Peshawar has been the fast-growing city in Pakistan in terms of commercialization and real estate development in the last decade. New shopping malls are coming up here by each year and there seems to be no end to the rush of new malls. If you are planning to invest some money in Peshawar or if you already have investments in Peshawar, here’s how you can make more money from your shopping mall investments in Peshawar.
Planning A Shopping Mall
Before planning a new shopping center, you should take into account three things. The first is demographic factors such as whether or not there are enough people in your chosen location to support a center and how many malls they have access to. If your area is oversaturated with retail locations, you may need to rethink your plan. Second, there’s competition: How do you stand out among other centers? Where are your centers located? Third, real estate costs: What will it cost for you to purchase land for a new center? Asking yourself these questions before getting started can help save you time and prevent potential issues down the road.
Locating The Shops In The Mall
The most important element of a successful shopping center is having a solid lineup of tenants. Without that, there is no draw for consumers. On top of that, research shows most shoppers do not venture past their second stop within a given trip. That said, finding great tenants starts with locating suitable properties for potential stores. The ideal location should be central and easy to reach by car or public transportation, as well as easily accessible by foot. Generally speaking, higher-traffic areas are better than out-of-the-way locales since they tend to generate more foot traffic; however, it can be hard finding rent at an affordable price in high-traffic areas such as near large urban parks or major tourist attractions.
Types Of Stores Available For Rent
If you are looking for stores, commercial shops, office spaces, or even a house for rent, there are hundreds of options available. These range from banks and schools to restaurants and resorts. The best way to know what is available is by visiting any real estate or business center in your area. With several deals waiting to be struck, it won’t be hard at all to find an option that works for you and your needs. Just remember that once you sign a rental agreement, it will be final and binding; so choose wisely!
Safety And Security Measures
When deciding where you’ll be investing your hard-earned dollars, always remember that safety and security come first. You’re about to be a landlord—not just for yourself but for all your tenants as well. That means that you should expect and work toward providing them with as safe of an environment as possible. And not only is it important that your potential investment area is safe and secure but so are all of its stores. Your goal should be to minimize how much crime happens in your investment area, which will greatly decrease tenant turnover (and consequently your turnover). This can be accomplished by having lots of security measures built into both individual shops and across multiple storefronts within proximity.
Finding The Right Tenants
Tenants can be a nightmare. If you want your investment properties to earn you good returns, you must find good tenants who are going to pay their rent on time and take care of your property. Finding tenants can feel like an impossible task if you don’t know what you’re doing. Fortunately, there are several steps you can take when looking for tenants that will give you a greater chance of landing quality renters. Here are five ways to find good tenants for your investment properties
Maintaining The Property
Whether you have a single tenant or multiple tenants, be aware that it is your responsibility to maintain the property. This can involve keeping an eye on repairs and common areas, as well as performing simple tasks like turning off lights when nobody is using them. You’ll also need to manage a cleaning service for common areas and keep things looking up to par for potential clients. For example, having overgrown bushes will probably turn away potential clients much faster than having a dirty lobby. When someone wants to view space at your property, they should be able to take a good look at it without any distractions. Similarly, if you find yourself always repairing something on your investment (like lights), consider hiring someone else or stop taking applications until you can get those things under control.
Marketing Strategies To Get Customers Through The Doors
There are many strategies you can use for marketing a retail location. Be creative, be unique, and always keep your customers in mind. Here are some of my favorites: SEO – Search Engine Optimization (SEO) involves applying techniques and practices that improve your business’s presence on search engines, making it easier for consumers to find you online. It is important to know how you will be able to grow with time as well as where your main target audience will be coming from so you can ensure a steady stream of visitors through your doors. Consider using digital signs with vibrant graphics and relevant messaging to increase walk-in traffic.