MEGA MALLS OR SHOPPING COMPLEXES: THE BEST HOME FOR YOUR BUSINESS

For any small or large business owner buying any retail or Buy commercial property in Gurgaon is a very cost-effective decision. Hence, there are certain significant points that any entrepreneur needs to keep in mind before purchasing any retail or commercial outlet.

• Studying the neighborhood- Transportation mediums and road connectivity should be accessible.

• Availability of customer-friendly services- Parking lots, lifts, security, washrooms, etc. should be a must-have.

• Doing market research- Looking at the upcoming projects in the area, the ongoing price trends, and even the expenditure pattern should be taken into consideration.

• Future modification potential- It is very important for any business that the premises they are working in should have the flexibility to be changed with time.

• Strong fiber connections and good infrastructure- Nowadays that everything has been digitalized strong network coverage and Wi-Fi connection are very crucial. No hidden defects in the infrastructure should be there.

There are several factors like these that should be properly researched and analyzed before making a purchase. For big brands making a decision to buy a store in a mega mall or super mall is easy. But for small/regional businessmen or for start-up companies making any haste conclusion without considering all the factors is a bad business decision. So, let’s first try to understand the types of retail and commercial property options we have in the market where our business can flourish.

Mega malls, shopping complexes, strip shopping centers, hypermarkets, regional markets, etc. all these commercial spaces have come a long way from their old-age reputation. These businesses’ hot spots have transformed the entire seller-customer relationship. Out of all these most of the new age goods sellers prefer buying or renting shops either in a large mall or smaller shopping complexes. Even, strip shopping centers have also gained popularity nowadays. Before weighing the pros and cons of the above properties, it is vital to first understand the difference between them. 

A mall is generally a large enclosed area that consists of shops, stores, offices, hotels, restaurants, entertainment hubs, etc. under one roof. It has multiple floors which are interconnected by escalators, lifts, and walkways. Its sole purpose is to give customers a complete grand shopping experience. A shopping complex on the other hand isn’t as extensive. It is a kind of strip mall that gives an open-air experience and is not covered by the elements. It is smaller in size and doesn’t necessarily have refreshments and recreation outlets. While a strip shopping center has a series of shops joined together which may or may not have the same roof. But it might have a large parking area and a sidewalk in front.

Pros and cons of owning a store in a mega mall

PROS:

• Malls are flooded with heavy foot traffic every day, be it a working day or a weekend. If your store is in a busy mall your products can easily catch their attention without making any verbal effort. 

• Mall owners’ marketing strategies can benefit the store owner through large advertising campaigns.

• The aesthetic of the store is mostly in tune with the mall, while some do permit interior changes in layout and designs.

• One doesn’t have to worry about harsh weather conditions.

• Malls usually have their own on-site management team to take care of any damages, repairs, or security issues.

• Comfortable environment and sufficient store hours.

• Mall store visibility is higher in comparison to other sites

CONS:

• Mall owners control most of the business advertising operations

• If there are similar businesses then the competition is high.

• Rental and maintenance cost is massive

• Small business owners might struggle to work with big retailers as they could minimize their physical presence.

• Have to follow the days and hours working guidelines of the mall.

Pros and cons of owning a store at a shopping complex or strip shopping center

PROS:

• They can have their own rules and policies without being involved in any kind of marketing campaign.

• Rent/ price is cost-effective as the owner can negotiate with the landlord or estate agent

• No extra expenditure or high maintenance cost for the store

• Customers visit mostly with the intent to shop.

Cons:

• Poor security resulting in a high risk of theft and burglary

• Store owners might have to struggle with additional tasks like ground maintenance, recycling, trash disposal, etc. depending on their rental agreements.

• They have to do their own marketing and advertising.

• Traffic generation to the store may get affected by local zoning or bad weather conditions. 

Purchasing any shop for a business nowadays entirely depends on the capital you have and the risks you are willing to take. A business can generate profit through various mediums but we can’t ignore the importance of a good market space. Big brands can easily rent, sell or purchase any commercial space but new businesses have to choose wisely. So, it is always a smart move to study your market, target audience, buffer amount for future losses, and the growth potential of your business before you venture out in the business world.