An increasing number of mall owners in the US now rely on professional property management services to effectively position their malls and attract traffic. The services generally include the maintenance and operation of the entire shopping center, including the utilities and services.
In short, all the aspects of mall management, including operations, accounts, security, marketing, facilities management, and leasing are taken care of by experienced property managers. As the professionals have been in the industry for a long time, they use a wide range of positioning strategies to help the mall stand apart from the crowd.
To give you an idea, here are some of the common positioning strategies used by shopping center management service providers-
1. Local Survey
Effective positioning has a lot to do with the people living in and around the areas close to the mall. So, the strategy generally begins with a survey of some of the households in the surrounding areas. The managers lay a significant emphasis on the psychographics, demographics, and income of the people living close to the mall.
To take things a step forward, strategists also survey some of the competition in the area. All of this information is used to build a distinguished image of the mall and ensure it fulfills the needs and expectations of people in the surrounding areas. In a way, the managers will try to position your mall in such a way that people instantly think of you every time they want to shop.
2. Defining the Mall Positioning Statement
Based on the initial survey, the management team will create the positioning statement of the mall. Not having a clear positioning statement can be confusing for shoppers and tenants. For instance, a mall targeted towards low-margin and high-volume retailers will have a very different positioning statement compared to a mall with luxury brands.
As the majority of the shopping malls, let’s say in the state of Florida, are neighborhood malls having a GLA (Gross Lease-able Area) of up to 100,000 sq.ft, they mostly cater to the crowd with affordable brands and products. The positioning statement and tenant strategies of such malls cannot be similar to super-regional malls with a GLA of 500,000 sq.ft and above.
3. The Anchor Strategy
An anchor tenant or anchor store is a larger departmental store that plays a vital role in attracting people to the mall. Depending on the mall size, there could be one or two anchor stores. In most cases, such anchor stores consume up to 20%-25% of the mall’s GLA.
The management professionals will help you select a flagship anchor store that offers merchandising variety to attract different types of shoppers. At the same time, the store should fully comply with the needs and expectations of the target shoppers. The selection of the anchor store is critical as the other in-line retailers depend on the anchor to bring in foot traffic.
4. Mall Zoning
It is through effective zoning strategies that retailers of a mall could attract impulse and focused buyers. The managers will allocate the mall space to a mix of tenants and divide it into multiple zones to ensure every store can benefit from the traffic. As the competition among malls is consistently rising, correct zoning can help a mall create a unique image that can continue attracting shoppers.
Moreover, zoning also helps in smoothening shopper movement in the mall and preventing bottlenecks and clusters. But as zoning is something that requires extensive knowledge and experience, ensure you only choose a reputable shopping center management service provider for the best results.
5. Marketing and Promotion
Promotional events are critical for marketing brands available at the mall. Food festivals, celebrity visits, talk shows, and competitions are some of the most common promotional activities used by malls. These activities help promote brands, increase footfalls, and ultimately lead to improved revenue. Some other promotional ideas are organizing national, religious, and cultural celebrations.
These activities are effective in attracting people and also ensure maximum utilization of the space available in the mall. Smaller retailers often find additional sources of income during such events. Again, the management team will be responsible for selecting marketing activities they believe would be the most effective in attracting the target buyers.
6. Managing the Mall Facility
Effective mall positioning also has a lot to do with facility management. It is an integration of the place, people, technology, and process used in the shopping center. Right from security, parking, and cash management to housekeeping, all the elements of successfully running a mall are integrated into facility management.
You can also find property management services that can also help you with guest relations, help desk support, and managing meeting rooms. Some of the soft services such as security surveillance, cleaning, administration, concierge, and pest control are also offered by management service providers.
7. Managing Mall Finances
A mal can only continue to retain its position as long as it is successful. And success needs consistent revenue for the mall owners as well as the tenants. This makes finance management a core aspect of owning and running a mall. Property managers can also assist you with mall finances to ensure positive cash flows.
They can help you with accounting systems for invoice and debt management, income collection and cash receipts, and organizing resources for effective and efficient annual audits. Before finalizing the mall management company, ensure you discuss their services in detail so that you’re fully aware of what you can expect from them.
Simplify Mall Management with Professional Shopping Center Management Services
A lot of pieces should fall in the right places to successfully run a mall. Rather than trying to do everything on your own, it’d be better if you rely on professionals and their experience. Luxury Property Care is one of the most reputed property management service providers in South Florida.
We offer end-to-end shopping center management services to eliminate the challenges of mall management. From leasing, tenant screening, and build-out management to maintenance, accounting, and legal services, you can trust our professionals to make your mall a success.
Contact us at (561) 944-2992 or fill out our contact form to learn more.