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Shopping Mall Business Plan

Published Mar.17, 2023

Updated Apr.24, 2024

By: Cynthia Turner

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Table of Content

1. Shopping Mall Business Plan Sample and Template

This business plan for building a shopping mall can be a great resource for entrepreneurs looking to start their own shopping mall.

It provides an overview of the mall’s structure, operations, and financials to help them understand the market and make well-informed decisions.

Lastly, it includes a marketing strategy that outlines how to start a shopping mall and how it will differentiate itself from the competition, which can be used for various business plans like Supermarket Business Plan .

2. Executive Summary

Business overview.

The Arcade Shopping Mall is a one-stop shopping destination for quality products and services. It will offer its customers various products and services, from clothing, electronics, and health and beauty to entertainment and leisure activities. The small shopping mall business plan will also feature a large food court, a play area for children, and a variety of specialty shops.

The mall will provide a safe, pleasant shopping experience for its customers and will strive to create a sense of community within the mall. The mall will be conveniently located in a densely populated area, making it easily accessible to customers.

We plan to use the latest technology to create an enjoyable, stress-free shopping experience. Our mall will feature a variety of high-end stores, restaurants, and entertainment options, including a movie theater, bowling alley, and arcade. We plan to use innovative marketing strategies, such as social media campaigns and targeted advertising, to reach our target customers.

Our Wholesaling Business Plan offers a wide variety of products for customers. We offer a selection of luxury and everyday items, including

• Clothing and Apparel: T-shirts, jeans, dresses, jackets, activewear, sweaters, and accessories.
• Footwear: Athletic shoes, sandals, boots, and dress shoes.
• Electronics: Phone accessories, tablets, laptops, headphones, and speakers.
• Home Goods: Furniture, bedding, kitchenware, and home décor.
• Beauty Products: Makeup, skincare, hair care, and fragrances.
• Jewelry: Watches, necklaces, rings, and earrings.
• Toys: Action figures, dolls, and educational toys.
• Sporting Goods: Exercise equipment, team sports gear, and outdoor recreation gear.
• Books and Movies: Books, DVDs, and video games.

Customer Focus

Same as our Sandwich Shop Business Plan , we will ensure that our customers are always our top priority. We will provide excellent customer service in all aspects of our business. We will ensure that our customers always have access to the products and services they need. We will strive to create an enjoyable shopping experience for our customers. We will also use customer feedback to continuously improve our services and products.

Management Team

Our management team will consist of experienced professionals from various backgrounds. We will have a team of experienced managers and supervisors who will be responsible for overseeing the day-to-day operations of the shopping mall. Compared to our Food Truck Business Plan , we will also have a team of experienced marketing and sales professionals responsible for driving customer traffic and sales.

Success Factors

Our success will depend on several factors, including our ability to provide excellent customer service, our ability to source high-quality products and services, and our ability to market our products and services effectively. We will also need to be able to manage our operations and finances effectively. Additionally, we will need to be able to develop and maintain relationships with our suppliers and vendors.

Financial Highlights

Our financial highlights include revenue projections, capital and investment requirements, and estimated profits. In the business plan shopping mall project, we will generate revenue from selling products and services and tenant rent payments. We will also have initial capital and investment requirements to construct the shopping mall and purchase equipment and supplies. Our expected profits will depend on the success of our operations and our ability to generate customer traffic.

• Revenue growth of 8.5% year over year
• Operating profit of $5.0 million in Year 1
• Positive cash flow from operations of $2.5 million in Year 1
• Total capitalization of $20 million
• Debt-to-equity ratio of 1.0:1
• Return on equity of 15% in Year 1
• Payback period of 5 years

3. Company Overview

Who is arcade shopping mall.

Arcade Shopping Mall is a modern shopping complex located in the heart of a major metropolitan area. The mall offers a wide variety of goods and services and has grown to become a destination for shoppers from all over the region. The mall is owned and operated by a private developer who has invested significant capital into the mall to keep it competitive and up-to-date.

Arcade Shopping Mall History

Arcade Shopping Mall was opened in the year 2020 and since then has quickly become a popular shopping venue. It is conveniently located near public transportation and other nearby amenities. The mall business proposal offers a wide selection of department stores, specialty shops, and an array of dining and entertainment options. The mall also features an indoor play area for children and a movie theater.

