Malls have effectual marketing avenues available to help promote stores. Retail stores pay a high rental fee. Mall management wants to insure the success of those stores. They do not want to loose revenue that comes from profit yielding spaces.
Listed below are a few tools that malls offer that can be used to generate a sizeable retail profit.
1. Lease lines. Most malls allow stores to use a small space outside their store front to advertise.
This is an important marketing tool because it can be used for several purposes. In my opinion the most effective way to use the lease line, is to place a standing poster in the area to capture customers attention. The poster needs to be placed on both sides, so which ever side the customer is walking the ad will be easily viewed. Stores can use this to advertise specials, new merchandise or to move a product that has not snatched the attention of the consumer.
2. Table toppers. Table toppers are put in the center of the table in the eatery of the mall. While people are eating their food they can read the store advertisement. Stores take turns for one to two week slots to display their ad. The advantage of this advertising is that the consumer will see the ad several times while eating.
3. Billboards. Flashing billboard advertising that displays the stores to customers driving by,
is also an advantageous means of marketing. The ad is seen for a few seconds but is repeated throughout the day with a limited number of other ads. Statistically the ad is seen by a large number of potential customers. The ads usually runs for at least a week, depending upon demand for the key board space.
4. Newsletter. Newsletters are used to promote not only the mall but the stores in the mall.
Articles about various stores are written highlighting the owner or business. Coupons, specials, and ads are also placed in the newsletters. For example, at Christmastime the mall will advertise Santa Claus coming to their location. This is a great opportunity for the stores to promote Christmas specials.
5. Events. One mall held a Bridal Fair for mall shopping. Several stores that directly offered services or products for weddings, set up space in an open area of the mall. Successful business generated from that one event. The mall advertised the Bridal Fair on the radio and in local newspapers.
6. Sidewalk Sales. This sale is a fantastic way for stores to move old stock before new stock comes in. The response from the public is usually favorable because, the price cut is so high. Large amounts of merchandise can be moved quickly in a short period of time. This cuts down on profit loss after an item is no longer in demand. With all stores involved in the sidewalk sale, it creates a synergy to the public. Often when looking at sale items on the lease line, a percentage of customers will be enticed to enter the store front to look at other merchandise.
7. Kiosk. Kiosks are centralized in the walkway of the mall. Advertising space above the kiosk can be rented to grab the attention of customers walking through the mall.
Rental space in a mall is extremely expensive. Stores go in and out of business daily because of lack of sales revenue. It is crucial that a store use their marketing dollars wisely. It takes time for a business to generate a sizeable profit margin. With education and planning, productive advertising can expedite the profit time considerably.
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