How to Select a New Shopping Center Site

Published on: 14 August 2018 Last Updated on: 08 August 2019

If the next goal of your retail construction business is to build a shopping center at a strategic location, the first key step is to find the right site where it’s economically, geographically and environmentally viable to build a shopping mall.

The planning and construction of a shopping center are way different from that of local markets or of store clusters. The selection of land itself is a lengthy process, from shortlisting possible locations to getting government approvals to begin construction. The location, the scale of the project and the size of the shopping mall are key determinants in the site selection process.

Moreover, when a developer chooses a site for a shopping mall, it must be a place that will receive high footfall, will have ample parking space, should be convenient to visit and should house the brands that can pull traffic. A shopping center is, therefore, a full package that doesn’t just offer products that people would like to purchase, but also an ambiance that will make the experience comfortable, hassle-free and weatherproof for visitors. If you’re an investor, developer or builder scouting locations to build a new shopping center, here are a few key factors that should guide your decision.

Base your decision on stringent selection criteria :

Building a new shopping center is a big investment and should get you maximum ROI in record time. However, reality often differs widely from projections made during the planning phase. Therefore, site selection for a shopping mall must be done after taking into account several key parameters such as accessibility, availability of local transport, road infrastructure around the location, traffic around the site, size and construction-readiness of the site, and scope of expansion.

Other key factors that should drive your site selection research are the topography of the area, the shape of the land, and survey-backed data regarding potential footfall and present and future competition.

Lastly, the catchment area should be studied in-depth to understand the demographics and spending habits of the population expected to be your future customers.

Be prepared to face the challenges in site selection :

Sometimes, finding a site for a new retail project takes only a few weeks, and at other times the process may stretch into months. The key challenges faced by builders and developers in finding an ideal location include land acquisition cost (land near the city center or in prime locations tends to be way more expensive than in other areas); availability of land for commercial projects near densely populated areas; getting the required environmental clearances and government approvals; and, lastly, the public infrastructure around the site.

A site that meets only some of these selection challenges may not be worth pursuing, as the success of a shopping center will depend on the footfall it attracts, which itself depends on several factors. So shopping plaza location should be finalized only if it will give its investors and retailers a handsome return on investment.

Use technology to find the best sites :

The most successful global retail chains rely on technology to help them find suitable locations for opening new stores worldwide. Using massive amounts of big data and cutting-edge mapping systems, companies are using technology to find profitable sites across the world. Expansion and investment decisions are increasingly being taken based on location- and demographics-based data provided by specialty software programs and applications.

If so far you’ve relied on physical research to scout locations for retail projects along with limited use of technology, it’s time to go all out into the fantastic realm of big data and digital mapping software to build your next retail success story.

Contact a digital map provider, such as promap.co.uk to get a detailed map of the town or district or street you’ve shortlisted as an ideal site for your next retail construction project. The various types of digital mapping services available with Promap offer invaluable and in-depth information that is employed by developers and architects for site identification, risk analysis, feasibility, planning application, and environmental and geological analysis of a location before proceeding to the planning and design phases.

Lastly, market research is a key aspect of retail construction as it helps developers derive accurate projections in terms of present and long-term viability of the project. Once the site is selected, a detailed demand/supply study must be carried out, taking into account the lifestyle and spending power of the catchment area. This will help you determine which retail businesses are more likely to drive traffic to the shopping center.

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What Can I Do With An International Business Major?