The mall has a management team that is dedicated to providing excellent customer service and creating a safe and comfortable shopping environment. The team works hard to ensure that the mall is clean and well-maintained and that customers have an enjoyable shopping experience. The mall also works to keep up with the latest trends and to stay ahead of the competition.

The mall has grown steadily since its opening, and the management team is always looking for ways to improve the mall and make it more appealing to potential customers. The mall is committed to providing an enjoyable shopping experience for all who visit.

The key elements of the business concept of Arcade Shopping Mall are:

• Convenience: Arcade Shopping Mall provides customers with a convenient and easy-to-use shopping experience that can be accessed from any device.
• Rewards: We offer a variety of rewards programs that allow customers to earn rewards points for their purchases and redeem them for discounts.
• Variety: Our selection of products ranges from the world’s leading brands to unique and hard-to-find items.
• Quality: We are committed to providing customers with the highest quality products and customer service.
• Engagement: Our interactive shopping experience encourages customers to engage with our products and services.

4. Industry Analysis

The shopping mall industry has grown tremendously over the past several years, with the number of shopping malls in the United States nearly doubling since the 1980s. Shopping malls have become a staple of American consumer culture, providing various goods and services in one convenient location.

The global shopping mall industry is estimated to be worth $1.4 trillion in 2018, with the U.S. contributing the largest share of that figure. This growth is projected to continue, with the global market expected to reach $2.7 trillion by 2025. The growth is driven by several factors, including changing consumer preferences, technological advances, and an expanding global middle class.

The shopping mall industry is highly competitive and fragmented, with major players such as Simon Property Group, Westfield Corporation, and Brookfield Property Partners controlling a large market share. These companies operate large, regional shopping malls that are often the destination of choice for consumers.

Despite the competition, there is still room for smaller, locally-owned shopping malls to succeed. These malls can focus on providing a unique experience that appeals to local shoppers and differentiates them from larger national players. In addition, these malls can focus on providing services and amenities that larger malls may not have, such as specialty stores, local restaurants, and entertainment options.

Overall, the shopping mall industry is expected to remain a lucrative market for the foreseeable future. With the right approach, locally-owned malls can still achieve success in this crowded and competitive space.

5. Customer Analysis

Demographic profile of target market.

The target market for a shopping mall should be identified based on the location, the types of goods and services offered, and the demographic makeup of the local community. The demographic profile of the U.S. target market is highly diverse and includes a mix of gender, race, ethnicity, income level, and age. The U.S. population is estimated to be 329,064,917, with an estimated median age of 37.9 years. The population is 68.6% non-Hispanic White, 13.4% Hispanic, 13.3% African American, 5.9% Asian, and 4.3% of other races or multiple races. The average household income is estimated at $59,039, and the median is $50,895.

Customer Segmentation

Shopping malls should segment their customers based on their purchasing behaviors. For the shopping mall business plan, customer segmentation can be based on age, gender, income level, and geographic location. The segmentation can be further divided into sub-segments such as age (under 18, 18-25, 25-45, 45-65, and 65+), gender (male and female), income level (low, medium, and high), and geographic location (city, suburban, and rural). By segmenting the customers, the business can better understand the needs of each segment and develop marketing strategies to target specific segments.

6. Competitive Analysis

In developing a shopping center business plan, the shopping mall industry is highly competitive and there are a number of established players in the market. In order to succeed, our shopping mall business plan must consider the market competition and identify ways to differentiate our product offering and create a competitive advantage.

Direct and Indirect Competitors

Direct Competitors

The direct competitors of our shopping mall business plan include national and international shopping malls, department stores, specialty stores, and online retail outlets. We must consider the services, prices, location, and convenience factors that these competitors offer in order to compete effectively.

Indirect Competitors

Indirect competitors include other entertainment venues, such as movie theaters, amusement parks, and other leisure activities. We must consider how our shopping mall will provide unique experiences and services that will draw customers away from these competitors.

Competitive Advantage

It is important to identify the unique features and benefits the shopping mall offers to make it stand out from its competitors. Competitive advantages include low prices, convenient location, extensive product selection, and excellent customer service.

Our competitive advantage lies in our ability to offer a unique shopping experience. We will focus on creating an inviting atmosphere with high-quality customer service and an extensive selection of products and services. We will also focus on providing exclusive deals, discounts, and innovative shopping experiences, such as virtual reality tours and interactive displays.

