Are you thinking about constructing an outlet mall to sell factory overstock? Outlet malls can be a great way for manufacturers to sell excess inventory while also providing great deals for consumers. Building a successful outlet mall, on the other hand, necessitates careful planning and execution. In this article, we’ll share 10 tips to help you build the best factory overstock clearance outlet mall.
Find an Outlet Mall for Sale
One option if you want to build an outlet mall for factory overstock clearance is to buy an existing outlet mall. An outlet mall may be for sale for a variety of reasons, including ownership changes, financial difficulties, or a desire to relocate. The outlet mall sector has grown steadily over the last decade, with the number of outlet malls in the United States increasing from 227 in 2010 to 258 in 2020, according to industry data.
To find an outlet mall for sale, you can work with a commercial real estate agent who specializes in retail properties. They can help you identify an available commercial property, evaluate its potential for your needs, and negotiate the terms of the sale. You can also search online marketplaces for commercial real estates listings, such as LoopNet and CoStar. When evaluating an existing outlet mall for sale, it’s important to consider factors such as its location, tenant mix, and overall condition.
Build a New Outlet Mall
Another option for creating the best factory overstock clearance outlet mall is to construct a new one. Building a new outlet mall requires more time, effort, and investment, but it allows you to customize the property to meet your specific needs and vision. It also allows the mall to be located in an area with a high potential for success.
When constructing a new outlet mall, it is critical to collaborate with a commercial construction contractor with a team of experts, including architects, and engineers, with retail property experience. This ensures that the mall is designed and constructed to meet your needs for factory overstock clearance while also providing a welcoming and functional environment for customers.
Some factors to consider when building a new outlet mall include its location, accessibility, tenant mix, and marketing strategies. You’ll also want to plan for ongoing maintenance and upkeep to ensure the mall remains attractive and functional for years to come. By building a new outlet mall, you can create a space that meets the needs of manufacturers and shoppers alike and position yourself for success in the growing outlet mall industry.
Get Top of the Line Roofing
Building a new outlet mall allows you to tailor the property to meet the specific needs of factory overstock clearance while also creating a welcoming environment for customers. It is critical to collaborate with a team of experts, including architects, engineers, and contractors with retail property experience when building the mall. This will ensure that the mall is designed and constructed with high-quality features, such as a high-quality roof.
The roof is one of the most important components of a building, as it is responsible for keeping the property safe, secure, and energy-efficient. It is critical to select a long-lasting, energy-efficient material that complements the mall’s overall design. Metal roofing, asphalt shingles, and EPDM roofing are all popular commercial roofing options. Additionally, find a reputable roofer with a track record of success in commercial roofing projects who can provide references and certifications.
Regular roof maintenance is also crucial to ensure the longevity and performance of the roof. This may include regular inspections, cleaning gutters and drains, and repairing any damage as soon as it occurs. A quality roof will not only protect the building and its contents from the elements but will also help keep energy costs down and reduce the risk of leaks and other issues, making it a worthwhile investment for any new outlet mall.
Offer Other Attractions Besides Shops
To create the best factory overstock clearance outlet mall, you must offer more than just stores. Including additional attractions can help to attract more customers, create a unique shopping experience, and increase foot traffic to the mall. One method is to incorporate vocational schools and educational institutions into the design of the mall.
For example, a welding school could be integrated into the mall, allowing shoppers to view and learn about welding techniques while they shop. This unique attraction would create added value to the mall experience and provide a unique way to showcase factory overstock clearance items. Additionally, it could also help attract younger audiences and families looking for an educational experience.
Other attractions to consider could include a food court, movie theater, arcade, or fitness center. These attractions give customers more reasons to visit the mall, spend more time there, and potentially make more purchases. You can create a comprehensive shopping and entertainment experience that caters to a wide range of customers by diversifying the mall’s offerings.
A security team is a must-have for any outlet mall, particularly one that specializes in factory overstock clearance items. A strong security presence not only helps to prevent theft and vandalism but also provides shoppers and tenants with a sense of safety and comfort. Consider partnering with a professional security company and a golf cart company to create a top-tier security team for your outlet mall.
Professional security firms have extensive experience in retail and commercial properties and can provide trained and certified security officers who are familiar with a wide range of situations. They can also provide advanced technology such as surveillance cameras and alarms, which can help deter criminal activity and add an extra layer of security. Partnering with a golf cart company can also be beneficial, as it allows security personnel to patrol the mall more efficiently and effectively.
It is critical to create a welcoming environment for customers in addition to providing a strong security presence. Security personnel should be trained to interact with customers in a friendly and helpful manner, offering assistance when necessary and providing directions or recommendations. This can contribute to a positive customer experience and increase their likelihood of returning to the mall in the future.
Consider Local Companies
Want to build the best outlet mall for factory overstock clearance? Consider partnering with local companies to help enhance the customer experience. Local businesses offer unique products and services that can set your mall apart from others in the area. One way to do this is by partnering with local florists to provide fresh flowers and plants throughout the mall.
