If you desire to own a store at any top shopping mall in the country, this post on how to get a store in a shopping mall in Nigeria this 2023 will serve as a guide on how you should go about it.
We shall be focusing on getting a shop space at Shoprite ultramodern city malls so that you do not get confused on which place to go to when you finish reading this article. You can also apply this information in the case that you are looking for a store space at any state-of-the-art shopping facility in the country that is not necessarily Shoprite based.
WHY GET A STORE AT A SHOPPING MALL IN NIGERIA?
Getting and owning a store in a top shopping mall in Nigeria is expensive, we must admit that but it is also great for your business and it has the potential to give you huge returns on investment if you plan properly and execute your business plan to perfection.
It is a very good idea to locate your store in any of the top shopping malls in Nigeria because of the pulling power of these shopping malls. Customers are attracted to ultramodern shopping malls in any part of the country on a daily basis and you can take advantage of this to move your business to the next level.
Because of the beautiful setting and the impressive shopping atmosphere and facilities that shopping malls in Nigeria are known for, there is no way you as a store owner will not make sales, especially when you are cited towards the entrance, the centre of the store or at strategic places where customers make the most purchases.
STEP BY STEP GUIDE ON HOW TO GET A STORE IN SHOPPING MALL IN NIGERIA 2023
These are the step by step processes on how you can get a store at a shopping mall in Nigeria this 2023:
CONTACT THE MANAGEMENT OF THE SHOPPING MALL
The first thing you should do in your quest to own a store at a top shopping mall in Nigeria is to contact the management of the facility, making your intentions about citing your store at their facility known to them.
If you are not sure about how to go about this, we advice that you visit the shopping mall and talk to the security men at the facility, they may have useful information about the management or they may know who does. It is also advisable to go out of the comfort of your home to make enquiries about your store ownership rather than rely on online information.
If you eventually meet with the management of the facility, you can discuss your intentions to cite your store at their shopping mall and they will give you their terms and conditions. They may also give you a tour of the facility so that you can see first hand which space is convenient for your business. You must meet their requirements and be a registered business owner before you can be allowed to pay and rent your store space at the mall.
Some of your preferred spaces at the mall may be taken, it is up to you to look out for another space at the mall that should benefit you and your customers, kindly take note of this.
PREPARE A BUSINESS PLAN FOR YOUR SHOPPING MALL BUSINESS
An impressive business plan can help you succeed in your business. In your business plan, you have to determine what you want to sell by taking a detailed approach in identifying the need, service or a specific product that will be very beneficial to your potential customers at the shopping mall.
You should also include your capital in the plan and ensure to factor in expenses such as inventory costs, insurances, taxes, wages, and rent. Endeavour to thoroughly scrutinize your business plan to ensure that you are well equipped to start up your business. You can also study your competitors to know what and what to do and the things you shouldn’t do.
GET THE PAYMENT FOR YOUR STORE AT THE SHOPPING MALL READY
Make ready your payment and prepare to set up your store at the shopping mall. As earlier mentioned, the cost of renting a store space at a top shopping mall in Nigeria is quite high, it is really very expensive and you may be looking at anything between ₦1.5 million – ₦2.5 million or more per year, and that is just to secure your store space. You also have to make payments for your store lighting, decoration, furniture, etc.
On the average, some shopping malls in Nigeria charge up to ₦75,000 per month for square metres in certain areas of the mall. Stores that are close to the entrance of most shopping malls in the country are charged higher fees per square metre. You can get in touch with the mall leasing/rental agent in order to find out the requirements for paying for your store space in the mall.
Once your negotiations with the management or mall leasing agent has been concluded and all parties involved have reached an agreement, you should ensure to get the terms of the negotiations in writing in the presence of a competent lawyer to prevent issues in the future. Once this is done, you can then append your signature on the terms of agreement and proceed to pay for your store space.
You can then move in and set up your store with your goods, well arranged and your store very attractive to catch the attention of your customers.
COMMENCE YOUR BUSINESS
After all the necessary steps up to this point, you can then officially commence your business at the shopping mall. You can choose to sell designer clothes, own a perfume shop, open a pharmacy store, sell electronics, etc. Make sure you do not compete with top brands like Shoprite who already have customers purchasing their products in the same shopping mall, you may sustain huge financial losses.
The information in this article is a guide and while it may give you a focus on the steps to take before setting up your store at a shopping mall in Nigeria, we advice that you also take out time to go to these places and make your actual findings.