A career in international business has the potential to shape your entire professional life. It can lead to high salaries and career advancement opportunities that can help you grow your career trajectory. An international business career can allow you to travel the world and interact with high-profile business leaders, which is a dream for many aspiring students who desire to make a career in the global business domain. With international business management, you can gain the competency to enter the business sector with ease and confidence. If you are drawn to other cultures and have an affinity for numbers can consider majoring in international business. Pursuing a well-designed course can be a wise investment of your valuable time and effort. Read ahead to learn about the outcomes of doing an international business. International Business Major: An Overview The international business major is an interdisciplinary degree program that combines the subjects, including business and economics, to equip the students with comprehensive knowledge of other countries’ legal, economic, socio-political, and financial systems. Attending a major in international business can help the graduates in mastering the core concepts of international commerce that enable them to take on challenging positions in the global business sector. Skills When you opt to study a major in international business, it allows you to develop industry-specific skills that employers of the business setting highly seek. You will also develop transferable skills that can be applied in a range of sectors. Here is a sampling of representative skills and abilities of an international business graduate: Efficient communication skills Quantitative skills Cross-cultural communication skills Excellent networking abilities Interpersonal skills Adaptive thinking Emotional intelligence To thrive in the modern business industry, especially in the international business sector, you must have an entirely different industry-relevant skillset. Career Progression Acquiring an international business management degree can open doors for various lucrative career opportunities. However, we have listed the job opportunities for a skilled international business graduate: Distribution and logistics administrator Foreign trade consultant/specialist International marketing and the sales associate Customs broker Import/Export manager International Banker International project manager Finance analyst Business development manager These are only some of the many employment opportunities that an international business graduate can consider. There is a massive demand for skilled and qualified international business graduates who can understand business at the global outset and offer their expertise in business operations. Conclusion The future is bright for international business graduates as more and more companies are looking forward to expanding their business beyond their home countries. Earning a degree in this domain can enable you to work across many sectors, including investment banks, international trading companies, multinational companies, etc. These are some of the sectors known for offering high-end salaries and international exposure that can work wonders for one’s career. An international management degree can be your gateway towards an industry-aligned and futuristic career in the modern business industry. Hone the knowledge and skills offered by international business management programs and become a perfect fit for the contemporary business sector in a national and international platform. Sign in now to know more about the potential of a degree with majors in international business! Read Also: Business Tips For Beginner Entrepreneurs 5 Strategic Ways To Automate Your Internal Business Workflows What To Think About When Making A Name For Your Business Is Small Business Your Big Break?: The Pros and Cons of Staying Local vs. Expanding Globally

Three Essential Techniques To Form Lasting Customer Loyalty

A great product and/or service may be the foundation of a company, but customer loyalty is the key to success. Customers don’t come with a guarantee to stick by you just because they’ve purchased something: loyalty and repeat business must be earned and enticed. The standard adages and techniques apply: put the customer first, reward their continued business, and create a valuable experience beyond your product. How can these things be effectively achieved? Review the following key areas and tailor them to your business. Different Ways To Maintain Customer Loyalty There are multiple ways you can maintain customer loyalty. You have to understand the ways that can work well for you in the best possible manner. Access customer relationship management tools: In the same realm as enterprise resource management tools, there are digital solutions to assist with practically managing and improving relationships and dealings with customers. These systems provide easy, streamlined access to data and customer information anywhere, with cloud capabilities. Manage sales, customer support, marketing, and more. Collect the right data from customers and learn how to utilize it to your advantage. Employees are empowered with accurate reporting tools to manage and forecast effectively. Marketing programs are automated, and campaigns can be tracked, analyzed, and altered. Customers have tools to help themselves in addition to enhanced customer care and satisfaction applications. Expert consultants can offer professional Sage software help to better customize a CRM solution to fit your organization. Go beyond offering incentivizing rewards: Rewards programs, like earning points to spend, or free products based on milestones, are common because they work. Customers are indeed drawn to return to companies that add extra value to their repeat business. But, because these perks are standard, and many businesses offer them, so too do your competitors. You need to go beyond a rewards program. Encourage people to spend time on your site with entertaining and informative content. This could be blog articles that enhance your product or service with tips for usage, getting the most out of their purchases, how to improve their lives in the same general subject area. Videos are another great way to deliver this information and encourage engagement. Promote a sense of community among your customers. Send newsletters that treat everyone like members of a team with common interests and goals. Create social media channels suited to your brand where people can interact and potentially help and add value to each other’s lives. The plan sponsored events and opportunities in the community. Develop a branded app to for additional functionality and connection. Provide authentic customer care: Open communication channels to offer feedback and ask questions. Let customers know they not only have a forum, but that it is being read, considered, and responded to. Allow other members of the community to aid your efforts through offering their assistance and tips on a digital platform like a message board or social media. Allow your loyal customers to help your company make decisions and steer you in new directions. Provide surveys that go beyond asking ‘How Did We Do?’ by asking for and valuing their opinions on new offerings, designs, and customizations. Allowing for multiple aesthetic and functional options to choose from when buying to better personalize your offerings makes your product or service suit the individual better and sets you apart. If customizations aren’t feasible, instead of better inform customers on how to make the most of their purchase with proper instructions, additional materials, and tips. Read Also: Why Your Business Should Care About Social Responsibility

