction costs is your IT & technology plans. New malls definitely favor high technology to deliver features like customer Wi-Fi and integrated security monitoring. This may require extra cabling and devices that add to the cost but pay for themselves over time.

Shopping Mall Financing

Some shopping mall developers may be self-financing from equity. That is, they use retained earnings to pay for new shopping mall construction. However, most mall projects require debt financing.

Frequently, a developer may choose to recruit investors. Clearly, this requires you to estimate a return on investment, break-even point, and payback period. Then you must decide how to attract investors who will allow you to run the project your way. You will need mechanisms to resolve disputes with minimal disruption.

Your budget is the starting point. You must conduct a feasibility study to verify that the budget is sufficient under various scenarios. To be clear, a sensitivity analysis tests your cost and revenue assumptions under positive and negative conditions.

The output is a series of pro forma balance sheets, P&L statements, cash flow statements, and financial ratios. Doubtlessly, investors may be interested in seeing all of this material before signing on to the deal. However, you might not want to share projections you judge to be unlikely.

You can potentially offload some of these concerns if you use a loan broker such as Assets America ® .

Frequently Asked Questions

Are shopping malls a smart commercial property investment.

Yes, shopping malls can be an excellent property investment if you do your homework first. Substantial due diligence is an involved process that requires access to data and expert analysis. You must make sure you pay the right amount and receive the appropriate return on your investment.

How long does it take to build a shopping mall?

The time from initial concept to space leasing can take 2 to 5 years or longer. Obviously, if municipal financing is involved, multiply your time estimates several times. Tellingly, the American Dream Mall in the New Jersey Meadowlands took 16 years to go from concept to operation.

What’s the difference between a mall and a shopping complex?

Usually, a mall contains enclosed structures. Whereas a shopping complex may have open-air complexes in addition to enclosed structures. Indeed, both types of properties feature large parking facilities and must deal with traffic challenges.

What’s the difference between a plaza and a mall?

A plaza is usually an outdoor facility, although it may have a covered roof. Simply, plazas may be areas that allow for mobile vendors such as food trucks and flea markets. Most malls are indoor facilities, although they might have outdoor components as well.

What’s the difference between a mall and an outlet?

A mall usually has a wide mix of merchants. However, an outlet mall features the retail stores of manufacturers. Also, it may contain off-price merchandise from department stores. Consumers patronize outlet malls when they are looking for name brand merchandise at reduced prices. 

Helpful Resources

• First, read this enlightening article from McKinsey & Company on The Future of Building Shopping Malls .
• In addition, you can read this Fodor’s article on the best shopping centers in the world if you’re looking for inspiring ideas to build a mall .
• Finally, there’s a Havard research article called Where Should We Build a Mall? The Formation of Market Structure and Its Effect on Sales .

Articles Related to Shopping Malls

• Complete Guide to Shopping Center Loans
• Should You Invest in Shopping Centers
• Commercial Loans:  Complete Guide to Obtaining High-Dollar Loans

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• Complete Guide to Construction Loans
• 5 Signs of a Well-Run Commercial Construction Project
• Ultimate Guide to Commercial Construction Companies

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Ronny was a pleasure to work with and is extremely knowledgeable. His hard work was never ending until the job was done. They handled a complex lease and guided us through entire process, including the paperwork. Not to mention a below market lease rate and more than all the features we needed in a site. We later used Assets America for a unique equipment financing deal where once again Ronny and team exceeded our expectations and our timeline. Thank you to Assets America for your highly professional service!

Great experience with Assets America. Fast turn around. Had a lender in place in 30 minutes looking to do the deal. Totally amazing. Highly recommend them to anyone looking for financing. Ronny is fantastic. Give them a call if the deal makes sense they can get it funded. Referring all our clients.

Assets America guided us every step of the way in finding and leasing our large industrial building with attached offices. They handled all of the complex lease negotiations and contractual paperwork. Ultimately, we received exactly the space we needed along with a lower than market per square foot pricing, lease length and end of term options we requested. In addition to the real estate lease, Assets America utilized their decades-long financial expertise to negotiate fantastic rates and terms on our large and very unique multimillion dollar equipment purchase/lease. We were thankful for how promptly and consistently they kept us informed and up to date on each step of our journey. They were always available to answer each and every one of our questions. Overall, they provided my team with a fantastic and highly professional service!

Assets America was responsible for arranging financing for two of my multi million dollar commercial projects. At the time of financing, it was extremely difficult to obtain bank financing for commercial real estate. Not only was Assets America successful, they were able to obtain an interest rate lower than going rates. The company is very capable, I would recommend Assets America to any company requiring commercial financing.

Assets America was incredibly helpful and professional in assisting us in purchasing our property. It was great to have such knowledgeable and super-experienced, licensed pros in our corner, pros upon which we could fully rely. They helped and successfully guided us to beat out 9 other competing offers! They were excellent at communicating with us at all times and they were extremely responsive. Having them on our team meant that we could always receive truthful, timely and accurate answers to our questions. We would most definitely utilize their services again and again for all of our real estate needs.

Assets America is a great company to work with. No hassles. Recommend them to everyone. Professional, fast response time and definitely gets the job done.

Ronny at Assets America has been invaluable to us and definitely is tops in his field. Great experience. Would refer them to all our business associates.

We were very pleased with Assets America’s expertise and prompt response to our inquiry. They were very straight forward with us and helped a great deal. We referred them to all our business associates.

I’ve worked with this company for decades. They are reputable, knowledgeable, and ethical with proven results. I highly recommend them to anyone needing commercial financing.

Ronny was incredibly adept and responsive – top-notch professional who arranged impressive term sheets.

Assets America helped us survive a very difficult time and we most definitely give them 5 stars!

Ronny was very friendly and though we were unable to make something happen at the moment he gave me some direction to go.

My business partner and I were looking to purchase a retail shopping center in southern California.  We sought out the services of Ronny, CFO of Assets America.  Ronny found us several commercial properties which met our desired needs.  We chose the property we liked best, and Ronny went to work. He negotiated very aggressively on our behalf. We came to terms with the Seller, entered into a purchase agreement and opened escrow.  Additionally, we needed 80 percent financing on our multimillion-dollar purchase.  Assets America also handled the commercial loan for us.  They were our One-Stop-Shop. They obtained fantastic, low, fixed rate insurance money for us.  So, Assets America handled both the sale and the loan for us and successfully closed our escrow within the time frame stated in the purchase agreement.  Ronny did and performed exactly as he said he would. Ronny and his company are true professionals.  In this day and age, it’s especially rare and wonderful to work with a person who actually does what he says he will do.  We recommend them to anyone needing any type of commercial real estate transaction and we further highly recommend them for any type of commercial financing.  They were diligent and forthright on both accounts and brought our deal to a successful closing.

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Sporting Goods Retail Store Business Plan

Start your own sporting goods retail store business plan

Sportsuchtig

Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.

The purpose of this business plan is to secure a seven-hundred thousand dollar ($700,000 to $800,000) conventional business loan from a financial institution in order to purchase the assets of the business known as Sportsuchtig. It will be purchased by Johnson Sporting Goods, LLC, a limited liability company formed for this purpose by John and Lisa Johnson. The business will continue to be known and operated as Sportsuchtig.

Sportsuchtig sells quality sporting goods equipment for the entire family, primarily focused on and specializing in baseball and softball equipment, apparel and accessories from major manufacturers such as Easton, Louisville Slugger, Wilson, Worth, Mizuno, Miken, and Under Armour. The company was established as a retail store in 1986 and created an Internet sports store in 1996. The company currently operates with 10 employees out of a 7,400 square foot facility which houses the combined retail store, call center, office, and product warehouse. Over the last 3 years the company has averaged $2.5 million in sales and a gross margin of 25%, with 52% of the sales generated by the website and 48% coming from the retail store.

In the last 3 years, Sportsuchtig has generated verifiable pre-tax income averaging $194,000 and total owner’s benefit averaging over $323,000. This is a strong business that is positioned well for accelerated growth. We believe the business can reach revenue levels of over $5 million in 5 years by implementing this business plan. Sales are projected to be flat in year one and then grow at 20% in years 2-5. This growth forecast is based on the assumption that the company acts on these key opportunities:

• Redesign, upgrade and marketing of the Internet store.
• Relocating the existing retail store.
• Adding additional product lines for sports played in other seasons than baseball/softball.
• Creation of an outside sales team to gain a significant share of the team sales market.
• Optimization of inventory purchasing, management and tracking.

We will plan to relocate the business near the end of year 1 which should help position us for increased retail sales beginning in year 2. The website will be redesigned in the first 6 months and the Web marketing strategy will be timed to coincide with the implementation of the new site. Expansion into at least one new product participant segment will be planned for each year, beginning in year 1. An outside sales team manager will be hired in year 1, but ramp-up of the sales team is not planned until early in year 2.

The business will be managed by owner John Johnson who will act as President and CEO. Mr. Johnson’s high technology and sports business backgrounds, coupled with his entrepreneurial experience, makes him the ideal leader to drive this sporting goods retail/internet endeavor. He spent almost 20 years leading research and development efforts for high technology stalwarts such as Lucent Technologies and ;Motorola Systems, and was a founding employee and Vice President of a high-tech startup. Mr. Johnson also founded and currently owns two other businesses, Johnson Enterprises, LLC and Johnson Investments, LLC. Johnson Enterprises, LLC sells, designs, and constructs custom game courts (basketball, tennis, etc.), synthetic putting greens, and sporting goods products. Mr. Johnson received a Bachelor of Science in Computer Science from Stone College in Boulder, Colorado and a Masters in Business Administration from the University of Illinois.

1.1 Objectives

• Maintain or exceed in year 1 the recent two-year levels of sales ($2.5 million), gross margin (25%), and net margin (12%).
• Realize an annual sales growth rate of 20% in years 2-5, reaching over $5 million in sales by the end of year 5.
• Improve gross margins from 25% to 35% by the end of year 5.
• Improve net margins by the end of year 5.
• Redesign and upgrade the Internet e-commerce store by the end of the first year.
• Increase website site traffic 50% and sales 20% in years 1-5 by investing in aggressive Web search optimization and marketing.
• Enhance the retail store location in the second half of year 1 by relocating the current store from its current location to a more prime location in the metropolitan area.
• Establish relationships with local nonprofit organizations, to help underprivileged children build confidence and self esteem through youth sports programs.
• Run the business as a family-run and -oriented business with emphasis on truth, integrity, quality relationships, fun, and giving back to the community.

1.2 Mission

To become the sports equipment supplier of choice, based on product expertise, price, quality, and level of service, by developing a long term relationship with our customers. Become the “family expert” for sporting goods equipment by treating customers like friends and family and by maintaining an experienced, knowledgeable, and caring staff that can help the customer make the right purchase for them, whether they are individuals outfitting their family, or coaches, athletic directors and league representatives supplying their teams.

