Did you hear about the retail apocalypse? As discussed in a previous blog post, the trend is that people are not shopping at big-brand stores as much as they used to. As a result, malls and shopping centers are losing their tenants and in many cases closing entire malls. However, even in a down market opportunities abound if you know how to take advantage of them.
Take into account this article – “Pop Up Goes the Retail Scene as Store Vacancies Rise“. It seems that instead of getting no rent for empty mall space, the mall owners are willing to take something instead of nothing. Mall owners are opening up to short-term leases as short as a few days for you to hold a pop up.
Some mall owners are organizing their own Farmer’s Markets or seasonal Artisan Markets. They are going so far to erect semi-permanent structures for your “store” on their property. They too realize that people’s shopping patterns are changing dramatically. The big-name anchor stores are no longer pulling in the crowds they used to and are looking for innovative ways to draw the crowds. Your business may be one of those ways.
This may or may not be an ideal opportunity for you, but it is worth considering. Check out your local malls and see if they are open to these short-term leasing arrangements. This could be a start to becoming an anchor store in your local mall!