You can add a touch of beauty and nature to your outlet mall by incorporating local florists. Additionally, it can provide customers with a one-of-a-kind shopping experience while also supporting local businesses. Partnering with local services can save money in the long run because you can negotiate bulk discounts for regular orders.
Another way to collaborate with local businesses is to showcase local artisans and craftspeople in a designated area of the mall. Customers can enjoy a one-of-a-kind shopping experience by browsing and purchasing handmade items that they won’t find anywhere else. Furthermore, highlighting local artisans can help to support the local economy and attract customers who value purchasing from small businesses.
Get the Outside to Sparkle
First impressions are everything, and this is especially true for outlet malls that specialize in factory overstock clearance items. Getting your mall’s exterior to sparkle is critical for attracting customers and creating a welcoming atmosphere. To accomplish this, you must collaborate with top-tier landscaping companies that can bring your vision to life.
Landscaping companies offer a variety of services, such as designing and installing flower beds and trees, as well as creating beautiful walkways and outdoor seating areas. They can also provide maintenance services to ensure that the mall’s exterior is in good condition all year.
Working with a reputable landscaping company can assist in creating a welcoming and aesthetically pleasing environment for customers to enjoy while shopping.
In addition to enhancing the overall appearance of the mall, landscaping can also help reduce stress and increase the well-being of shoppers. Studies have shown that spending time in natural environments can have a positive effect on mental and physical health. By creating a beautiful outdoor space, you can provide customers with a place to relax and recharge while shopping.
Modern, Contemporary Feel
A modern, contemporary feel in an outlet mall for factory overstock clearance refers to a design style that incorporates clean lines, bold colors, and unique lighting fixtures to create a visually appealing and functional space. It’s a design decorative that emphasizes simplicity, minimalism, and the use of technology and contemporary materials. This design style is particularly popular among younger, more style-conscious shoppers who want a shopping experience that includes not only finding great deals but also being in a visually appealing environment.
There are numerous styles and options for creating a modern, contemporary feel in a factory overstock clearance outlet mall. To achieve a modern industrial look, designers frequently use clean lines, sleek surfaces, and natural materials such as wood, stone, and metal. Color palettes that are neutral or monochromatic are popular for a sophisticated and minimalist look, whereas bold and vibrant colors can add excitement to the space. According to a National Retail Federation survey, 43% of customers say store design influences their decision to shop at a specific store.
Working with professional interior design services will aid in the creation of a visually appealing and functional environment. The use of modern and contemporary design elements such as clean lines, bold colors, and unique lighting fixtures can help create an inviting space that customers will enjoy spending time in. Additionally, professional designers can help maximize the use of space and ensure that the layout of the mall is optimized for sales.
Keep the Bugs Out of Your Food Court
Flies, cockroaches, ants, and rodents are common pests found in outlet mall food courts, and they have a significant impact on both the customer experience and health. Flies are known to spread diseases like salmonella and E. coli, resulting in food poisoning, whereas cockroaches and rodents can contaminate food with their feces, urine, and saliva, leading to the spread of dangerous diseases like salmonella, campylobacter, and listeria.
Customers may be concerned about the presence of pests in the food court, leading them to perceive the outlet mall as unsanitary and unhygienic, and they may not want to return or recommend it to others. Pest infestations can be avoided with regular cleaning and sanitation practices, as well as proper food storage and disposal methods. In the event of an infestation, professional pest control services should be contacted to eradicate the problem and prevent it from recurring.
Pesticides are commonly used in food courts at outlet malls to control pests such as bugs. Pesticide overuse, on the other hand, can result in pesticide resistance, in which pests become less responsive to the chemicals, making control difficult. In the case of factory overstock clearance outlet malls, it is critical to use pesticides responsibly and in accordance with established guidelines to avoid the development of resistance.
Help Stores Succeed
Factory overstock clearance outlet malls rely on the success of their stores to attract customers and generate revenue. One way to assist stores in succeeding is to help with the hiring and processing of seasonal workers, such as those on H-2A visas. Many businesses in the outlet mall industry rely on these workers, particularly in agriculture and hospitality. Outlet malls can ensure that their stores have access to a reliable and legal workforce by partnering with an H2A visa processing service.
Indeed, the number of H-2A visa certifications has steadily increased in recent years, reaching over 258,000 in 2020, according to the Department of Labor. Another way to assist stores in succeeding is to provide marketing and promotional services. Outlet malls and retailers can collaborate to develop effective advertising campaigns and promotions, such as discounts and special events. Outlet malls can attract more customers and increase sales by promoting their stores and products. Furthermore, training and support for store managers and employees can help improve customer service and satisfaction.
To sum up, building an outlet mall for factory overstock clearance requires a comprehensive approach that addresses all aspects of the business. Choosing the right location, providing appealing amenities, and providing top-notch security are all critical factors in attracting and satisfying customers. Entrepreneurs can tap into the growing market for factory overstock clearance and build a profitable and sustainable business by considering these factors and taking the necessary steps to create a successful outlet mall.