How Do Iot Devices Improve Warehouse Management?

Sales growth in e-commerce is good. But as the business expands, it becomes increasingly difficult for warehouse managers to track large volumes of goods. Products can get lost, deteriorate or, conversely, take up extra space. In order to restore order and have time to respond to customer requests on demand, warehouses turn to IoT devices. Let's look at how the Internet of Things simplifies inventory control and revolutionizes warehouse management. Inventory management means coordinating and controlling the movement of goods in a warehouse: getting new products; their movements around the warehouse; storage of products; return of units; SKU extension; checking the rack code and so on. It is often impossible to fit such volumes of information into spreadsheets, besides it is not very convenient. Therefore, enterprises buy IoT solutions for warehouse management in order to work efficiently. IoT solutions for enterprises IoT devices automate warehouse processes and reduce labor costs. This can be done by implementing the following technologies: Drones It is not easy to move around a large warehouse to describe the location of goods and climb the stairs to high shelves. In addition, it takes a lot of time to search. Amazon has long had an army of 200,000 robots working in warehouses with humans for better drone management delivery systems. They saved people from having to walk 10-20 miles a day on a concrete floor and helped the company store 40% more inventory. They also increased the average productivity of the assembler to 100 units per day, and managers plan to increase these figures by 3-4 times. Robots Industry and warehouses are priority places where global robotization is unfolding. According to recent reports, the warehouse robotics market is steadily growing by 15.26% per year and will reach $9.5 million by 2026. Amazon has long had an army of 200,000 robots working in warehouses with humans. They saved people from having to walk 10-20 miles a day on a concrete floor and helped the company store 40% more inventory. They also increased the average productivity of the assembler to 100 units per day, and managers plan to increase these figures by 3-4 times. Radio frequency identification tags Radio Frequency Identification (RFID) tags can be embedded in IoT devices. These tags store much more data than traditional barcodes. They can be used to scan up to 200 tags at a time. The received inventory information is stored in the cloud platform, automatically processed, and analyzed. The expiration date, serial numbers, sizes, manufacturers, and other product information do not need to be entered manually on the panel. Voice selection systems Warehouse workers can use IoT devices to increase the efficiency of operations. For example, voice systems allow you to work without the help of hands, giving instructions and directing workers through their list of orders. Sensors Connected devices are able to track the productivity of warehouse workers using speed, motion, and GPS sensors. Managers also better control the goods in the warehouse by measuring humidity, temperature, and other characteristics that can spoil the products. DHL has implemented similar innovations in its warehouses. The company uses smart glasses, robots, drones, a digital twin, and other technologies. The IoT increases warehouse security, tracks the location of goods, and predicts weather changes and possible equipment failures or breakdowns. Up to the point that the warehousing of goods begins 30 minutes after receipt, and outgoing goods are ready for shipment in 95 minutes. Problems that IoT solves The main problem of warehouse management is manual work. Working with their hands, employees perform operations more slowly, with a higher probability of errors and damage to inventory. IoT solutions for enterprises simplify the following management and work tasks: Product search Imagine that the manager has a warehouse of several floors at his/her disposal. How to track where a particular product is located? Or how to avoid a situation when an employee wants to pick up a product from the right place, but it is not there? You will have to spend time correcting errors and searching for the goods, which will delay the shipment. To avoid such problems, it is worth using IoT and the best warehouse management system, which automates registration and data tracking. Movement of goods Any movement of the goods must be recorded by the manager. At the same time, he/she needs to know how many units are arriving and how many are leaving. It's hard to keep track of the exact numbers, but with IoT solutions