Anne Militante Principal
Specialty Real Estate LLC
specialtyrealestatellc.com
Barbara Lawson Retailer
Barbara’s Delight
Patricia Zafferesse
Director of Specialty Leasing Vornado
vno.com
Jennifer Thomas
Director of Specialty Retail Morguard Investments Limited
morguard.com
can/will support. No matter how great a product is, if it doesn’t appeal to customers’ taste and budget, it won’t be a successful venture. If you’re already in knee-deep, think creatively about how to market your product from a different angle to encourage sales. 2. Create a beautiful display that encourages the customer to take another look and inquire about your products. The little details really do matter so put in the extra effort to make displays as attractive as possible. You have a short window of time to capture your customers’ attention. Make it count! 3. Maintain a positive perspective—smile! It is important to focus on the brighter side of life when times are tough. Learn what you can from the experience and reassess your situation as you go along. When times are lean, choose to focus on other definitions of success—such as family, health, and future plans.
—Barbara Lawson
1. Is the product a trend or a seasonal item? If the product is a trend, evaluate the time frame [over which you think it will peak] and your competition and determine how these will affect sales. 2. Will the type of product sell to the mall clientele and demographics? All products do not work in every mall, so evaluate the center’s [demographics and figure out] what percentage is represented in your sales projections. The location is also part of the success so make sure you’re in the right area in the center where customer [traffic flow is best]. 3. What is the profit margin and is it enough for daily business operations? For each sale, there is an expense to cover.
Determining the sale cost of the product in comparison to your purchase cost is paramount to be successful. [Although it might sound obvious], your profit margin must be greater than the expenses to operate the business. Rent, payroll if applicable, insurance and any other operating costs must be budgeted for. —Patricia Zafferesse
1. Know your product. It is imperative that you are well educated about the product you are looking to sell. Lack of knowledge shows that you are unprepared and not serious about a retail commitment. You should never ask a landlord “what product do you want me to sell?” if you want to be taken seriously.
2. Have a well written business plan. This is an essential document that summarizes your vision for the business and acts as a blueprint for your operating success. It is a clear plan that illustrates that you are well organized and have thought through all aspects of your business. Without this valuable tool, a landlord will not be able to determine if you are a good fit for their shopping center or not.
3. Work with a visual merchandiser. Don’t assume just because you have a great product, that you can slap it on some shelves and expect it to sell. Visual presentation is an essential element of your retail success. Common area tenants have only seconds to capture the interest of customers as they walk by. A visual merchandiser will work with you to achieve a creative and carefully planned display that properly utilizes space and makes a clear statement about the products being sold.
—Jennifer Thomas
SpecialtyRetail.com Winter 2012 n Specialty Retail Report 131
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140