Once you buy a shopping mall for sale, you need to develop a sales marketing plan since it describes the strategies the shopping mall management will use to attract tenants and retain them to bring more shoppers to the mall. Preparing a plan is important to success because the malls compete with one another and with other retailers such as shopping centers. Consumers in The United States of America have numerous choices of stores and entertainment options so you need to make your mall exceptional if you want to stand out.
Setting your goals
When creating a marketing plan for your mall, you need to include goals. In the plan, the main goals are the levels of sales you want your tenants to achieve. You should set a goal for the percentage of occupancy. A mall would also have a rental income goal. When you bought your mall on a real estate platform, you saw the number of shoppers or visitor traffic. You may want to increase visitor traffic to ensure more sales.
Determine your target market
You must have a clear understanding of the target market you want to attract to the mall. The characteristics of the area demographics – factors such as level of income and age should give you a good idea of your customer base. You also need to look at your current customers and whether there are more groups you would want to target.
Secure and retain tenants
The details of the marketing plan should have strategies and action plans the shopping mall for sale will use to get the right mix of tenants that fit the needs of the target market and the purchasing behavior. Shoppers who come to the mall to visit one store may get another store appealing to them as well. The management of your mall should come up with strategies to satisfy tenants.
