Malls provide an excellent testing ground for new products and services. The ample parking space, the variety of shops, and the convenient placement of amenities appeal to many customers.
If you’re wondering where to set up shop, leasing a business space in a mall would give you a chance to take advantage of the massive customer base. Most businesses utilise some strategies when they set up shop inside Paya Lebar’s malls. Here is a quick rundown of some of the businesses that do well in mall settings.
1. Gift Shops
While multitudes of people shop online, many still want to be able to touch and feel their merchandise before they purchase. When shopping for a gift for a loved one, no one wants to buy a faulty product. Gift shops fill this gap by allowing customers to place a hand on it before purchasing. To build a competitive edge, you can offer delivery services.
2. Fast Food and Edible Products
Popcorn, ice cream, hot dogs, gourmet doughnuts or coffee kiosks do well in the shopping mall because of their low maintenance but high yield transactions. The tasty treats and the fresh aroma in the air would surely attract many customers
Beauty products are now finding more in-roads are business owners realise their value. The malls provide great testing grounds for new products. Since the market for most of these products is mostly female, setting up a cosmetic outlet in malls is a good way to promote sales.
4. Pop-up shops
Pop-up retail is a temporal physical space a business owner can use to create brand awareness. If you own an e-commerce shop, you could use a pop-up shop to interact and connect with local customers in person. You could also use a pop-up store to build excitement about a new product line or satisfy demand during a holiday shopping season.
5. Office space
Empty spaces in malls make for a great office and co-working spaces. Malls are often situated in strategic places making it easy for customers to locate you. Again, the vibrancy in malls is likely to motivate employees.
In recent times, the mall culture has become a big business. More people frequent malls now than they used to before so whether you already own a business or are planning to start one, taking advantage of the new mall culture will do your business some good.