7. Marketing Plan

The marketing plan for the shopping mall business model will focus on five key aspects:

• Target market identification: The target market for this shopping mall business is consumers who are looking for a convenient, wide selection of products at competitive prices. The target market will consist of individuals with various income levels and spending habits.
• Branding and positioning: The shopping mall will be positioned as a premier shopping destination offering an extensive selection of products at competitive prices. The brand will be associated with quality and value.
• Marketing mix: The marketing mix for this shopping mall business will include traditional advertising, direct mail, online marketing, and public relations. The focus will be on reaching the target market and communicating the message of value and quality.
• Professional website: The shopping mall will have a professional website with an e-commerce platform for online shopping. The website will feature information about the mall, including store listings, events, promotions, and more. The website will be optimized for search engines and will include social media links.
• Promotions strategy: The promotions strategy for this shopping mall business will include discounts, coupons, loyalty programs, and special events. The promotions will drive traffic to the mall and increase sales. These promotions and discounts could include special offers on particular days, “buy one get one free” offers and more.

The direct competitors for this shopping mall business are other shopping malls in the area. These competitors include large retail stores, department stores, and other shopping centers. The indirect competitors are online retailers and other e-commerce sites.

Promotions Strategy

We plan to offer a variety of promotions to attract customers to our shopping mall. As the owner knows how to open a mall, he suggested, we will offer discounts and special offers on a regular basis to encourage customers to purchase products and services. We will also host events and activities, such as fashion shows, product launches, and special offers.

We plan to partner with local businesses and organizations to offer exclusive discounts and promotions to our customers. We will also employ loyalty programs to encourage repeat customers.

Our pricing strategy will be based on offering quality products and services at competitive prices. We will offer high-end products and services at premium prices and budget-friendly products and services at more affordable prices. We will also offer discounts and special offers on a regular basis to attract customers.

We plan to offer various payment options to make our products and services more accessible to our customers. We will accept cash, debit, and credit cards, as well as e-wallet payments.

8. Operations Plan

Operation functions.

Security: The mall must ensure that customer safety is a top priority. This will include having a security team on-site to monitor activity and respond to emergencies.

Maintenance: The mall will need a team to keep the building and grounds in good condition. This will include regular cleaning, repairs, and upkeep of the facility.

Customer Service: The mall must provide customers with an enjoyable shopping experience. This will include providing friendly, helpful service and responding to customer inquiries and complaints.

Marketing: The mall must have a marketing plan to promote the mall and attract customers. This will include advertising, public relations, social media, and other promotional activities.

Management: The mall will need to have a management team in place to oversee the day-to-day operations of the mall. This will include setting goals, creating policies, and ensuring the mall operates efficiently and profitably.

4/15/202X – Obtain Funding

4/22/202X – Develop Business Plan & Hire Professional Team

5/1/202X – Lease Property & Secure Necessary Permits

5/8/202X – Begin Construction

5/15/202X – Hire & Train Staff

5/22/202X – Finalize Construction & Buy Necessary Fixtures & Equipment

6/1/202X – Launch Marketing Campaign

6/8/202X – Open for Business

6/15/202X – Monitor & Evaluate Performance

9. Management Team

The management team of the shopping mall will include a team of highly-skilled professionals who will be responsible for the day-to-day operations of the mall.

Company Staff

The Company Staff consists of experienced professionals who are dedicated to providing superior customer service. The staff is responsible for ensuring that the mall is safe, clean, and enjoyable for customers.

• VP of Retail
• VP of Real Estate
• Store Managers
• Sales Associates
• Support Staff
• Maintenance Staff
• Security Staff

10. Financial Plan

The financial plan for this shopping mall project is based on an initial investment of $10 million. This investment will be used to renovate the mall, purchase new inventory, and hire personnel to manage the mall. The investments will be made in the following areas:

• Renovation: $3 million
• Inventory: $2 million
• Personnel: $2 million
• Advertising/Marketing: $1 million
• Legal Fees: $500,000
• Miscellaneous: $1.5 million

The total cost of the project is estimated to be $10 million.

Key Revenue & Costs

The primary sources of revenue for the mall will come from rent from tenants, sales from tenants, and from other sources, such as parking fees and food court revenue. The mall is estimated to generate approximately $15 million in total annual revenue.

The primary costs for the mall will include rent for the space, personnel costs, and advertising/marketing costs. The mall is estimated to incur total annual costs of approximately $10 million.

