Malls have come to love pop-up rentals for many reasons. Short-term stores provide several key benefits in an age where more and more people are shopping online.
Below are just three ways that malls can leverage pop-up stores to gain customers in person.
Fill Up Common Areas
Most malls have large, open common areas. This valuable space is going to waste when it comes to earning revenue. By placing a few mall kiosks within common areas, you are giving consumers more opportunities to shop. Because mall kiosks are relatively small, customers still have plenty of room to move around. Westfield offers different formats, including pop-in, pop-up, and pop-around, to provide the ultimate customer experience.
Replace Vacant Stores
Another common problem for malls is when a long-term renter breaks their lease and leaves early. Now, suddenly, there’s vacant storefront and no long-term prospects lined up to replace it. So instead of relying solely on long-term businesses for revenue, malls can turn to short-term rentals. If short-term rentals make up a bigger percentage of your overall revenue, then it isn’t as big of a loss when a long-term partner leaves.
Best of all, you can quickly fill vacant stores with short-term leases. Many businesses don’t have the funds available to sign a 10-year lease, but they can certainly afford to sign up for a year. Also, since there are more of these types of businesses, malls have plenty of options, should the new tenant decide not to return the following year.
Bring in New Customers
Finally, pop-up stores are great for bringing in new customers. Businesses who run a pop-up store have to make as many sales as quickly as they can. This hustle leads to them working harder and finding creative ways to get more customers into the mall.
For every customer a pop-up store brings into the mall, there’s a better chance they will visit other stores. Established stores may not need to work as hard to bring in new customers, making smaller pop-up rentals a better option for driving overall traffic to mall locations.
Westfield Loves Pop-Up Shops
Relying solely on long-term leases is risky, but with Westfield, you get the quality location along with the support of a stable and experienced retail company helping you open and run your pop-up. Contact Westfield leasing to see how we can set up a partnership today!