When it comes to retail malls, success is determined by a variety of factors. From the tenant mix to the location and design of the mall, there are many elements that must be taken into account in order to ensure a successful shopping center. According to experts, the most complete definition of a tenant mix is the combination of homogenous and heterogeneous retail agglomerations that promote a better relationship between customers and retail activities and function successfully as individual businesses. Additionally, demographic and economic data can help identify the right mix of retail tenants, which is essential for a successful shopping center.
Furthermore, short- and long-term strategic planning must be considered before establishing a mall. When it comes to tenants, they are defined as people or companies that have interest on commercial lots for a period of time and pay rent as a reward for these interests. The satellite tenant is a smaller national or local tenant compared to the primary tenant and depends on the pedestrian flow created by the main tenant. Along with the base rent, all location-related costs should be taken into account when choosing a retail store location.
For example, by grouping together fashion retail lots, shoppers can easily make their purchases without having to go through the entire mall. The mix of tenants can be defined as a combination of measurement factors, such as the allocation of commercial space, the number of units occupied by each category of tenants and the way in which tenants are located in the shopping center. The good shapes and designs of shopping malls are designed so that consumers reach as many retailers as possible. By building famous “entertainment for shopping” locations, new malls can meet or exceed customer demands and expectations.
Similarly, customer-centered management allows managers to understand their buyers, consumer psychographics and trends. Finally, specialty retail stores located further away from cities will need more marketing than those located in shopping centers. All these factors must be taken into consideration when creating a successful retail mall. It is essential for mall owners to understand how each factor affects their success in order to create an environment that will attract customers and keep them coming back.