Funding Requirements and Use of Funds

The total project cost is estimated at $10 million. To finance the project, the mall will need to secure loans and/or equity investments. It is estimated that approximately $7 million in financing will need to be secured to cover the project’s cost.

The funds will be used as follows:

Key Assumptions

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To successfully launch and operate the mall, the following assumptions will need to be made:

The mall will have a total of 140,000 square feet of retail space, including anchor stores and smaller shops.

The start-up costs for the project will be approximately $15 million.

The mall will be open for business 12 hours a day, seven days a week.

The mall’s primary target market will be middle-income shoppers in the local area.

The mall will have an initial occupancy rate of 75%, with an average rent of $25/square foot.

The mall will offer amenities such as a food court, movie theater, and play area.

A team of experienced retail professionals will manage the mall.

The mall will generate approximately $20 million in gross sales in its first year of operation.

The mall will generate a positive cash flow by the end of its first year of operation.

The mall will have an average annual occupancy rate of 90% over the next five years.

Financial Projections

All tables in PDF

• What is a shopping mall business plan? A shopping mall business plan is a document that outlines the operational and financial objectives of a shopping mall. It typically includes market analysis, marketing strategies, financial projections, operational details, and other information necessary to start and operate a successful shopping mall. The plan should also outline strategies for managing the mall, including leasing strategies, customer service, and marketing.
• Strip mall : A strip mall, also known as a strip center, is a shopping center that consists of a row of storefronts, typically with surface parking in front.
• Enclosed mall: An enclosed mall, or indoor mall, is an indoor shopping center that usually features a variety of stores and restaurants.
• Outlet mall: An outlet mall is a shopping center that features discounted, name-brand merchandise from various stores.
• Super regional mall: A super-regional mall is a large shopping center with numerous department stores, specialty stores, and restaurants.
• Lifestyle mall: A lifestyle mall is a shopping center with a mix of upscale retailers, restaurants, entertainment venues, and services.
• What are the main sources of revenues and expenses for a shopping mall? The main sources of revenue for a shopping mall include retail sales from stores, rental income from tenants, and income from food courts and other amenities. Retail sales are generated from the stores within the mall, which typically includes clothing stores, shoe stores, and other specialty shops. Rental income is generated from tenants who pay to occupy space in the mall. Finally, income from food courts, movie theaters, and other amenities can be a significant source of revenue. The main expenses for a shopping mall include property taxes, rent payments, utilities, maintenance costs, and marketing expenses. Property taxes are typically based on the assessed value of the mall’s property. Rent payments are made to the mall’s landlord and to the tenants who occupy space in the mall. Utilities include electricity, water, sewer, and other services. Maintenance costs include the repair and upkeep of the mall’s grounds and facilities. Finally, marketing expenses include advertising, promotions, and other activities to attract customers to the mall.
• How do you get funding for your shopping mall business plan? One of the most common ways to fund a shopping mall business plan is to approach investors. This can be done through a variety of options, such as through angel investors, venture capitalists, private equity firms, and crowdfunding platforms. Through these sources, investors can provide funding in exchange for equity in the business, meaning that they will be part-owners of the mall. Additionally, some investors may provide debt financing, which involves the mall receiving a loan from the investor that must be paid back, usually with interest. Other sources of funding may include grants and government programs, bank loans, and personal savings.

Download Shopping Mall Business Plan in PDF

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Home » Sample Business Plans » Real Estate

How to Write a Shopping Mall Business Plan [Sample Template]

Are you about starting a shopping mall? If YES, here is a complete sample shopping mall business plan template & feasibility report you can use for FREE . One of the good businesses that you can start that will guarantee you steady income for a very long time with little or no stress is building a shopping mall.

With the right location, top-notch facility and good marketing skills, you can accommodate top profile retailers and businesses who would want to run their business from your facility. But opening up a shopping mall requires pretty huge startup capital; it also needs solid planning, and attention to detail in order to keep your business profitable.

A Sample Shopping Mall Business Plan Template

1. industry overview.

A shopping mall is a modern, essentially North American, term for a form of shopping area or shopping center in which one or more buildings form a complex of shops with interconnecting walkways, usually indoors. It is on record that in 2017, shopping malls accounted for 8 percent of retailing space in the united states.