1.3 Keys to Success

• Upgrade the website so that it is more professional and user friendly, offers incentives, features, and promotions to draw customers back to the site repeatedly, and is optimized for maximum search results.
• Relocate the existing retail store to a more densely populated, growing location.
• Negotiate optimal agreements with the major suppliers that allow us to improve margins, hold down costs, and maximize the control and turnover of our inventory.
• Implement a state-of-the-art, computerized inventory management system to improve inventory turnover and tracking.
• Expand the product line by offering equipment for additional sports that are typically in demand during current Sportsuchtig slow seasons.
• Create an outside sales team that calls on schools, leagues, and associations and is known for product expertise and top service.
• Train employees on product features and on how to provide family-oriented sales and customer support.
• Train an existing employee, or hire from outside, a store manager to cover for and be the backup for the Owner/President.
• Advertise and market in areas where our target customer base can learn about our retail and internet stores.
• Build a reliable operations infrastructure that is ready to serve customers, prepare accurate billing and accounting, follow up on orders and shipping, manage the Web site, and maintain a close watch on expenses and collection of accounts receivable.
• Be an active member of the community by participating in nonprofit activities and by sponsoring local sports teams, leagues, and tournaments.
• Ensure through daily management practices that the values of The Sportsuchtig mission are followed, so that a successful and growth-oriented business is developed and maintained.

Company Summary company overview ) is an overview of the most important points about your company—your history, management team, location, mission statement and legal structure.">

Sportsuchtig sells quality sporting goods equipment for the entire family, primarily focused on and specializing in baseball and softball equipment, apparel and accessories (although we do sell a small amount of volleyball, basketball and football equipment). The company was established as a retail store in 1986 and created an Internet sports store in 1998. The company currently operates out of a 7,400 square foot facility which houses the combined retail store, call center, office, and product warehouse. Over the last 3 years, the company has averaged $2.5 million in sales and a gross margin of 25%, with 52% of the sales generated by the website and 48% coming from the retail store.

The retail store is open Monday through Saturday from 9:00 am to 7:00 pm and is closed on Sunday. Orders are retrieved four to six times daily except on Sunday and the 800 call center number is staffed during retail store hours.

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2.1 Start-up Summary

The startup expenses include Legal Fees for services in regards to the purchase of the business such as the Letter of Intent, the Asset Purchase Agreement, due diligence activities, and the business organization. The Accounting fees are for services regarding the business evaluation and due diligence activities. Rent and insurance for the retail facility must be prepaid before the business takeover. Also listed are expenses related to the creation and production of this business plan.

The startup assets listed are the assets that are being purchased. The purchase price of $1 million for the business is based almost entirely on the value of the assets. The large majority of the company assets, almost $900,000 worth, will reside in inventory. The $25,000 of current assets include furniture, fixtures, display cases, and accounts receivable. The $25,000 of long term assets include 7 computers and a server, printers, and associated software.

The starting cash of $50,000 is working capital to cover 2 months of expenses ($45,000), to provide for initial marketing efforts and as a contingency fund to cover unforEseen expenses related to the takeover of the business.

The purpose of this business plan is to secure a $700,000 conventional or SBA loan for the purchase of the business. The remainder of the purchase and startup costs ($300,000) will be financed through owner investment.

2.2 Company Ownership

The assets of Sportsuchtig are being purchased by John and Lisa Johnson. The company will be organized initially as a Limited Liability Corporation named Johnson Sporting Goods, LLC, doing business as Sportsuchtig.

Sportsuchtig will sell the latest and most popular name-brand sporting goods, apparel, and accessories. Consumers will be educated as to the proper size, style, fit, and design needed for their particular use. Initially these sporting goods will be for the sports of baseball, softball, volleyball, basketball, and football, with the focus primarily on softball and baseball.

The products are purchased from the top manufacturers in the world, such as Easton, Louisville Slugger, Wilson, Worth, Mizuno, Miken, Under Armour, Jugs, Adams, ATEC, Playmaker, TrueSports, Bike. Inventory is tracked through our POS cash register and computerized tracking system. Each day we will be aware of the style, size, and quantity of every item sold in the retail and internet stores.

The general list of products initially to be offered includes the following:

Baseball/Softball Equipment

Baseball Bats, Baseball Gloves, Batting Helmets, Batting Tees, Bases, Catcher’s Equipment, Bat Hangouts, Batting Gloves, Easy Toss Machine, Instant Screens/Nets, Hit-N-Stik, Equipment Bags, Hats, Training Aides, Sunglasses, Baseballs, Softballs, Shoes/Cleats, Umpire Equipment, Ball Buckets, Eye Black, Scorebooks, Pitching Machines, Backstop/Batting Cages, Ball Feeders, Protective Screens, Field Maintenance Equipment, Ankle/Knee Braces, Athletic Supporters, Sliding Shorts, Coaches’ Shorts, Coaching/Training Aids & Videos, Wraps, Ice Packs, First Aid, Mouth/Lip Guards, and Protective Aids.

Baseball/ Softball Uniforms & Apparel

Uniforms for Men, Women and Youth. Uniform Jerseys, Uniform Pants, Uniform Hats, Socks, and Belts. Custom screen printing of uniform names and numbers.  Under Armour Gear – Heat, Cold, All Season, Turf, Loose, Performance, and Street. Manufacturer T-shirts and caps.

Volleyballs, Volleyball Bags, Portable Scoreboard, Knee Pads, ClipBoard, Volleyball Carts.

Basketballs, Basketball Systems/Hoops, Basketball Courts, Basketball Fencing, Lighting Systems.

Footballs, Shoulder Pads, Knee Pads, Thigh Pads, Helmets, Gloves, and WristCoach.

Synthetic putting greens.

Future Products

After the assumption of the business, we will look to increase our product line laterally by offering additional product categories. Initially, this will be done to increase revenue in months that are historically slower for Sportsuchtig.  We will also significantly grow the existing Volleyball, Basketball, and Football lines in year 1. 

We will evaluate introducing products for the sports of Soccer, Field Hockey, Lacrosse, Hockey, Golf, Swimming, Tennis, Wrestling, Running and Cheerleading. We will also evaluate the introduction of Major League and College sports team logo apparel such as NFL, NBA, MLB, NHL, NCAA and NHL.

In addition, in order to serve the older and more affluent sports participant, we will evaluate less vigorous and more relaxing sports lines such as camping, fishing, and golf.

Market Analysis Summary how to do a market analysis for your business plan.">

The sporting goods market as a whole is a multi-billion dollar industry, with retail sales of sporting goods reaching $45.8 billion in 2003. Sales are expected to grow 2% in 2004 to $46.7 billion. The personal consumption of sporting goods is forecast to grow at an annual compounded rate of 4.8% between 2004 and 2007. Retail sales at sporting goods stores are very sensitive to the health of the economy, because most sports are a leisure activity. Spending on sporting goods correlates strongly with consumer confidence and level of personal disposable income.

The sporting goods market has a myriad of segments that can be categorized by product, sport, geography, behavior, participation, organization and standard demographics. Demographics play a big part in sporting goods sales, since population growth and age groups distinctly impact sport participation.

Our main sales categories break down customer groups by Sports Participation – ie., for which sport(s) the person is buying equipment. These customers have needs based on the specific sport(s) in which they participate. For example, Baseball participants are looking specifically for baseball equipment, uniforms, training aids, etc. We will initially focus on players of Baseball, Softball, Volleyball, Basketball, and Football.

However, in terms of marketing, we will take different approaches to attracting the attention of potential customers based on their relation to the sport or sports player (customer type), and on their buying method/location (retail/online).

• Customer Type – These customers have needs based upon the type of role they play in regards to the sports participants.  For example, many times those making sporting goods purchases are not those actually participating in the sport, but instead are parents, athletic directors, and coaches.  These segments include: Individual Participants, Parents, League Representatives, Independent Team Coaches, School Athletic Coaches and Directors, Sports Performance Businesses. 
• Retail/Online  – For retail stores, geographic and demographic divisions are critical, especially in understanding the different needs of our local and online customers. Appeals to soccer moms work one way in the local paper, where the convenience factor is a nearby location with great customer service, and a different way online, where convenience may come in the form of free shipping for larger orders, or free telephone assistance in choosing a size.

4.1 Market Segmentation

Sportsuchtig’ market is both nationwide (even some international) via the internet store, and local, via the retail store, in the local metropolitan region. Market segmentation for Sportsuchtig has several layers and can be analyzed and targeted from many different angles.

The targeted customer market will be segmented in multiple layers as follows:

Sports Participation – These customers have needs based on the specific sport(s) in which they participate. For example Baseball participants are looking specifically for baseball equipment, uniforms, training aids, etc. The National Sporting Goods Association (NSGA) reports in a 2003 report on sports participation in the U.S. for those 7 years of age and older, that there were over 256 million sports participants in 2003 (some participated in multiple sports). The major sports participation segments initially for Sportsuchtig:

Baseball – According to the NSGA 2003 report, for those 7 years of age and older, over 14.6 million people participated in Baseball. Of these 14.6 million, 4.5 million were aged 7-11 and 4.1 million were aged 12-17. Softball – According to the NSGA 2003 report, for those 7 years of age and older, over 11.8 million people participated in Softball. Of these 11.8 million, 1.9 million were aged 7-11 and 2.9 million were aged 12-17. Volleyball – According to the NSGA 2003 report, for those 7 years of age and older, over 10.4 million people participated in Volleyball. Of these 10.4 million, 1.3 million were aged 7-11 and 3.4 million were aged 12-17. Basketball – According to the NSGA 2003 report, for those 7 years of age and older, over 27.9 million people participated in Basketball. Of these 27.9 million, 6.3 million were aged 7-11 and 7.9 million were aged 12-17. Football – According to the NSGA 2003 report, for those 7 years of age and older, over 8.7 million people participated in tackle Football and 9.3 million in touch Football. Other Sports (Future for Sportsuchtig) – According to the NSGA 2003 report, for those 7 years of age and older, over 173.4 million people reported participating in other sports than those that Sportsuchtig currently targets. This represents a huge growth opportunity for Sportsuchtig as it moves to target these sports segments.

These millions of participants are all potential customers for the internet store. The local area has a large number of youth recreation, adult recreation, and school leagues for these sports.

Customer Type – These customers have needs based upon the type of role they play in regards to the sports participants. For example, many times those making sporting goods purchases are not those actually participating in the sport, but instead are parents, athletic directors, and coaches.

Individual Participants – These are the actual sports participants. Typically, these would be adult participants or older youths who have the technical knowledge and disposable income to purchase sporting goods equipment and apparel on their own. Parents – Parents buy on their own, or are present during the purchase of over 90% of sporting goods purchases for youths ages 5-18. This segment can be heavily influenced by their children in regards to the “hot” or best products. They are also the segment in most need of technical assistance from sporting goods store staff. League Representatives – Members of adult and youth athletic associations are responsible for league equipment and uniform purchases to outfit league teams. Long-term relationships and sponsorship participation are important to this segment. They usually have technical proficiency and want to deal with someone that is on or above their technical level of expertise. This segment is usually well informed about recent product offerings and can be a solid channel for introducing new products. They are also a marketing channel to all the participants and parents involved with their league. Independent Team Coaches – Typically those organizing and coaching adult sports teams, or individual advanced youth teams (such as AAU teams), they are responsible for the design and purchase of their individual team uniforms. School Athletic Coaches and Directors – Public and private middle and high school athletic directors must outfit their teams with high quality sporting goods equipment and uniforms. Establishing ;relationships with this segment is difficult, but can be lucrative if all of the school’s sporting goods needs can be met. Sports Performance Businesses – These are organizations that sell services to enhance the participant’s performance in his or her sport. Many times, they operate recreational/training facilities and offer individual or team training programs. Selling equipment to these facilities provides a channel, not only to the facilities’ customers, but also to the many area school and league coaches, who are typically part-time employees of these companies.

