Mall culture is big business. Today, many malls have evolved into massive multi-store structures housing a large amount of shops that sell a diverse array of products and services.
Malls serve as a unique gathering place where shoppers can find all their product needs, have a bite to eat, and enjoy some entertainment. Their convenience and wealth of amenities have made them a fixture of Americana. And if you want to run your own business, there’s no better place to start than with tried-and-true mall franchising.
Not convinced? Here are three important reasons why mall franchising makes sound business sense:
Marketing and advertising are critical components for any business. However, to do it right and thrive in building a strong and committed following, it will take an intense amount of time, money, and expertise. But when you invest in mall franchising, you enjoy the primary advantage of malls without much effort on your part: heavy foot traffic.
People frequent malls for a number of reasons that include browsing/window-shopping, shopping at a specific retailer and taking advantage of the multitude of food court options. Each of these visitors will walk by several storefronts which will increase their chances of entering your shop. Plus, as a franchise, you get the added benefit of being seen as a trusted mall brand.
Did you know that weather can have a direct impact on sales? A recent study found that consumer businesses can be disrupted by weather in three major ways: purchase timing, response buying, and substitution.
This last one, substitution, is the most critical for entrepreneurs mulling over mall franchising possibilities. Substitution refers to when excessively hot, cold, or rainy weather changes where a shopper chooses to buy, to the detriment of traditional street retailers, and to the benefit of online and indoor shopping centers.
Those indoor shopping centers, aka malls, operate as an enclosed and controlled environment with heating and air conditioning set to keep customers shopping comfortably all year round. Most include parking lots that are well-lit and established to keep patrons safe and further protected from the elements. As a mall franchising retailer, you benefit from all of these included perks that make shopping more enjoyable no matter the weather.
Whether you choose to open a clothing shop or operate a mall restaurant franchise like Pretzelmaker, the mall experience attracts shoppers with a very desirable quality: the spending quality. Whereas many retailers are bemoaning trends in internet shopping, those within the mall aren’t feeling such effects quite as heavily. That’s because the mall experience enables shoppers to frequent a variety of brick-and-mortar stores to try and touch desired products in one comfortable and well-organized location.
If you do opt for a food mall franchising opportunity, then you have the added benefit of enjoying what all of these shoppers have in common: an appetite. But finding the right menu selection and most effective price point for mall-goers can be a challenge.
That’s why mall franchising is such a sound business move, as all of the kinks of pricing and portion sizing have been ironed out so that you get to reap the benefits without having to put in too much experimentation.
To learn more about the advantages of either opening a mall-based business, franchising, or doing both and becoming a part of a mall franchising system, download our franchise report to see all the details.