The Shopping Mall Management industry consists of companies that develop, lease, maintain, repair and secure large commercial property in exchange for rental payments from retailers and businesses. For industry operators, rental income generates the largest portion of industry revenue with income from property management fees following.

Industry revenue primarily fluctuates in line with rental rates and occupancy levels. During a five-year period, the price of commercial real estate, benchmarked by the Green Street Commercial Property Price Index, grew at an estimated annualized rate of 5.8 percent. Furthermore, retail vacancy rates dwindled as mall foot traffic steadily grew due to boost in disposable income and consumer spending

The Shopping Mall Management industry is indeed a growing sector of the economy of the United States of America and it generates a over $23 billion annually from more than 8,326 shopping malls management companies. The industry is responsible for the employment of over 44,292 people.

Experts project that the industry will grow at a 0.2 percent annual rate between 2013 and 2018. The companies holding the largest market share in the Shopping Mall Management industry are Simon Property Group Inc. and Brookfield Property REIT Inc.

Research conducted by IBISWORLD reveals that over the past five years, the Shopping Mall Management industry has grown by 0.2 percent to reach revenue of $23bn in 2018. In the same time frame, the number of businesses declined by -2.4 percent and the number of employees declined by -2.2 percent.

The shopping mall line of business is very open to any aspiring entrepreneur who has the capital and capacity to open and run his or her shopping malls. Just ensure that your facility is located in an environment with the right demography and you will just be fine.

2. Executive Summary

Simone Cooper® Shopping Malls, Inc. is a licensed shopping mall management business. We have been able to secure a standard and well – positioned facility in a central district in 8322 Sheldon Road, Elk Grove, CA 94624. We are set to compete in the highly competitive shopping mall management industry not only in Elk Grove – California, but throughout the United States market because we intend building and opening our facilities in key cities across the United States.

Simone Cooper® Shopping Malls, Inc. will run a standard shopping mall that will be involved in the rental of commercial space, property management services, consulting, shop appraisal and listing services, construction services and other related services. Our business goal is to become one of the leading shopping mall management companies with world class shopping malls in the United States.

Our workers are going to be selected from a pool of certified, creative and highly experienced workers in and around Elk Grove – California. We will make sure that we take our workforce through the required training that will position them to meet the expectation of the company.

At Simone Cooper® Shopping Malls, Inc., our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Simone Cooper® Shopping Malls, Inc. is owned by Simone Cooper. A civil engineer, astute business man and core professional with hands – on experience in running shopping malls.

3. Our Products and Services

Simone Cooper® Shopping Malls, Inc. was established with the aim of maximizing profits in the shopping malls management industry. We want to compete favorably with the leading shopping malls in the United States which is why we have put in place a competent team that will ensure that our facilities meet and even surpass our customers’ expectations.

We will work hard to ensure that Simone Cooper® Shopping Malls, Inc. is not just accepted by retailers and businesses in Elk Grove – California, but also in other cities in the United States of America where we intend opening chains of shopping malls.

Our facilities and services are listed below;

• Rental of commercial spaces in our shopping malls
• Property management services
• Consulting, appraisal and listing services for shops in our shopping malls
• Construction of shopping malls
• Other related services.

4. Our Mission and Vision Statement

• Our vision is to establish a standard shopping mall management company whose facility and brand will not only be accepted in Elk Grove – California, but also in other cities in the United States of America.
• Our mission is to provide standard shopping malls and shopping mall management services that can attract some of the leading retailers, commercial offices, hairstylists, barbers and similar businesses who may not want to shoulder the responsibilities of owning a standard shop facility in a busy business district.
• We want to build a shopping mall management brand that can favorably compete with other leading brands in the industry.

Our Business Structure

We intend starting small in Sheldon Road, Elk Grove – California, but hope to grow big in order to compete favorably with leading companies in the industry both in the United States and on a global stage. We are aware of the importance of building a solid business structure that can support the kind of world class business cum brand we want to own.