Retail/Online  – It is critical for us, as a retail store, to understand the demographics of our different sales bases.

National – The demographic for the internet store is truly nationwide. The potential customer segment is all of the 256 million sports participants that have access to the internet. Products have been sold and shipped from this site to most of the 50 states in the U.S. In fact, products have also been sold internationally in Japan, Singapore, etc. Metropolitan Area – The metropolitan area has a population of just over 1 million. This area is made up of 13 counties and cities and grew 15% from 1990 to 2000.  Jansen county is the county where most of Sportsuchtig current retail customers live. Jansen county has a population of 278 million and a recent growth rate of 2%.  Jansen county alone has 52,000 students, 36 elementary schools, 12 middle schools, and 10 high schools. The other largest counties – Jefferson and Lucas – are growing at 1.5% and 2.3% respectively. We believe that relocating the retail store north will provide significantly better accessibility for the sports participants in these counties, especially with the opening of the new highway around the western edge of the metropolitan area.

4.2 Target Market Segment Strategy

The focus will initially be on the Baseball and Softball participant segment, because this is Sportsuchtig’ current core competency and because the number of participants, both nationally and locally, is quite large. We will look to leverage current Sportsuchtig relationships in this segment and move aggressively to increase sales and margins through a targeted marketing campaign.

We will then strategically target other participation segments to try and increase sales during the non-peak baseball/softball sales months. This is a huge opportunity for growth for the company, as evidenced by the large number of participants present in the other participant segments. Changing tastes in sports and strong sales of sporting goods in recent years partly reflect the changing composition of the U.S. population. In particular, the number of older (and more affluent) people has increased rapidly in the past decade. As the Baby Boomers age, they participate less in vigorous sports like baseball, basketball, and tennis, and more in relaxed sports like camping, fishing, and golf. We believe quickly moving into at least one sport that serves this aging market to be critical to meeting sales goals.

Due to the fact that the company has both an internet store and a retail store it is important to understand the market segmentation and demographics on both a national and local level. The internet store has made substantial sales (almost 1.3 million in 2003) with a weak user presentation experience and basically no Web marketing strategy. The analysis of the number of sports participants nationwide, not to mention internationally, illuminates the fact that attacking this nationwide segment through a focused Web strategy could bring significant returns.

4.3 Industry Analysis

In the U.S., about 20,000 companies operate retail sporting goods stores, with combined annual revenue of $25 billion. Most operate a single retail location. Large chain operators include Sports Authority ($1.4 billion revenue), Gart Sports ($936 million), Dick’s Sporting Goods ($2 billion – including the recent acquisition of Galyan’s), and Hibbett Sporting Goods ($241 million). The industry is highly fragmented. There are 150 companies with more than 5 stores, but the 20 largest chains hold only about 35 percent of the national market.

Sporting goods stores vary according to format and merchandise. Large format stores (Dick’s, Sports Authority), also known as “Big Box” stores, are from 20,000 to 100,000 square feet, stock a large number of items, and are typically found as anchor stores in strip malls or in stand-alone locations. Traditional sporting goods’ retail stores (Happy Sports, Don’s Sporting Goods in the metro area) are from 5,000 to 20,000 square feet, carry a more limited number of items, and are typically found in strip or enclosed malls. Sportsuchtig falls into this traditional format with 7,400 square feet, 2.5 million in sales, and 10-12 employees. Large format stores typically have more than $5 million in annual revenue and more than 50 employees. raditional retail stores typically have $1-$5 million in sales and 10-50 employees. In the U.S., there are about 8,000 large-format and traditional sporting goods stores, with 50% of industry revenue.

Sporting goods are also sold by mass merchandisers like Wal-Mart, Kmart, and Target, and by catalog and Internet retailers like Cabela’s and L.L. Bean. Although large chains sell a broad range of merchandise at lower prices, small local stores can successfully compete by offering better service or specializing in a particular sport(s). Because the equipment of many sports is very technical, knowledgeable salespeople are a strong competitive factor. Employees must be trained to understand and explain differences. Companies typically try to recruit employees who are avid sports’ participants.

Marketing is typically through a combination of advertising and sports events. Advertising is most often through newspaper ads, inserts, direct mailings, and sometimes radio. Word-of-mouth advertising is especially important to traditional sporting goods stores that provide superior service and expertise. Many companies sponsor local sports events or competitions and host appearances by sports celebrities. Some stores provide technical services and “participation areas” like basketball hoops, putting greens, and climbing walls. In addition to selling individual items, many stores (Happy, Don’s) specialize in selling team uniforms and equipment to local schools and clubs.

Inventory management is a major concern for all sporting goods retailers because of the large numbers of items they sell and the short selling season for many sports. Insufficient inventory produces missed sales, but excess inventory can’t easily be sold once a sports season is over. Many companies use highly sophisticated computerized inventory management systems.

4.3.1 Competition and Buying Patterns

The competition for Sportsuchtig’ retail store in the metropolitan area includes one large format sporting goods chain with 4 locations, 2 well known traditional format sporting goods stores with 1 location each, and around 18 specialty, or niche, sporting goods stores.

The large format store is Dick’s Sporting Goods, which is based in Pittsburgh, Pennsylvania. With its recent purchase of Galyan’s Trading Company, Dick’s now has annual sales of over $2 billion and operates 221 stores in 32 states. Dick’s has 4 big box stores in the metropolitan area. Dick’s offers a very wide variety of sports equipment and products, but the selection within each sport is usually limited and narrow. Their stores are big and impressive and found in upscale areas. The stores appear to be under-staffed, as it is usually hard to find ready assistance. Once found, the employees are not very knowledgeable in regards to product offerings and/or location of the products in the store. Most of the time the employees are teenagers. Products are generally priced higher than the competition, although they do have frequent sales and discounts. They utilize a “Score Card” discount club program that allows frequent customers to benefit from specials and discounts once they reach a certain level of points based on past purchases. They actually give the customer a credit-card-sized card to present when making purchases. They utilize the information gathered during registration for this program to send direct mail and email offers to the members. Customers generally purchase from Dick’s when they don’t need technical assistance, a generic product with small selection is sufficient, and price is not a driver. Dick’s is the most dominant and visible player in the market, because of their advertising and high profile stores. Dick’s also has a Web store from which they sell products and provide store location services.

The two traditional sporting goods stores in the metropolitan area are Don’s Sporting Goods and Happy Sports. Both of these stores are very well known and have been in the local market for over 30 years. These 2 stores are in the same class and format as Sportsuchtig.

Don’s Sporting Goods had been a family owned business sice 1952, until it was sold in June of 2004 to a publicly traded company. Don’s had annual sales in 2003 of around $18 million and operates eight warehouses and showrooms in this region. It operates one showroom in the local area at its headquarters in the near west end. Don’s showrooms are usually around 3,000-3,500 square feet and contain many sports but very sparse selection. The store layout is changed frequently, following the seasonality of the sports. Typically their store staff members have technical knowledge and can help customers determine the right product for them. Don’s strength is in its 35-40 strong nationwide sales force that specializes in the distribution of team uniforms and school equipment. Don’s also has a nice Web site and e-commerce store from which they sell individual and team products.

Happy Sports is family-owned and opened in 1970. They operate one retail store in a west-end shopping center. The store is around 4,500 square feet and offers many different sports products. The store has been upgraded in recent years and the variety and selection are broader now than in previous years. They claim to have a knowledgeable staff but personal visits to this store have proven this not to be true. Happy also has a fairly strong Team Division which sells to schools and recreation leagues. Happy also utilizes a credit card size “Discount Card” that allows frequent customers to benefit from specials and discounts once they reach a certain level of points based on past purchases. They recently did an advertising campaign through local radio stations. They have a Web site that lists some of their products but it is not e-commerce, as you can not purchase products directly from the site.

Play It Again Sports is part of a 450-store national franchise chain that has been operating since 1988. They have 4 franchises in the local area. Play It Again’s niche is that they buy, sell, and trade used and new sports equipment. They claim that because their customers can sell or trade-in their used gear for cash or store credit that they are able to get deeper discounts and better prices on really great used and new equipment. Generally these stores appear to be poorly staffed, both from a numbers and a technical knowledge standpoint. We found their prices not much more competitive than those at Dick’s.

The 18 or so specialty stores found around the local metropolitan area specialize in golf, tennis, soccer, biking, swimming, running, etc. Most operate very small, 1,000-1,500 square foot, stores. As Sportsuchtig moves into other sports, some of these will become direct competitors. For example, All About Soccer operates 2 stores – one in the west end, and another on the south side. They focus purely on Soccer products – balls, shin guards, and cleats.

The competition for our Internet store is significant. There are many Internet sports stores vying for the online customer’s dollars – over 50. The most significant of these include big box stores like Dick’s and The Sports Authority, but also smaller more traditional ;companies such as Fog Dog, Blackwater, Annaconda, Direct Sports, Bassco, Big 5 Sporting Goods, Planet Sports, Baseball Corner, and Baseball Express.  Most of these internet stores offer a full range of sports products and their Web sites are professionally done and usually feature tools designed to draw the customer back to the site repeatedly.

We believe the internet store has done extremely well to date against this competition and that with an improved Web site design and a Web marketing strategy we can significantly increase our sales through this channel. On the retail side, we believe our large selection and inventory, our staff’s technical knowledge, and our unique customer service will help us compete against our competitors in the local market.

Strategy and Implementation Summary

Sportsuchtig will leverage its expertise, product offerings, and marketing strategy to increase its customer base while driving sales and profit. The following sections review the various strategies that will support this effort.

5.1 Sales Strategy

Sportsuchtig will approach retail sales from a salesperson-customer relationship basis. All sales associates will be trained and encouraged to assist customers in a personal manner, utilizing first names and asking the questions needed to provide the customers with the services they desire. The current Point-Of-Sale system is already set up to collect the customer’s name, address, and purchases. Gathering key customer information and seeking performance feedback on the products and services offered will assist us in the following ways:

• Targeting our marketing efforts more effectively.
• Offering products and merchandising formats that will increase sales.
• Developing services that enhance the shopping experience.
• Training and developing sales associates in order to effectively service the customer.
• Increase awareness of Sportsuchtig within the retail consumer marketplace.
• Develop future sales opportunities that allow for continued growth of the business. 

We want our customers to come back and specifically ask for a salesperson by name, because they were so satisfied with the service previously provided.

