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7 things to do before acquiring a mall spot

And what you should ask the mall administration
By Raydon L. Reyes |

Is your business ready to hit the malls? Don’t sign a lease for the first retail space you see. Even in a shopping center where there are lots of potential customers, find a location that’s accessible and suited to the needs of your business.

Here are the things you should do before signing up for a mall space:

1. Take a tour of the entire building and check the traffic patterns of the area near the space.

2. Weigh the benefits of guaranteed foot traffic at a mall location against premium rent.

3. Investigate about the former tenant of the space you’re eyeing and why that tenant left the location.

4. Identify your closest competitors and look for neighboring shops with complementary products or services. Also, check the lease agreement for any guaranteed protection against competition.

5. Evaluate whether the physical location and space is a good fit with your product line. Is it big enough for foreseeable growth?

6. Acquaint yourself with whoever\\\'s responsible for maintaining the heating, air-conditioning, and other systems, as well as keeping up the parking lot and building exterior.

7. Hire a real estate attorney who specializes in lease negotiations so you can discuss about free improvements and other incentives before signing your lease.


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