Locating your store in a shopping centre or mall can be a viable option for retailers looking for increased foot traffic and brand exposure, but it does come with costs.
The process of entering a lease agreement can be complex one, particularly for SMEs. To help entrepreneurs navigate the cost aspect we turn to Monalisa Sam who is an experiential retail and property expert who has previously managed Cavendish Square in Cape Town, The Zone in Rosebank and Maponya Mall in Soweto.
“It is important to request shopper profile information from the mall you have interest in. This will guide you as to whether your target market is visiting the mall in the first place. Secondly having an understanding of the retail mix in that specific mall will give you insights of any competition you may have in the centre,” Sam shared in an interview with SME South Africa.
Below are the costs business owners need to consider when making their decision.