We will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of ten years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer
• Project Manager

Human Resources and Admin Manager

• Sales and Marketing Executive

Facility Manager

Client Service Executive

5. Job Roles and Responsibilities

Chief Executive Officer – CEO:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
• Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for fixing prices and signing business deals
• Responsible for providing direction for the business
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Reports to the board

Project Manager:

• Serve as project manager of the organization; works directly with employees
• Develops strategic plan by studying the trends in the industry and financial opportunities; presenting assumptions; recommending objectives.
• Evaluates building plans and permits
• Reviewing and approving plans that meet building codes, local ordinances and zoning regulations
• Accomplishes subsidiary objectives by establishing plans, budgets, and results measurements; allocating resources; reviewing progress; making mid-course corrections.
• Coordinates efforts by establishing procurement, production, marketing, field, and technical services policies and practices; coordinating actions with corporate staff.
• Maintains quality service by establishing and enforcing organization standards.
• Makes certain that the project team performs efficiently, coordinates employee efforts, and facilitate communications between management and the workforce
• Ensures that the organization works in line with international best practices.
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Design job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carrying out induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Oversee the smooth running of the daily office activities.

Sales and Marketing Manager

• Manage external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
• Model demographic information and analyze the volumes of transactional data generated by customer
• Identifies development opportunities; follows up on development leads and contacts
• Writing winning proposal documents, negotiate fees and rates in line with organizations’ policy
• Responsible for handling business research, market surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Create new markets cum businesses for the organization
• Empower and motivates the sales team to meet and surpass agreed targets

Accountant/Cashier:

• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensuring compliance with taxation legislation
• Handles all financial transactions for the organization
• Serves as internal auditor for the organization
• Responsible for making sure that our shopping mall facilities meet the needs of the people that rent, lease or purchase them
• In charge of leasing and renting out accommodations and other properties under our ‘to let list’
• In charge of inspecting and reporting on the structural attributes of a building
• Responsible for evaluating the component systems of a building (electrical, fire, roofing and plumbing)
• Assesses compliance with building, electrical, plumbing and fire codes
• Ensuring that basic facilities, such as water and heating, are well-maintained
• Ensuring that facilities meet government regulations and environmental, health and security standards
• Overseeing building projects, renovations or refurbishments
• In charge cleaning, security and parking, to make sure the surrounding environment is in a suitable condition to work
• Welcomes clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the Human Resource and Admin Manager in an effective and timely manner
• Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries

6. SWOT Analysis

Simone Cooper® Shopping Malls, Inc. engaged the services of a core professional in the area of business consulting and structuring to assist our organization in building a well – structured shopping mall management business that can favorably compete in the industry in the United States and the world at large.

Here is a summary from the result of the SWOT analysis that was conducted on behalf of Simone Cooper® Shopping Malls, Inc.;

Our shopping mall is located in Sheldon Road, Elk Grove – California which happens to be one of the busiest commercial centers in California. We can boast of having a result and service driven team and we have access to pool of finance from our partners who are accredited investors. These are some of the strength of business.

As a new shopping mall management company in Elk Grove – California, it might take some time for us to break into the market and gain acceptance especially from top profile clients in the already saturated industry; that is perhaps our major weakness. Another weakness is the ability to compete with big – time players in the real estate industry when it comes to bidding for choice facilities.

• Opportunities:

The opportunities available to a business such as ours are enormous because, as the number of businesses increases, demand for commercial and retail space is assumed to increase at a parallel rate. Additional businesses entering the US economy provide a greater pool of potential clients for mall managers. Interestingly, the number of businesses in the United States is expected to increase in the coming years, presenting a potential opportunity for the industry

It is a fact that online shopping poses a direct threat to traditional brick-and-mortar retailers. With more consumers opting to shop online, many retailers have shuttered physical locations to preserve margins.

As more stores downscale operations, a business such as ours lose out on rent, thereby depleting our projected revenue. E-commerce sales are expected to increase in 2018, posing a possible threat to shopping mall management companies.

7. MARKET ANALYSIS

• Market Trends

The national retail vacancy rate has fallen during the five-year period. The fact that renting a shopping mall can be a cost-effective and efficient solution for retailers and related businesses and workers makes it an ideal Business model for retailers who just want to start small and grow big. The continued rise of online shopping will pressure brick-and-mortar locations out of malls.

This business model gives room for aspiring retailers and businesses to pitch their business tent in highbrow areas without necessarily breaking the bank. All they need to do is to ensure that their products and services are top – notch and they won’t have to spend loads of cash maintaining the facility or marketing their services.

It is the responsibility of the shopping mall management company to promote and maintain their facility. As a matter of fact, retailers are finding their freedom while renting small studio and shop spaces in larger, collective shopping malls.