Currently the format of the retail store separates the customer from the merchandise. The customer must be assisted by a salesperson or they cannot touch or browse the merchandise. We believe this leads to walk-outs when all the available salespeople are tied up assisting other customers. Usually, these customers will leave and never return. We plan to reformat the store so that the products will be showcased via lifestyle merchandising that inspires and promotes multiple purchases. We look to create a strong visual impact, creating an invitation to touch and purchase.

In order to provide the customer with the most up-to-date products on the market and a wide selection, we will attend sporting goods trade shows which showcase all of the products manufactured within the sporting goods industry. Attending shows and seminars will not only allow us to ensure our product mix is current and up-to-date, but will also provide us with fresh, new store merchandising and display ideas. To stay abreast of market and product trends, we will utilize trade publications, trade associations, and their associated Web sites.

It is the goal of Sportsuchtig to offer selection and quality at a value to the consumer. Our pricing structure will support a 25-35% gross margin and position us competitively within the marketplace. Seasonal promotional offers, discounts for end of season, and sale “events” will encourage additional sales and multiple unit purchases.

Employees of Sportsuchtig are an integral part of the shopping experience for the customer. All employees will be developed for growth and advancement, and compensated fairly with effective training that will enable them to confidently service and sell the customer.

Currently there is no sales force to actively pursue sales to the League, School, and Team market segments.  Key to the new sales strategy is direct sales calls on these market segments. Currently these sales calls are made by the current owner, by virtue of his background and knowledge of the products and competitors. Experience has proven that the more time he devotes to sales, the more sales result. Initially, this sales task will be transferred to the new managing owner, John Johnson. However, it is strategically necessary to hire and develop a sales team to attack these markets. The competition well-established with many of our potential customers, so a full-time team sales manager will be found and added as soon as possible. His/her task will be to grow the sales in these segments and to build the sales team. Without this person, too much of John Johnson’s time will be deflected away from his major role of strategically operating and growing the business.

There are currently 2 part-time commissioned external sales people. One of them is a well-known Softball pitching coach who has a small training facility/store in the area. She sells Sportsuchtig’ products to her students and others that come to her store. Her commission is 50% of the margin gained from these sales. There is another saleswoman who pulls a trailer of Sportsuchtig products with her when she goes to softball tournaments around the region. Her commission is also 50% of the gross margin on the sales. These relationships and channels for sales will be investigated and formalized into a sales program if deemed beneficial.

Web sales are handled electronically via the internet store Shopping Cart or via phone sales representatives taking calls on the 800 telephone number. There are currently 4 computer/phone stations for these sales reps. These sales representatives need to be thoroughly trained in product offerings and have good phone communication skills. They need to be trained to follow a general sales script when dealing with customers. Having good images of products and detailed product benefits and features on the Web site is critical to getting the customers to commit to an online purchase without talking with a sales representative. A functioning site search engine that helps customers locate product also needs to be added to the internet site.

5.1.1 Sales Forecast

The following table and chart give a run down on forecasted sales. We expect sales in year 1 to be flat as the new owner comes into operating the business. Businesses generally see a sales decline in the first year of new ownership. We believe, however, that this business is strong and that we can at least maintain the current level of sales ($2.5 million) in year 1. 

We have projected 20% sales growth in years 2-5, reaching over $5 million in sales by the end of year 5. This growth forecast is based on the assumption that the company acts on the keys to success outlined earlier in this plan: upgrade the website, relocate the existing retail store, negotiate optimal agreements with the major suppliers, expand the product line by offering equipment for additional sports, create an outside sales team that calls on schools, leagues, and associations, train employees, train or hire a store manager, advertisement and promotion, build a reliable operations infrastructure, be an active member of the community, and ensure through daily management practices that the values of The Sportsuchtig mission are followed.

We will look to relocate the store near the end of year 1, which should help position us for increased retail sales beginning in year 2. The website and internet store will be redesigned after the first 6 months and the Web marketing strategy will be timed to coincide with the implementation of the new site. Expansion into at least one new product participant segment will be planned for each year, beginning in year 1. An outside sales team manager will be hired in year 1 but ramp up of the sales team is not planned until early in year 2.

The other assumption built into the forecast is that gross margins will be flat in year 1 but able to be continually improved through years 2-5. This assumption is based on improved purchase agreements with major suppliers and better inventory management, so that fewer products have to be discounted at product season end.

The sales forecast could turn downward if the outside sales team has difficulty gaining traction. The competition is comfortably entrenched in the segments to be targeted, so success is not guaranteed.

5.2 Milestones

The accompanying milestone table highlights our plan with specific dates. This schedule reflects our strong committment to organization and detail.  Milestone responsibility is assigned to the functional departments in the company – Sales, Marketing, HR, Operations, and President’s Office.

The Milestone table reflects critical dates for the acquisition and takeover schedule, systems reviews and upgrades, the website re-design and deployment, the retail store relocation, and new product identification and rollout.  We also define our target dates for policy definition and implementation as well as documented employee training and evaluation processes.

5.3 Marketing Strategy

The marketing strategy of Sportsuchtig centers on defining our market niche in terms that benefit our customer. Retail and internet store marketing will be integrated and synchronized. We plan to establish a consistent and coherent marketing plan and calendar that take into account and utilize all effective forms of publicity, advertising, and other marketing tools. Specific strategies that will potentially be used are as follows:

• Newspaper/Print Ads – It will be necessary to keep the Sportsuchtig name in front of the customer while getting established will be necessary. We plan on running limited-space ads in the local newspapers to keep our name and phone number in front of the consumer. We may offer clip out coupons as an incentive to visit the store and also as a way to track revenue from the ads. Use of magazine print ads is deemed to have little potential return.
• Press Releases – The local paper has regular sections that highlight business purchases and new business openings. We will make sure they give coverage to the grand opening when the store relocates and any time we sponsor or are involved with local nonprofit organizations.
• Team/Tournament Sponsorship – We will selectively sponsor local teams and leagues, preferably by providing equipment or uniforms versus cash. We will encourage links to/from our Web site with these entities. We will look to sponsor a “Sportsuchtig” softball and/or baseball tournament once a year.
• Event Sponsorship – We will investigate opportunities for being sponsors of large area events, especially those managed by the local sports facilitation group, such as a marathon, and biking or ironman events.
• Decals – We will have decals/stickers manufactured with the Sportsuchtig logo. We will include these with all of the orders that we ship. Children in particular enjoy displaying decals/stickers on just about everything.
• Apparel – We will outfit our retail staff with Sportsuchtig branded shirts and have shirts, hats, and other apparel available for event and sales giveaways.
• Grand Opening – A Grand Opening is the most successful of any in-store promotions. With manufacturer support, a large number of door prizes can be given away while instantly building a mailing list. Loss leader pricing on a few high volume consumable products will attract in-store traffic. Vendors will subsidize loss leader pricing with a rebate. Appearances by local celebrities would also expose potential customers to Sportsuchtig. A planned series of events, such as demonstrations, free clinics, celebrity appearances, registration for free prize giveaways, and competitions can all be utilized to extend the grand opening and continually draw customers back so they become familiar and comfortable with the store.
• Trade Shows – We will attend industry trade shows in order to keep abreast of new products and trends.  This will also allow us to make and maintain industry contacts.
• Word of Mouth – By giving first-time customers great service and a fair price, the word is sure to spread. Also, the many sports contacts that we already have in the area will prove to be most beneficial in spreading the word.
• Yellow Pages – We will advertise in the local yellow pages.
• Flyers – Flyers will be distributed to all local leagues at season start. These flyers will offer discounts for purchasing from the retail and internet stores. These discounts could be structured so that a certain percentage of the discount goes directly to the customer and other percentages go to the customer’s league or a nonprofit entity being sponsored by Sportsuchtig.
• MailBox Flyers – We will also evaluate placing flyers in local area neighborhood mailboxes.
• Customer Discount Card – The implementation of a customer discount program and card will be investigated to entice customers to shop repeatedly with Sportsuchtig. Information gathered through this program can be utilized to feed direct mail and email campaigns for special program discounts or information.
• Business Networking – Business networking organizations, such as Business Network International, will be visited and potentially joined as a way to increase awareness and create a virtual sales force.
• Direct Mail – A direct mail program utilizing low-cost postcards or other mechanism will be evaluated.
• Radio – A radio campaign will be investigated. Happy Sports recently ran a campaign with some success.
• Catalog – The creation and distribution of a product catalog will be evaluated.
• Web Marketing – A variety of Web marketing channels and vehicles will be researched and tested.
• Press releases, articles, and/or advertising on local internet sites.
• Search engine marketing
• URL Links to/from organizations, teams, leagues, co-marketers
• Email marketing
• Trivia questions with weekly winners
• Sports Tickers
• Retail store event publicity and schedule
• Participation Areas and Contests – When the store is relocated we will, if possible and feasible, leverage the TrueSports product line from the owner’s other business and build a basketball court and putting green into the layout and flooring of the new store. This will allow us to have areas where promotional competitions, demonstrations, clinics, and customer product tryout can be conducted. This will draw customers to the store and also allow a showcase for the TrueCourt and TrueTurf product lines.
• Non-Profit Relationship(s) – Sportsuchtig will build a relationship with, and be an on-going sponsor for, at least one nonprofit organization. Events will be held or sponsored in order to raise money for the nonprofit, or a percentage of profits for certain Sportsuchtig promotions will be credited to the nonprofit for its use in exchanging that credit for Sportsuchtig products. In addition to giving back to the community, we anticipate significant free publicity because of this community support program. Because we are giving help to these organizations, they will get the word out to their benefactors/customers/employees/partners about Sportsuchtig. Word of mouth has always proven to be the greatest advertising program a company can instill. In addition, the media will be more than willing to promote the charitable aspects of Sportsuchtig and provide the opportunity for more exposure every time we provide assistance to another organization.

All marketing decisions with regard to specific media choices, frequency, size, and expenditures will be conducted on an on-going basis with careful considerations of returns generated. All marketing vehicles and channels will be tracked for results.

5.4 Competitive Edge

Sportsuchtig looks to establish itself competitively as a unique sporting goods provider in the local metropolitan area and internet sports market through its product offerings, the scope and level of services it provides, and the expertise of its employees.

Products: Sourced through established and internationally-known manufacturers, the products offered provide a high level of quality and value to the consumer. The depth and range of products will be extensive, separating us from others in the marketplace.

Services: Connecting with the customer is a key focus for Sportsuchtig. It is our desire that customers look to us as their valued resource to obtain the equipment, apparel and accessories that meet their needs. Our internet store will provide prompt courteous service, and deliver products at reasonable shipping rates within expected time frames.

Employees: Employees of Sportsuchtig will enjoy a friendly, fair and creative work environment, which respects diversity, new ideas and hard work. Development through experience and training will be a primary focus. It is our desire that employees are long-term, ensuring an expertise that will support the customer experience. Our employees will be a competitive advantage because their technical product knowledge will be superior to that of the competition. We want customers to form a relationship with a salesperson and ask for them by name when they return for a subsequent purchase.

