The mall pop up phenomenon has revolutionised retail. It involves the use of a small booth in a big mall, allowing business owners to exhibit their wares to passers-by. This small but highly effective retail space can be obtained from big leasing companies, like Westfield Specialty Leasing.
The pop ups are mostly used by retailers of items like cell phones, perfumes, sunglasses, and so on, but if properly implemented, any business can benefit from using them. The shops are referred to as pop ups because they are temporary. Depending on your agreement with the leasing company, you can use the shop for a few hours, or a few weeks, but you must move on after the period expires.
Which businesses work best?
The best businesses for mall pop-ups are those that will instantly resonate with many people who visit the mall. If the product isn’t going to draw attention, there is no point using a pop up booth. The ideal sales items to sell here don’t cost much, and should be easy to sell. Therefore, you need to research extensively before deciding to take your goods and service to a mall pop-up. Understanding your potential customers, and the process of selling to them, is an integral part of your due diligence when considering this mode of retail. It is almost the fast food of retail, albeit selling often very upmarket products, so it is a little different from the way other shops work.
At what time of the day will your business be open?
This is dependent on the opening and closing hours of the mall. Of course, you can’t operate your booth outside standard hours. You can’t open earlier or close later than the designated working hours for a day in the mall. However, the decision of opening later or closing earlier than the actual mall rests squarely on you in most cases. If you have to operate the kiosk around another job or obligation, then you need to confirm what the rules are, concerning this. It may be that the mall requires that the sales space is in use for a certain number of hours each week.
How long does a mall pop-up agreement last?
The length of lease is important. Many leasing companies are flexible in their offerings, while others have a closed end policy where you must accept a certain duration. Explore your options properly as you won’t want to sign up for a long period of time, only to find out that your products aren’t selling to the people walking past. There is always a chance of tremendous success in the business but you should never agree to a lease length you can’t afford. Depending on the company, you may be able to take the space for a day, week, or month, as the case may be, but check to see if there are provisions for breaking the lease before the contract ends.
What does it cost to get a mall pop-up?
As is the case with all property based acquisitions and rentals, the cost of the mall will vary depending on the location and size of the mall, and the management company. While asking about costs, make sure you are clear about any additional costs aside from the rent. In some areas, you may be asked to pay a percentage of your profits. While there is nothing wrong with this, it pays to have a clear understanding of what your commitments are from the start. Here is more on why you should consider running a mall-pop up shop.