8. Our Target Market

Before starting our business in Sheldon Road, Elk Grove – California, we conducted a thorough market survey and feasibility studies and we are certain that there are loads of retailers, business centers, hairstylists, barbers, tanning specialist and nail specialists et al who need large, medium and small spaces in our shopping mall facility to run their business.

In view of that, we have created strategies that will enable us reach out to various groups of people who we know will need our services. Below is a list of the people that we will specifically market our facility to;

• Business Centers
• Hairstylists
• Manicure and pedicure specialists
• Tanning specialists

Our competitive advantage

Surviving in the business world as a shopping mall management company operator requires more than your expertise, creativity, and knowing how to deliver standard services but also how to network with key people that matter; entrepreneurs that can rent your shops / spaces.

Because of the competitive nature of the shopping mall management business, there is an increasing degree of related business activities, with big players dominating the market. We are quite aware that to be highly competitive in the industry, you are not only expected to make available safe shops, and office spaces, but you must be able to meet set targets.

Our competitive advantage is anchored on the state – of – the art shopping mall facilities that we have. We also have a team of certified and experience workers. Aside from the synergy that exists in our carefully selected workforce, our services will be guided by best practices in the industry.

Another strength that counts for us in the location of our shopping mall management; it is located in one of the most must busiest places in Sheldon Road, Elk Grove – California.

Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups shopping mall managements businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.

9. SALES AND MARKETING STRATEGY

Sources of Income

Simone Cooper® Shopping Malls, Inc. is established with the aim of maximizing profits in the shopping malls management industry and we are going to go all the way to ensure that we do all it takes to meet and surpass the expectations of all our clients.

Simone Cooper® Shopping Malls, Inc. will generate income by offering the following facility and services;

10. Sales Forecast

One thing is certain, there would always be business owners who would need to cut cost of starting the business hence need to rent a small space in a shopping mall facility.

We are well positioned to take on the available market in the industry in Elk Grove – California and we are quite optimistic that we will meet our set target of renting out all the spaces that is available in our facility and generating enough income/profits from the first six month of operation and grow our shopping mall management business to enviable heights.

We have been able to examine the shopping mall management market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections for Simone Cooper® Shopping Malls, Inc. It is based on the location of our shopping mall facility and of course our target market;

• First Fiscal Year:  $1 million
• Second Fiscal Year:  $2.5 million
• Third Fiscal Year:  $4 million

N.B : This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same facility as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

Our marketing strategies will be directed towards achieving specific objectives that will support the strategic goals of the organization. The truth is that all that we do will be geared towards creating new market channels, increasing sales and our market share.

Our unique selling proposition is that we are well positioned, we offer state of the art facility/services and people can easily access our facility. Our sales and marketing team will be recruited based on their vast experience in the shopping mall management industry and they will be trained on a regular basis so as to meet their targets.

Our corporate goal is to grow Simone Cooper® Shopping Malls, Inc. to become one of the top 10 shopping mall management brands in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in Sheldon Road, Elk Grove – California but also in other cities in the United States of America.

Simone Cooper® Shopping Malls, Inc. is set to make use of the following marketing and sales strategies to attract clients;

• Open our shopping malls with a big party.
• Advertise our shopping malls on national dailies, local TV and radio stations
• Promote our business online via our official website and all available social media platforms
• Introduce our business by sending introductory letters alongside our brochure to retailers, business operators, hair stylists, barbers, tanning specialists and manicure and pedicure specialist and key stake holders in Elk Grove – California
• Print out fliers and business cards and strategically drop them in offices, sport facilities, libraries, public facilities and train stations et al.
• Make use of attractive hand bills to create awareness and also to give direction to our shopping mall facility
• Adopt direct mailing coupon marketing approach
• Position our signage / flexi banners at strategic places in and around Elk Grove – California

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.

We are set to become the number one choice for retailers and business center operators in the whole of Elk Grove – California and other cities in the United States of America where we intend opening our chains of shopping mall facilities which is why we have made provisions for effective publicity and advertisement of our business.

Below are the platforms we intend to leverage on to promote and advertise Simone Cooper® Shopping Malls, Inc.;

• Place adverts on both print (newspapers and real estate magazines) and electronic media platforms
• Sponsor relevant community – based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our tanning services
• Install Bill Boards in strategic locations all around Elk Grove – California
• Distribute our fliers and handbills in target areas
• List our shopping mall management business in local directories / yellow pages
• Advertise our shopping mall facilities in our official website and employ strategies that will help us pull traffic to the site.
• Ensure that all our staff members wear our branded shirts and all our vehicles are well branded with our company logo et al.