Web Plan Summary

Sportsuchtig has an existing Website that has been generating $1.3 million in sales the last 2 years. However, we believe that a user interface redesign would generate significantly more revenue. According to market research from the Gartner Group, more than 50% of Web sales are lost because visitors can’t find the content they’re looking for. Another study by usability consultants Creative Good estimated that improving the customer experience increases the number of buyers by 40% and increases overall order size by 10%. We plan to redesign and implement a new website in year 1.

The new site will be designed and coded with internet marketing optimization at the forefront of requirements. The basis for our Website marketing strategy is to utilize search engine optimization, keyword density, direct navigation, targeted link popularity and systematic submissions. It is critical to sales growth that the website gains and maintains a high search engine placement. A full website marketing plan will be developed and implemented.

The website is a primary sales channel for us and is critical to the sales goals of the company. We will implement the new site to showcase the product offerings and provide technical information and assistance to help the customer in their product selection. To further show off its expertise, the website will provide a resources area, offering articles, research, product information and website links of interest to its customers.

The website will mirror the image and branding elements showcased in the retail store and at the same time, keep up with the latest trends in user interface design. The key to the website strategy will be combining a well designed front-end, an excellent and fast shopping cart experience, and a back-end capable of capturing “hits” and customer data for use in future marketing endeavors.

6.1 Website Marketing Strategy

The basis for our website marketing strategy is to utilize search engine optimization, keyword density, direct navigation, targeted link popularity and systematic submissions. Our Website marketing strategy will adhere to each search engine’s no-Spam policies, while generating highly-qualified web traffic. We believe a successful marketing system is much more than simply optimizing our website to be search-engine friendly. The system should also provide support for other strategies, such as link popularity, site design and content, the “stickiness” of our site, consistent search engine submissions, and ethical marketing practices.

It is extremely important to gain and maintain a high search engine placement. A December 2002 study by DoubleClick revealed that people prefer to use search engines almost 2 to 1 over any other source to find products and services on the Internet. 85% of all searches on the internet start on search engines.

In addition, we will implement the following mechanisms to make our website URL and domain name visible and effective:

• We will place our Web address on every form of literature that goes out of our business, such as letterhead, business cards, envelopes, invoices, payments, etc.
• We will place our Web address in all print advertising, such as newspaper ads, magazine ads, professional trade magazines, etc.
• Our internet Web address will be part of our on-hold or answering systems for both the internet 800 numbers and the retail store phone.
• Electronic advertisements such as radio ads will feature our Web address.
• We will develop our new website from inception, and modify the existing one as practical, with Web marketing as a key objective. There are huge advantages to developing the site with marketing in mind. Position of keyword phrases in the text, the alt tag description, the titles of the pages, the page URL, and Meta Tags in the heading area all have a role to play.
• We will avoid using frames on our website because many browsers do not support frames and many search engines do not rank sites with frames very high.
• Although we need pictures to display our many products, we will try to avoid putting too many graphics on a page, so we don’t reduce the page load time to a crawl. If a site does not start to download within 8 seconds a prospective customer will go to another site, and customers with dial-up links find sites with too many images make it painfully slow to load pages.

6.2 Development Requirements

A full development plan will be generated as documented in the milestones. Costs that Sportsuchtig will expect to incur with development of its new website include:

Development Costs

• User interface design – $3,000.
• Site development and testing – $6,000.
• Site Implementation – $1,000.

This development will be outsourced.

Ongoing Costs

• Website name registration – $70 per year.
• Site Hosting – $30 or less per month.
• Site design changes, updates and maintenance are considered part of Marketing.

Management Summary management summary will include information about who's on your team and why they're the right people for the job, as well as your future hiring plans.">

Owner John Johnson will act as President and CEO and will be responsible for all aspects of managing and operating the company. Mr. Johnson spent almost 20 years leading research and development efforts for high technology stalwarts such as Lucent Technologies and Motorola Systems, and was a founding employee of a high-tech start-up. As the Vice President of Development for the start-up, he built the research and development team from the ground up and developed it into an 80 person team which produced leading-edge software technology that enticed Motorola Systems to purchase the company. In late 2002, Mr. Johnson made the decision to apply his entrepreneurial experience and drive to a business of his own and founded Johnson Enterprises, LLC. Johnson Enterprises is a leader in the design and construction of custom indoor and outdoor sports recreation facilities, and specializes in game courts (basketball, tennis, etc.), synthetic putting greens, and sporting goods products. Mr. Johnson also started Johnson Investments, LLC in 2004, a company that specializes in residential and commercial real estate investment.

Mr. Johnson received a Bachelor of Science in Computer Science degree from Stone College in Boulder, Colorado and a Masters in Business Administration degree from the University of Illinois in Champaign, Illinois. He is married with two sons, 10 and 14.

Mr. Johnson’s high technology and sports business backgrounds, coupled with his entrepreneurial experience, makes him the ideal leader to drive this sporting goods retail/internet endeavor. 

Overhead for management will be kept to a minimum and all managers will be “hands-on” workers. There is no intention of having a top-heavy organization that drains profits and complicates decisions. At the zenith of this five-year plan, there will be managers for Warehouse/Shipping and Receiving, Team Sales, and two Retail Store managers. John Johnson will be responsible for overall Retail and Internet Sales management, although the Store Managers will also be responsible for sales performance and will have sales-based incentives. Accounting functions could potentially be outsourced. The website management and computer systems management and maintenance will be initially be managed by Mr. Johnson, but will be outsourced in the future. Mr. Johnson will be directly responsible for purchasing, inventory management and control, and marketing (although some marketing will be outsourced).

Currently the company has 10 employees: two warehouse/shipping and receiving clerks, one accounting person that also does internet phone sales, two internet phone salespeople, 4 part-time retail salespeople, and a clerk that does retail sales and is also responsible for answering the retail store phone. The number of employees will grow progressively over time to 25 by the end of year 5.

7.1 Personnel Plan

The Sportsuchtig retail store and phone sales hours are currently Monday through Saturday, 9:00 a.m. to 7:00 p.m. and closed on Sunday. These hours will be evaluated, with the hours most likely being changed to 10:00 a.m. to 7:00 p.m. Monday through Saturday and open on Sunday from 12 p.m. to 5:00 p.m. The Personnel Plan, as detailed in the table following, has been developed to support these store hours and expected volumes, as per the Sales Forecast section.

Assumptions regarding personnel have been made for year 1 through year 5 as follows:

• Year 1 Ending October 2005 – The number of employees inherited from the previous owners are sufficient to operate the business in order to reach the Year 1 sales goals – which is equal to the previous year. John Johnson will be acting President and CEO and will take $60,000 salary in the first year. The support of a trusted and experienced employee will be needed to enable John to be away from the store when necessary and to manage coordination of the planned store relocation, the website redesign/implementation, and to sell products. In January of 2005, a Store Manager will be hired or promoted to fill this need.
• Year 2 Ending October, 2006 – Based on sales volume, it will be necessary to add another Retail Sales person. Salary for John Johnson will increase to $75,000 beginning in November 2006. Current full-time and part-time employees will be provided salary reviews and given appropriate salary increases – 5% has been factored in. In November 2005, a Team Sales Manager will be hired to take over Team Sales from Mr. Johnson and to start aggressively targeting the team segments.
• Year 3 Ending October, 2007 – Salary for John Johnson will increase to $100,000 beginning in November 2007. Current full-time and part-time employees will be provided salary reviews and given appropriate salary increases – 5% has been factored in. Increased sales volume will drive the hiring of 6 new employees. Another Retail Salesperson and an assistant accounting/retail phone clerk will be hired. Increased sales from the website will drive the hiring of an additional Warehouse/Shipping & Receiving clerk and also an additional Internet Phone Salesperson. An additional Store Manager will be hired to relieve Mr. Johnson from day to day store management tasks. We will also hire an additional Salesperson for the Team Sales team.
• Year 4 Ending October, 2008 – Salary for John Johnson will increase to $125,000 beginning in November 2008. Current full-time and part-time employees will be provided salary reviews and given appropriate salary increases – 5% has been factored in. Increased sales volume will drive the hiring of 2 new employees, another Retail Salesperson and an Internet Phone Salesperson.
• Year 5 Ending October, 2009 – Salary for John Johnson will increase to $150,000 beginning in November 2009. Current full-time and part-time employees will be provided salary reviews and given appropriate salary increases – 5% has been factored in. Increased sales volume will drive the hiring of 4 new employees. Increased sales from the website will drive the hiring of an additional Warehouse/Shipping & Receiving clerk and also an additional Internet Phone Salesperson. An additional Retail Salesperson and an additional Salesperson for the Team Sales team will be added.

Financial Plan investor-ready personnel plan .">

The Sportsuchtig financial picture is quite promising. Since Sportsuchtig is a currently operating business, there will be sales and cash coming into the business on day 1 when the operation is taken over by the Johnson’s. An initial working capital investment of $50,000 dollars will be necessary to assure that expenses are covered in the first 2 months, but after that it is assumed that cash from operations will be sufficient to fund and reach the milestones in this plan.

The owners have a personal equity line sufficient to finance any monthly cash-flow shortage; however, a business line of credit will be established as soon as possible. We anticipate very few accounts receivables initially, with 95% of sales cash and carry (cash, checks, credit cards). Marketing and advertising will remain at or below 5% of sales. We will continue to reinvest residual profits into company expansion, and personnel.

8.1 Start-up Funding

An approximately $700,000 loan will be obtained from a conventional or SBA lender. At least $340,000 capital will be provided by the purchasers/owners – the Johnsons. It is possible that some financing may be provided by an active investor or partner in exchange for some level of ownership in the business. If an agreement with an investor or partner cannot be reached, then the owners will contribute all of the funding outside of the loan funding.

8.2 Important Assumptions

The financial plan depends on important assumptions, most of which are shown in the following table. The key underlying assumptions are:

• We assume access to financing sufficient to maintain our financial plan as shown in the tables.
• We assume inventory can be turned in 6-8 months.
• Accounts receivable are small except for periodic sales to teams.  Everything else is cash/credit and carry.  We accept cash and checks, Visa, MasterCard, Discover and American Express. All sales paid via credit cards will be deposited in our business checking account within 48 hours.
• We anticipate that we will be able to complete required financing, lease documents, and due diligence to allow for a November or December 2004 closing and business take over. 
• We assume a slow-growth economy, without major recession.

8.3 Break-even Analysis

For our break-even analysis, we assume running costs which include payroll, rent, utilities, interest expense on the funding loan, and an estimation of other running costs. These estimations are based on real financial history data provided by the sellers of the business. Our sales forecast indicates that monthly sales are expected to be much greater than the break-even point.

