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There are always opportunities

Guest post by: Deepak Vora

Article Overview: These are not good times for retailers. The unemployment rate is very high, and those who have jobs are afraid of losing them.. The spending habits of people have changed and unless they get a good bargain, will think twice before opening up their pocketbooks. The morals of most of the people in my industry – retailers, tenant coordinators, architects, store planners, contractors, fixture vendors etc., seem to be at the lowest point since I have known them. These are people who at one time were extremely positive. Some are predicting that things will not get better till 2013 – the sense of impending doom is everywhere!!!!!! This is the very same reason I, on the other hand am extremely optimistic!! Granted, I don’t have a crystal ball to see the future, BUT, there are plenty of reasons to be upbeat about the future.

There are always opportunities

These are not good times for retailers. The unemployment rate is very high, and those who have jobs are afraid of losing them.. The spending habits of people have changed and unless they get a good bargain, will think twice before opening up their pocketbooks. The morals of most of the people in my industry – retailers, tenant coordinators, architects, store planners, contractors, fixture vendors etc., seem to be at the lowest point since I have known them. These are people who at one time were extremely positive. Some are predicting that things will not get better till 2013 – the sense of impending doom is everywhere!!!!!! This is the very same reason I, on the other hand am extremely optimistic!! Granted, I don’t have a crystal ball to see the future, BUT, there are plenty of reasons to be upbeat about the future. The national bureau of economic research has determined that the recession that began in December of 2007 ended in June 2009.More that 80 percent of the people are still working and shopping, and Wall Street had its best September in 71 years. This is a great time to do a new store or add / expand your business, provided you have the right concept, a sound business plan and financial resources to fund the project. There are more various locations in the malls to choose from and the rents are lower. The cost of opening a store is significantly lower today, than it was a few years ago. According to industry analysts -25 to 30 percent lower. Couple this with a reduced rent and prospect could be an irresistible proposition to ambitious entrepreneurs. For those on the verge but a bit reluctant to committing to new projects, the following time and cost saving strategies may prove to be the tipping point. 1. Finding a location in an existing mall v/s a new mall or a major expansion of an existing mall has the following advantages. a. Existing malls have an established client base. Availability of historical sales data makes it easier to forecast sales for the new business. b. People are creatures of habit, and it may take some time for a new mall to become popular. Even in expansion area of successful existing malls some retailers have discovered lack luster traffic in new sections as people only shop in familiar areas. 2. Building a store in an existing mall has economic advantages. In a new mall, the tenant has to pay for covering up separation walls, electrical panels, a/c units, sprinkler systems, bathrooms and even pour concrete slabs – none of which is required for existing mall locations. There are greater savings when existing design elements, such as, partition wall, ceiling, lighting, storefront elements are reused. Designing restaurants, permitting the reuse of exhaust hoods, plumbing and electrical for equipment and grease traps can save tens of thousands of dollars !!!! These projects also take less time to build saving time and supervision cost. No one knows when the business cycle will turn around, but if history is a guide, it will! Jobs will come back; consumer’s confidence will rise and people will shop! Those who have resources are not afraid of taking a risk and this may just be the best time to open a new retail or restaurant or a restaurant business. Warren Buffet once quoted “If the business is worth a dollar and I can buy it for 40 cents, something good may happen to me. I am hoping something good will happen to entrepreneurs who are not afraid of taking risks will take advantage of this conditions. The optimistic in me believes the best times yet to come!!!!

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Article Tags: industry retailers, malls, restaurants, retailers, store planners, storedesign



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