for business, it becomes easier. Thus, reporting will not be such a difficult task. In addition, connected device analytics will tell you which products will increase demand in the near future. Use of storage areas In the warehouse business, it is important not only to accept goods but also to place them efficiently. Then it will be convenient for employees to pick up goods from the shelves, and they will do their job without delay. If you configure the storage system manually, you can repeatedly make mistakes and redo the layout. With IoT, this is done quickly and with minimal effort. Warehouse equipment maintenance Any equipment breakdown can lead to downtime, which distributors do not like. IoT devices for enterprises are able to monitor the status of equipment and warn about possible failures. Thus, managers will be able to prepare spare equipment in advance, avoid downtime, save money, and preserve their reputation. Storage of goods It is extremely important that during the storage period in the warehouse and during its delivery to consumers, the goods do not deteriorate. According to the latest data, about 11% of products die during transportation due to the fact that managers did not provide proper conditions for their storage. It is necessary to maintain the desired temperature and humidity so that the product can be brought to the endpoint and sold. IoT devices are able to control environmental parameters, saving goods from deterioration. Advantages of using IoT And now let's take a deeper look at the advantages of the Internet of Things, supporting them with figures. Saving on salaries An average warehouse with a hundred employees can allocate about $3.7 million a year for wages. This amount is approximately 65% of the operating budget. With the help of the IoT, employees sort goods on shelves faster, in addition, they search for goods, check equipment and perform other tasks more efficiently. Automation brings great money savings. Better use of the warehouse The average warehouse area is 16,400 feet. This is a huge space where you need to conveniently and appropriately arrange products. However, overloading and improper distribution of goods can lead to traffic jams and delays on the roads. You have to move inventory or take it out, which takes time and labor. With the help of the IoT, you can place more goods in the same area, so that it is convenient to find empty seats and later fill them with new goods. Automated storage and search systems are able to increase the accuracy of orders by up to 99%. Taking into account the fact that rents are growing and will not stop growing in the future, rational use of space is a matter of saving and making a profit. Information support The number of goods is growing, and slow goods are taking the place of strategically important products. Less relevant products stay in stock longer and require placement, which increases the rental cost. Not all warehouses have an adequate information support system. In other words, managers have no idea what the supply and demand in the market are. IoT analytics provides information about the state of the market so that managers can rationally manage purchases and plan other operations based on inventory. IoT devices for enterprises give managers the opportunity to cover large warehouse work, put it in order, automate, and speed up. Andersen will help implement the warehouse management system software and automate important operations. If you are ready to save time and resources with the help of new digital technologies, contact our team for a private consultation. Read Also: Best Essential Tips While Renting a Warehouse in Mumbai Tips For Protecting Your Overseas Shipments What Are 10 Manufacturing Industries?

How to Select a New Shopping Center Site

Base your decision on stringent selection criteria :

Be prepared to face the challenges in site selection :

Use technology to find the best sites :

Top tips for making business purchases

5 Ways Construction Businesses Can Gain New Clients

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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What Can I Do With An International Business Major?

Three Essential Techniques To Form Lasting Customer Loyalty

How Do Iot Devices Improve Warehouse Management?

How to Select a New Shopping Center Site

Base your decision on stringent selection criteria :

Be prepared to face the challenges in site selection :

Use technology to find the best sites :

Share this Article

Top tips for making business purchases

5 Ways Construction Businesses Can Gain New Clients

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related