8.4 Projected Profit and Loss

The projected Profit and Loss for five years is detailed in the table and charts following. Monthly projected Profit and Loss for year 1 is available in the Appendix. Some assumptions and inclusions to be noted are:

• First year expense and revenue projections are based on the previous 2 years of actual financial data provided by the business seller. Since this is an existing business being purchased, we have lots of real historical financial information to analyze for trends.
• Insurance includes: Business property and inventory, liability and interruption, and key person life insurance. 
• We have made assumptions, based on past results, that certain expenses will rise in direct proportion to sales. For example, Bank Card Debit & Service Fees will rise in direct proportion to sales because more sales results in more credit cards being used for purchase transactions. Also, Freight In will rise in proportion because more inventory will need to be shipped in as sales rise. Other expenses that have been projected proportionally to sales increases include Insurance (for inventory), Office Supplies, and Telephone.
• Freight In historically has been .5% of gross sales.
• Bank Card and Debit Service Fees incurred because of credit card sales are calculated at 2.0%.
• Rent increases significantly in years 2-5 because of the retail store and warehouse relocation.
• Marketing/Promotion expenditures will be increased significantly from the past in years 1 and 2 and then be increased as the business grows and expands.
• Payroll expenses will increase as the business grows and we need to hire additional staff.

We expect to be profitable in the first year, with net profits increasing steadily as the reputation of our business, its employees, and services become apparent to the local market and we reap the expected revenue gains from relocating the retail store, enhancing the Website, and expanding into additional products.

8.5 Projected Cash Flow

Cash flow will have to be carefully monitored, as in any business, but Sportsuchtig has the advantage of operating a primarily cash and carry business. After the initial investment and start-up costs are covered, the business will become relatively self-sustaining. The principle payments to service the $700,000 funding loan are reflected in the Cash Flow table.

The key to managing cash flow is to understand the current monthly sales data and to successfully manage the timing of inventory purchases. Sales for Sportsuchtig typically spike in the spring months of February, March, April, May and June. Inventory for this spring season is purchased in bulk from the four major suppliers in the fall months and can cost between $500,000 to $800,000, depending upon the extent of the orders. The suppliers provide significant price breaks on the bulk orders and do not require payment until April 1. Some of the payables associated with this inventory are paid over the 5-6 months before April 1, but the majority is kept in the cash account until full payment on April 1. Additional orders besides the fall bulk orders are also placed as needed throughout the rest of the year. Terms on these inventory orders are typically Net 30 and they are paid in in 30 days. Inventory levels are usually maintained at high levels, due to the need to have product in stock and available when customers need it and it is turned every 6-8 months. We will focus on reducing inventory levels in order to improve cash flow.

The significant cash flow negative in April is expected and is a result of paying the inventory accounts payable that have accrued over the 5-6 months between purchase and the April 1 payment.

Any amounts above $50,000 will be invested into semi-liquid stock portfolios to decrease the opportunity cost of cash held. The interest will show up as Interest Income in the Profit and Loss table and will be updated quarterly.

Cash flow projections are critical to our success. The following table shows cash flow for the first five years, and the chart illustrates monthly cash flow in the first year. Monthly cash flow projections are included in the appendix.

8.6 Projected Balance Sheet

Sportsuchtig’ projected balance sheet shows an increase in net worth by 2009, at which point it expects to be making significant after-tax profit on sales of $5 million. With the present financial projections, Sportsuchtig expects to build a company with strong profit potential, and a solid balance sheet that will be asset heavy and flush with cash at the end of five years. We plan on using the excess cash for continued growth.

The projected Balance Sheet for five years is detailed in the table following. Monthly projections for the first year Balance Sheet are available for review in the Appendix. 

8.7 Business Ratios

Business ratios for the years of this plan are shown below.  Industry profile ratios based on the Standard Industrial Classification (SIC) code 5941, Sporting Goods and Bicycle Shops, are shown for comparison.

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The Breakroom Blog

How to create a comprehensive shopping centre marketing plan.

January 22, 2024 | 13 min read

Wondering if your shopping centre truly needs a marketing plan? The answer is absolutely. The era of relying on natural foot traffic and proximity alone is over. To stay ahead, malls must have an effective marketing plan to outshine their fierce online competition.

Whether you’re looking for a major brand overhaul (check out our full rebrand execution with Stratford Mall ) or just a small tweak in your marketing strategy, circus is here to guide you. Let’s walk through the essential steps to transform your shopping centre into the ultimate local hotspot.

Table of Contents

Do an Audit

Let’s kick off your new marketing plan with an audit. Start by taking a detailed look at the current marketing setup and evaluate the effectiveness of each strategy in achieving your goals. Dive into your marketing budget and break down the spending across all channels and campaigns to identify which areas are bringing the best results and which might need an adjustment.

Next, put on your detective hat and investigate the competition. What marketing strategies are they employing? What’s working and what’s not? Understanding what others are doing can help you position your brand and give you the insight you need to devise a new and improved marketing plan.

Make Your Shopping Centre a Destination

Transforming your shopping centre into a sought-after destination is the key to success. Beyond being a retail space, it should be a place where people want to stay and explore. To do that, you will need to have a clearly defined identity, a.k.a. what makes your shopping centre unique? Whether it’s exclusive boutiques, exciting events, or a one-of-a-kind dining scene, fostering an atmosphere that resonates with your target audience encourages them to stay so that time spent translates into dollars spent. By consistently positioning yourself as the go-to spot in your area, your shopping centre will thrive as a must-visit destination.

Invest in the Aesthetics

Investing in the aesthetics of a shopping centre isn’t just a nicety; it’s a strategic move. Imagine your shopping centre as not just a place to shop but also a visually appealing location to hangout. People naturally love places that look good and are easy to explore. So deck out your centre, ensure smooth parking and sprinkle in some cozy spots to turn visitors into loyal fans. You can even make it an Instagrammable paradise with trendy backdrops and fun and vibrant storefronts.

Find Good Anchor Tenants

Securing top-notch anchor tenants is a pivotal move for a thriving shopping mall. These major players not only bring in consistent foot traffic but also enhance the overall appeal of your retail space. These anchor tenants with strong brand affinity become magnets, pulling in visitors and transforming your mall into a must-visit destination. 

Once you’ve secured an anchor tenant, don’t be shy about promoting them with strategic positioning and engaging visuals to build anticipation. Check out how we leveraged an award-winning hoarding in Lynden Park Mall to capture the attention of shoppers and new tenants alike!

Pick the Right Tenants

The success of a shopping mall hinges on curating the right mix of tenants. It’s not just about filling spaces; it’s about selecting tenants with potential and drive to succeed. You can empower your tenants by offering support and encouraging them to work together and co-promote. Make sure to also take consistent feedback from tenants to understand their challenges and actively address their needs. A well-curated blend of diverse and thriving tenants has the power to transform a shopping mall into a prime destination for both businesses and visitors.

Gain Exposure Through Traditional Advertising Channels

In today’s digital world, it’s easy to forget the timeless power of traditional advertising. Think print, flyers, billboards, outdoor ads, TV and even bus ads. These channels offer a broader reach by tapping into audiences that might be missed online. By blending the best of both worlds, digital and traditional, you ensure a comprehensive approach to reach people wherever they may be, maximizing brand exposure and awareness. 

Target Through Digital Advertising Channels

It’s no secret that digital advertising is a must for any business. Unlike old-school ads, digital platforms like Instagram, Facebook and X (Twitter) let you connect and influence shoppers in real-time. It’s the perfect way to showcase your shopping centre’s personality and engage them with fun content, from sneak peeks of new arrivals to behind-the-scenes glimpses of the centre. Plus, with search engine optimization (SEO) and search engine marketing (SEM), you can make sure your shopping centre is easily discoverable by potential visitors. Picture this: someone Googles “best shopping near me”, and voila, your centre tops the list. 

But here’s the real gem— the targeting and tracking capabilities of online channels. With precision targeting, you can tailor your ads based on your target audience’s preferences, behaviours, and locations, ensuring your promotions reach the right shoppers. Tracking, on the other hand, provides valuable insights into the performance of your campaigns, so you can understand what works and adapt your strategy accordingly. 

Want to see digital advertising at work? Check out our award-winning campaign for Hudson’s Bay Centre and our 360 marketing campaign for Lynden Park Mall .

Nurture Your Local SEO and Online Presence

With people turning to the internet for nearly everything, being findable online is a non-negotiable. Your online presence is often the first interaction people have with your shopping centre and having a well-crafted online image is the first step to building trust and enticing potential visitors. 

In general, shoppers should be able to locate your centre effortlessly, making their journey to you smooth and hassle-free. To do so, make sure that your centre is featured on platforms like Google Business and Bing Business Profile so that essential details like opening hours, location and contact information are readily available. Being on mapping services like Google Maps, Bing Maps and Apple Maps is also a must. 

Next up: your centre’s website. Think of it like a digital storefront for your shopping centre. It should be intuitive, easy to navigate and provide a seamless user experience to keep visitors engaged. Ensure your website has a comprehensive directory of your tenants so visitors can easily find and search for specific stores. 

Finally, actively manage your presence on review sites like Yelp. Review platforms are the modern-day word-of-mouth. By responding to reviews, addressing concerns and showcasing positive feedback, you can build credibility and assure potential visitors of a delightful shopping experience at your centre.

Host Events and Promotions

Regular events and promotions play a crucial role in creating excitement, fostering community engagement and driving foot traffic in shopping centres. It’s an opportunity for your centre to become a vibrant hub, offering more than just a typical retail experience. While interactive events, such as workshops, live performances or experiential activations, enhance the overall shopping experience, promotions, such as discounts and special sales, further incentivize shoppers to visit and make purchases. 

The key is to align these activities with the interest of your target audience as well as your tenants. We suggest working closely with your tenants to create joint promotions like cross-store sales, loyalty programs or even giveaways like our breakthrough giveaway campaign with Stratford Mall . By curating unique events and promotions, you can create memorable experiences that go beyond traditional shopping and transform the centre into a social hub.

Organize Seasonal Events and Themes

Want to stay relevant and engaged with customers throughout the year? Organizing seasonal events and embracing thematic campaigns is a strategic move for any shopping centre. 

Shoppers naturally change their preferences and expectations as the seasons change and aligning your marketing efforts with festive occasions, holidays and cultural celebrations ensures that your shopping centre stays in sync with what people love at different times of the year. Imagine vibrant back-to-school deals, transforming your mall into a winter wonderland or hosting a beach-themed bash when the sun is out. These events make your mall a happening spot and shows that it is responsive to visitors’ interests.

Customer Loyalty Programs

A well-crafted customer loyalty program can transform your mall from just a place to make purchases to a community where shoppers feel a sense of belonging and are rewarded for their loyalty. Whether it’s exclusive discounts, early access to sales or even members-only events, your loyalty program should make your loyal shoppers feel valued and appreciated. 

Want to take it a step further? Incorporate feedback mechanisms within your loyalty program to allow shoppers to voice their opinions. This not only enhances the shopping experience but also shows your commitment to meeting customer expectations. It’s a win-win. 

Check out how we built an award-winning comprehensive loyalty program app for Bramalea City Centre !

Community Involvement

Beyond the aisles and storefronts, the heart of a shopping centre is the community it serves. Embedding community involvement and public relations into your marketing plan is more than a strategy— it’s a commitment to becoming a part of the local community.

By actively participating in local events, supporting charitable initiatives and fostering relationships with neighbouring businesses, you generate positive publicity and create a favourable image that resonates with both existing and potential shoppers. Consider this an investment in goodwill that plays dividends in loyalty and positive word-of-mouth for years to come.

