0816_TOEFL-Test-and-Score-Manual-1997

138 ● 201 Great Ideas for Your Small Business
“We have to approve the design, so our in-house designers help tenants
design their carts,” said Lisa Taylor, specialty leasing manager for the Mall
of America in Bloomington, Minnesota.
Taylor said RMUs have to be designed to last for years, feature lots of
storage space, and be able to be locked up when the mall closes.
Things to Consider When
Looking for Mall Space
Locating your business in a shopping mall has certain advantages
over renting space in a strip mall or in a downtown retail district.
A mall has built-in foot traffic, good parking, and a mall-wide marketing
budget.
But, you need to make sure your potential customers visit the mall.
Spend time visiting stores, speaking to other tenants, and watching customers.
It’s best to work with an experienced real estate broker who
represents many malls in your area. Shop for space carefully; leasing
space is costly, and you don’t want to be stuck in the wrong place.
Before you start looking, consider the following:
• How much space will you need for your cart? Will you have access
to a storage area?
• What kinds of businesses are operating around you? Are they competitive
or complementary?
• How responsive is the management company to tenants? Speak to
other small retailers in the mall to find out.
• What hours is the mall open on weekdays? Weekends? Holidays?
• Do you like the feeling of the place? Can you see yourself working
here every day? Visit the mall at different times of the day and night
to check foot traffic and parking availability.
• Find out how many shoplifting arrests were made in recent months.
Any other crimes? Check with the local police department to determine
the safety and security of the mall.
• Will you be paying for utilities? Do you have to pay for all interior
improvements? Can you sublease the space to another business?
Make sure you understand exactly what your lease includes and
sign the shortest lease possible to give yourself an out if your
business fails.