Ready for a revamp? We are here to help you craft a marketing plan that not only boosts your shopping centre’s brand but also solidifies its position as a community favourite. 

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Shopping Center Marketing Plan Template

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When it comes to running a successful shopping center, marketing is key. But creating a comprehensive marketing plan from scratch can be overwhelming. That's where ClickUp's Shopping Center Marketing Plan Template comes in!

This template is designed to help shopping center management companies attract and retain tenants, increase foot traffic and sales, and establish their center as the go-to destination in the community. With this template, you can:

• Create a strategic marketing plan tailored specifically to your shopping center's goals and target audience
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With ClickUp's Shopping Center Marketing Plan Template, you'll have all the tools you need to take your shopping center's marketing to the next level. Get started today and watch your center thrive!

Benefits of Shopping Center Marketing Plan Template

When using the Shopping Center Marketing Plan Template, you can enjoy the following benefits:

• Attract and retain tenants by showcasing the unique selling points of the shopping center and its target audience
• Increase foot traffic and sales by implementing effective marketing strategies and promotions
• Create awareness about the shopping center and its offerings through targeted advertising and community outreach
• Establish the shopping center as a go-to destination for shopping, dining, and entertainment within the surrounding community
• Streamline and organize marketing efforts with a structured plan, ensuring consistency and maximizing results.

Main Elements of Shopping Center Marketing Plan Template

ClickUp's Shopping Center Marketing Plan template is designed to help you efficiently manage and track your marketing initiatives:

• Custom Statuses: Keep track of the progress of each task with statuses such as Cancelled, Complete, In Progress, Needs Input, Planned, and To Do.
• Custom Fields: Utilize 6 custom fields including Quarter, Task Type, Impact, Progress, Percent Completion, and Effort to capture specific details about each task and easily analyze the data.
• Custom Views: Access 5 different views including Key Results, Timeline, Getting Started Guide, Objectives, and Progress Board to gain insights into your marketing plan from various perspectives.
• Collaboration Tools: Enhance collaboration with features like task assignments, comments, and file attachments.
• Goal Tracking: Set and track your marketing objectives using ClickUp's Goals feature.
• Visualize Progress: Use the Progress Board view to monitor the progress of each task and identify bottlenecks or areas that need attention.

How to Use Marketing Plan for Shopping Center

If you're looking to create a successful marketing plan for your shopping center, look no further! Follow these five steps to effectively use the Shopping Center Marketing Plan Template in ClickUp:

1. Define your target audience

Before diving into the marketing plan, it's crucial to identify your target audience. Determine who your ideal shoppers are, their demographics, interests, and shopping behaviors. This will help you tailor your marketing strategies to reach and engage with them effectively.

Use the custom fields feature in ClickUp to capture and categorize information about your target audience, such as age range, income level, and preferred shopping channels.

2. Set clear marketing goals

Establish specific and measurable goals that align with your shopping center's overall objectives. Are you aiming to increase foot traffic, boost sales, or promote specific stores? Setting clear goals will provide focus and direction for your marketing efforts.

Utilize the Goals feature in ClickUp to define and track your marketing goals. Set key metrics, deadlines, and assign responsibilities to ensure everyone is aligned.

3. Create a comprehensive marketing strategy

Develop a robust marketing strategy that encompasses various channels and tactics to reach your target audience effectively. Consider utilizing a mix of digital marketing, social media campaigns, events, partnerships, and traditional advertising methods.

Use the Board view in ClickUp to create tasks for each marketing channel or tactic, assign responsibilities, and set due dates. This will help you visualize your entire marketing strategy and monitor progress.

4. Implement marketing campaigns

Execute your marketing campaigns based on your strategy. Launch targeted advertisements, engage with your audience on social media, host events, and collaborate with stores to drive foot traffic. Monitor the performance of each campaign and make adjustments as needed.

Leverage the Automations feature in ClickUp to automate repetitive tasks, such as social media scheduling or email marketing. This will save you time and ensure consistent execution.

5. Analyze and optimize

Regularly analyze the performance of your marketing efforts to identify what's working and what needs improvement. Measure key metrics like foot traffic, sales, website traffic, and social media engagement. Use these insights to optimize your marketing strategies and make data-driven decisions.

Utilize the Dashboards feature in ClickUp to create visual reports and track your marketing metrics in real-time. This will help you identify trends, spot opportunities, and make informed decisions to continuously improve your marketing plan.

By following these steps and utilizing ClickUp's features, you'll be well-equipped to create and execute an effective marketing plan for your shopping center. Get ready to attract more shoppers, increase sales, and drive success!

Get Started with ClickUp’s Shopping Center Marketing Plan Template

Shopping center management companies can use this Shopping Center Marketing Plan Template to create effective marketing strategies and campaigns to attract and retain tenants, increase foot traffic and sales, and establish the center as a go-to destination for the community.

First, hit "Add Template" to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to create a successful marketing plan for your shopping center:

• Use the Key Results View to set measurable goals and track your marketing campaign's success
• The Timeline View will help you plan and visualize the duration and deadlines of your marketing activities
• Refer to the Getting Started Guide View for step-by-step instructions on how to use the template and create an effective marketing plan
• The Objectives View will allow you to define and prioritize your marketing objectives, ensuring alignment with your overall business goals
• Use the Progress Board View to track the progress of your marketing initiatives and ensure they are on track
• Organize tasks into six different statuses: Cancelled, Complete, In Progress, Needs Input, Planned, To Do, to keep track of task progress
• Update statuses as you complete tasks to keep stakeholders informed of progress
• Monitor and analyze tasks to ensure maximum productivity and successful marketing campaigns

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• Sep 19, 2023

Key Considerations When Designing a Shopping Center

Updated: Sep 22, 2023

Imagine yourself standing in the throes of a bustling shopping center with an intriguing design that effortlessly captivates your attention. "Key Considerations When Designing a Shopping Center : A Comprehensive Guide" walks you through the intricate process involved in designing such successful commercial spaces. This guide highlights the importance of strategic planning, aesthetic appeal, and customer engagement in shaping a shopping center that ticks all the right boxes. Navigate this comprehensive journey to understand what goes behind creating shopping centers that are not just structures, but experiences that keep consumers coming back for more.

Understanding the Retail Market

Understanding the retail market is the first and foremost step in designing a shopping center. It is about capturing the pulse of what customers want, need, and expect from a shopping experience.

Importance of market studies

Market studies play a crucial role in shopping center development. They help you understand the buying behavior of consumers, their preferences, and buying patterns. You'll get insights into product pricing, marketing strategies, and emerging trends. This information is critical in designing a shopping center that meets the demands and expectations of your target market.

Identifying the target demographic

Knowing your target demographic is central to a successful retail design. Information such as their age, income, and living standards can guide you in choosing the types of stores, restaurants, and services to include in your mall. Additionally, it can influence your decisions concerning the design and aesthetics of the shopping center.

Competitor Analysis

Competitor analysis helps you have a clear view of what other businesses are doing to attract and keep their customers. learning from their strengths and capitalizing on their weaknesses gives you an edge in designing a more appealing shopping center.

Current Retail Trends

Understanding retail trends aids you in predicting changes in shopping behaviors. Over the last few years, we've seen an advancement in technology, a rise in online shopping, and a new focus on sustainability. These trends showcase what consumers are expecting in today's retail environments.

Selecting an Appropriate Location

Choosing the right location for your innovative shopping center is like laying a foundation for a building.

Benefits of high traffic areas

High traffic areas provide exposure and accessibility to a higher number of potential customers. The surrounding crowd and activities can also contribute towards creating a lively environment that attracts more shoppers.

Considering demographic proximity

While high traffic might attract a large crowd, you also need to ensure that the location is in close proximity to your target demographic. This will increase the chances of your target customers visiting the mall.

Assessing local competition

Understanding the local competition around your chosen location can assist in ensuring that you aren't stepping into an oversaturated market. Further, it can help you carve a distinct identity for your shopping center.

Impact of location on brand

Last, but not least, your shopping center location impacts its brand. For instance, a mall located in an area associated with luxury and opulence might be considered more luxurious and high-end.

Planning Space Allocation

When designing a shopping center, you need to carefully plan how you allocate the space.

Incorporating Various Shop sizes

Incorporating various shop sizes allows for a diverse mix of tenants, thus offering a wider variety of stores for customers to choose from. From big brands to small, specialty vendors, this diversity could be a major factor in attracting a broader demographic.

Deciding on Mix of Tenants

A good tenant mix is key to the steady inflow of shoppers. Striking a balance between anchor stores and specialty stores, between retail spaces and service-oriented outlets, is crucial in keeping your customers engaged and satisfied.

Importance of Anchor Stores

Anchor stores serve as the main attractions of the shopping center. These stores boost foot traffic and have a significant pulling power.

Considering Community Needs

A shopping center that considers the wants and needs of the local community has a better chance of thriving. Incorporating features like convenience stores, restaurants, medical clinics, or even child care centers can transform the shopping center into a community hub.

Facilitating Smooth Traffic Flow

Just as important as what you put into your shopping center is how the people can move around it.

Planning Ample Parking

Ample and convenient parking is a major determinant in driving traffic to a shopping center. Making sure there is an ample number of parking spaces and designing easy access to and from the parking can enhance the shopping experience.

Ensuring Easy Vehicular Access

Ensuring easy vehicular access to your shopping center can greatly influence your visitor count. Multiple entry and exit points, efficient road connectivity and minimal congestion are factors to consider in your design.

Designing Pedestrian-Friendly Spaces

Pedestrian-friendly spaces are essential in any shopping center. Wide walkways, escalators, lifts and well-marked signs assist in enhancing the ease of movement within the mall.

Mitigating Traffic Congestion

The last thing shoppers want is to get stuck in traffic. Effective traffic management systems and well-planned logistics are necessary to ensure a smooth flow of traffic and to keep things moving in and around your shopping center.

Focus on Accessibility

Designing a shopping center involves taking into consideration the accessibility for all.

Designing for all – inclusive design

Inclusive design ensures that people of all ages, sizes, and abilities can easily access and navigate your shopping center. This includes features like wheelchair access, wide aisles, clear signage, and sensory-friendly zones.

Provision for public transportation

Easy access to public transportation attracts shoppers who prefer to commute by bus, train, or taxi. Consider incorporating or being in proximity to bus stops, taxi stands or train stations.

Ease of navigation within the shopping center

Excellent in-center navigation assists shoppers in finding the stores or services they need quickly and easily. Good signage, maps, and even digital directories can greatly improve the shopping experience.

Access for delivery and service vehicles

Shopping centers require regular deliveries and services to operate efficiently. Providing easy access for these vehicles ensures smooth operations and reduces disruptions to the shopping experience.

Design and Aesthetics

The design and aesthetics of your shopping center significantly contribute to its appeal.

Creating a Theme or Concept

A unique theme or concept can drive customer interest and curiosity. Create a unifying theme that reflects the overall branding of your shopping center, be it luxury, family-oriented, or an outdoor lifestyle theme.

Use of Colors and Lighting

Strategic use of colors and lighting can greatly impact the mood of shoppers. Bright colors evoke a sense of excitement and energy, while softer colors induce relaxation. Effective lighting enhances visibility, highlights merchandise, and contributes to the center's atmosphere.

Landscaping and Outdoor Spaces

Landscaping and outdoor spaces add a breath of fresh air to your shopping center design. They provide respite from shopping, encouraging visitors to spend more time at the shopping center.

Architectural Considerations

The architecture of your shopping center plays a major role in defining its character. Unique and impressive architectural features can turn your shopping center into a local landmark.

Provision of Amenities

A good shopping center is more than just shops. It's a space where people can relax, eat, have fun, and spend quality time.

Food Court or Dining Spaces

Food courts or dining spaces provide places for people to rest, recharge, and enjoy a meal with family or friends. They offer a diverse culinary experience that caters to the tastes of all people.

Restroom Facilities

Clean and well-equipped restrooms are a necessity. Offering spacious, hygienic and accessible restrooms can leave a positive impression on the customers.

Childcare or Play Areas

For families with kids, childcare or play areas can be a deciding factor in choosing to visit your shopping center. These spaces provide a fun distraction for the children and a break for the parents.

Entertainment and Recreational Spaces

Entertainment and recreational spaces like cinemas, gaming zones, and open-air amphitheaters enhance the appeal of the shopping center, transforming it from a mere shopping destination into a leisure hub.

Safety and Security Measures

Ensuring the safety and security of your visitors and tenants should be of utmost priority.

Effective Alarm Systems

An effective alarm system is imperative to safeguard the shopping center. These systems can warn occupants in case of emergencies, allowing them to evacuate the premises safely.

Video Surveillance

Video surveillance acts as a deterrent to crimes such as theft, vandalism or trespassing. They also allow for real-time monitoring of the premises, helping security personnel to act swiftly in case of any suspicious activity.

Fire Prevention and Control

Fire prevention and control measures such as fire extinguishers, sprinkler systems, and clearly marked emergency exits should be installed throughout the shopping center.

Security Personnel

A team of trained and alert security personnel adds to the safety net of a shopping center. They monitor visitors, handle emergencies, and provide assistance, ensuring a secure and safe environment.

Sustainable Design Practices

Sustainable design practices can help reduce your shopping center's environmental footprint, a factor that more and more consumers are beginning to care about.

Energy Efficient Design

Energy-efficient design can result in significant cost savings over time, and make a strong statement about your commitment to environmental sustainability. This can be achieved through the smart use of natural light, advanced HVAC systems, and energy-saving appliances.

Waste Management

A strategic waste management plan will not only keep your shopping center clean but also contribute towards the environment. Technology like waste compactors and recycling stations can aid in effective waste management.

Water Conservation

Water conservation strategies like efficient plumbing fixtures, rainwater harvesting, and appropriate landscaping can minimize your shopping center's water usage.

Green Infrastructure

Green infrastructure such as green roofs and walls, permeable pavements and pollutant filtering plants, can boost the aesthetics of the shopping center, improve air quality and provide natural shades in outdoor spaces.

Stakeholder Engagement

Stakeholder engagement is critical in the overall success of your shopping center.

Engaging Local Communities

Engaging local communities allows you to understand their concerns, expectations, and needs. It also helps in building a bond between the shopping center and the community, leading to a higher acceptance level.

Collaboration with Local Authorities

Collaborating with local authorities can pave the way for a smooth setup and operation. Regular dialogue and updates can help maintain a positive relationship and compliance with regulations.

Partnering with Retailers

Forming strong partnerships with retailers can lead to better tenant loyalty and overall success of the shopping center. It's vital they feel supported and valued as part of the shopping center.

Involving Potential Customers

Pulling in potential customers from the get-go allows them to feel part of the process. Their interest, feedback and anticipation can support a successful launch and ongoing patronage of the shopping center.

In conclusion, designing a shopping center is a complex process involving many aspects. Understanding the retail market, selecting an appropriate location, designing inclusive spaces, ensuring smooth traffic flow, providing necessary amenities, maintaining safety and security measures, adopting sustainable practices and engaging with the stakeholders are all key considerations in the design procedure. By addressing these elements effectively, you can create a shopping center that not only attracts and retains customers but also stands out as a landmark in the community.

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Homes and hotel plan aims to boost shopping centre

P lans to build almost 1,000 homes and a hotel on land around north-east England's biggest shopping complex could help secure its the future, a council says.

Gateshead Council wants to build 974 homes near the Metrocentre in Gateshead to help "boost business."

The authority said the Metrogreen plans would also regenerate brownfield land.

Metrocentre asset manager Ben Cox, said if the plan is approved the site could evolve into a "town centre."

Anneliese Hutchinson, the council's development director, said the shopping centre was important to the region's economy.

'Sustainable community'

"It's been a long-held ambition of the council to regenerate the area around the Metrocentre," Ms Hutchinson said.

"The centre is really important to our economy and we want to support that in the future by creating a sustainable community around it."

A public consultation has started on the Metrogreen project, which will go before a public inquiry later this year.

If it is given the go-ahead it is expected to take 20 years to complete.

Leisure attractions, including a fitness gym and mini-golf course, have recently been developed at the site, as well as a new NHS diagnostic centre which took over a vacant shop.

The shopping centre is owned by Sovreign Centros, which bought it 2020 when former owner Intu collapsed.

"We want a migration from just being a shopping centre to more of a town centre and people having different reasons to visit," Mr Cox added.

The centre opened in 1986 and, at the time, was Europe's biggest indoor shopping centre.

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Commercial Real Estate Online

Improving Shopping Center Performance by Retail Tenant Mix Repackaging

Some retail shopping centers need refreshing and repackaging from time to time. That strategy and approach help when it comes to sustaining customer interest and attracting ongoing retail sales.

The approach to shopping center repackaging can be merged into the retail business plan strategy for the property over time.

It is worth remembering that a shopping centre and its presentation will be paramount when it comes to customer attraction and sales.

Given the pressures of the Internet, the changes to customer interest, and the fluctuations of retail business, real tenant and merchandise strategies are required. 

The idea here is to maintain and bolster the tenancy mix , the customer interest, the presentation and the performance of a retail shopping centre.

The Basic Facts to Investigate

So where do you start?  Go back in history; that’s a good place to start.  Look at the performance of the shopping centre over time.  Consider these questions:

• What strategy worked when it came to tenant placement and mix?
• What are the best tenants today?
• Where are their shops located in the property now?
• What attracted customers to the shopping center and why?

I go back to the point that real strategies are required to maintain the tenancy mix, sales, and market rentals . That’s where repackaging, renovation, and refurbishment become strategic changes to the shopping centre over time. 

Break down the factors of the property now so you can see what elements are strengths that you can do something with.

Retail Repackage and Revitalize

So, the repackaging strategies for a shopping centre today involve several different factors of tenant mix review and property staging. These are the main ones to look into:

• Lease Expiry Dates – start your review with the existing lease documents. Understand the expiry dates in each case and look for any lease options that may apply. Some tenants will be better than others when it comes to shop occupancy and retail trade. Assess the lease expiry dates regards the potential for maximising sales and improving the tenancy mix overall.
• Tenancy Mix Review – when looking at the mix of tenants in the property, look at the clusters in the various locations in and around the common areas, and around the entrance points to the mall. Some tenants will be more attractive than others when it comes to customer interest and involvement. The clusters of tenants should be assessed for attracting customers and sustaining sales in each of the zones.
• Vacancy Review – it is common in a retail property to avoid giving lease options and lease extensions. A lease option in a lease document generally restricts the landlord when it comes to investment decisions and changes to the tenancy mix. That is why options are discouraged as part of shopping centre leasing and management. As part of the vacancy review for the property , look for the expiring leases, and the leases with options to be exercised. The expiring leases can be actioned early when it comes to identifying any targeted tenant or tenancy type. Any upcoming options will need to be negotiated in accordance with the terms of the lease.
• Tenant Meetings – create meetings with your existing tenants to understand what they are seeing and thinking when it comes to their shop and the retail trade. Shop tenants are usually a valuable source of market evidence and sales opportunity. They will know quite quickly when the sales figures from a property are changing. They will also know what the customers are thinking.
• Property Presentation – review the common areas, the property surrounds, the shopping mall, and the customer access points from a presentational perspective. The shopping centre should look good and be well maintained to encourage customers to shop and return to the property over time. The lease document for the property should contain reasonable controls relating to shop presentation and signage regulation.
• Customer Surveys – on a six-monthly basis undertake customer surveys to understand what could be changing in the property. Understand the factors that apply when it comes to spending patterns, customer demographics for the region, and tenancy mix requirements from the perspective of a regular shopper.
• Landlord Investment Requirements – landlord will have certain targets and requirements to address when it comes to return on investment and growth of capital value. The occupancy factors and the rents in the property will have a lot to do with those numbers. Undertake a regular assessment of competing properties to see how they could be impacting your shopping centre and its tenancy mix and cash flow.
• Capital Works Program – as you move tenants in and around the property there will be opportunities to renovate and refurbish certain zones, shop fronts, and common areas. The shopping centre business plan should have a capital works program integrated into the cash flow over the upcoming five years. Planning a refurbishment or renovation allows careful expenditure controls and a potential improvement of net returns.
• Sales Targets – monitor the sales results for each tenant within the property. To achieve that, you will need certain terms and conditions in the lease document for the tenant so that they comply with financial sales disclosure.
• Market Rentals and Returns – stay close to the trends of market rentals for the property and for the property type. Competing properties will also have trends to watch when it comes to rental activity and vacancy factors. There are different types of rentals, and as part of that there will be incentives that apply when any new tenant is identified. When comparing market rentals and returns, break the rental down into its type and its relevance to any incentive applied to the lease transaction.
• Marketing Strategies – understand just how the existing marketing plan in the property is working today for the tenants, customer interest and sales. Look at the property website, the local demographic marketing initiatives, the sales by merchandise group and tenant, and seasonal sales by time of year.  In interpreting those numbers, you will see how the promotional spend is working.
• Competing Retail Properties – review the region to identify other retail shopping centers that could be pulling away your customers. Review the tenant mix and vacancy factors in all competing properties.
• Moving Annual Turnover – on a tenant and merchandise basis, look at the moving annual turnover so you can see what is happening with sales and customer interest. You may see segments of the property, or tenant groups that are strong from a sales and customer perspective.
• Door-counters – the numbers of people accessing the retail property on a weekly and seasonal basis should be tracked for trends and changes. Compare the door-count traffic numbers to the car park use figures and the MAT’s for the tenants.  It is also valuable to know what entrance points in the property are more commonly used by shoppers.  Simple facts like these help you hone your marketing and tenancy plans in the property repositioning process.

There are a good number of issues to look at in this list.  A retail shopping center is a vibrant and changing investment asset and property . 

Over time the building, the customer mix, and the tenants will be changing.  Look for the changes in retail today, and market your property into future merchandise and shopping opportunity.

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