12. Our Pricing Strategy

Our pricing system is going to be based on what is obtainable in the industry, we don’t intend to charge more (except for premium and customized facility and services) and we don’t intend to charge less than what our competitors are charging their clients.

• Payment Options

The payment policy adopted by Simone Cooper® Shopping Malls, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Simone Cooper® Shopping Malls, Inc. will make available to her clients;

• Payment via bank transfer
• Payment with cash
• Payment via Point of Sale Machine (POS)
• Payment via online bank transfer
• Payment via check
• Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for renting our shops and office spaces without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

From our market survey and feasibility studies, we have been able to come up with a detailed budget of establishing a standard shopping mall management business and here are the key areas where we will spend our startup capital;

• The total fee for registering the business in the United States of America – $750.
• Legal expenses for obtaining licenses and permits – $1,500.
• Marketing promotion expenses (8,000 flyers at $0.04 per copy) for the total amount of – $10,000.
• The total cost for hiring Business Consultant – $5,000.
• The amount needed for the purchase of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $30,800.
• The total cost for the purchase of accounting software, CRM software and Payroll Software – $3,000
• The total cost for purchasing a landed property for the construction of our shopping mall – $1 million.
• The total cost for building a standard shopping mall – $4 million
• Other start-up expenses including stationery – $1000
• Phone and utility deposits – $3,500
• Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $200,000
• The cost for the purchase of office furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, snooker board, tables and chairs et al) – $4,000.
• The cost of launching a Website – $600
• The cost for our grand opening party – $15,000
• Miscellaneous – $10,000

Going by the report from the market research and feasibility studies conducted, we will need about $5.5 million to successfully construct a medium scale but standard shopping mall business in the United States of America.

Generating Funds/Startup Capital for Simone Cooper® Shopping Malls, Inc.

No matter how fantastic your business idea might be, if you don’t have the money to finance the business, the business might not become a reality. Finance is a very important factor when it comes to starting a business. Raising startup capital for a business might not come cheap, but it is a task that an entrepreneur must go through.

Simone Cooper® Shopping Malls, Inc. is a private business that is solely owned and financed by Mr. Simone Cooper and his immediate family members. They do not intend to welcome any external business partners which is why he has decided to restrict the sourcing of the startup capital to 3 major sources.

• Generate part of the startup capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from the Bank

N.B: We have been able to generate about $1.5 million (Personal savings $1 million and soft loan from family members $500,000) and we are at the final stages of obtaining a loan facility of $4 million from our bank. All the papers and documents have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers that they have, the capacity and competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.

One of our major goals of starting Simone Cooper® Shopping Malls, Inc. is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to lease our shopping mall spaces a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.

Simone Cooper® Shopping Malls, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.

We know if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Securing a standard facility and reconstructing the facility to fit into the kind of shopping mall facility we want to manage: Competed
• Application for business license and permit: Completed
• Purchase of Insurance for the Business: Completed
• Conducting Feasibility Studies: Completed
• Generating part of the startup capital from the founders: Completed
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of Logo for the business: Completed
• Printing of Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the needed office furniture, office equipment, software applications, electronic appliances and facility facelift : In progress
• Creating official website for the business: In Progress
• Creating Awareness for the business: In Progress
• Health and Safety and Fire Safety Arrangement: In Progress

More on Real Estate

How to Create a Business Plan for a Shopping Mall: A Complete Guide

By henry sheykin, get full bundle.

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Welcome to our blog post on How To Write a Business Plan for Shopping Mall and Retail Center Construction in 9 Steps: Checklist. In this article, we will guide you through the process of revolutionizing the shopping experience with a multi-level retail center that incorporates state-of-the-art technology, sustainable design, and unique pop-up shops curated by local entrepreneurs.

The shopping mall and retail center industry is experiencing significant growth and transformation. According to recent statistics, the global retail industry is projected to reach a value of $31.88 trillion by 2023, with an annual growth rate of 5.3%. This presents a tremendous opportunity for innovative and forward-thinking businesses in the retail sector.

Now, let's dive into the nine essential steps to write a business plan for your shopping mall and retail center construction project:

• Identify your target market and choose a strategic location.
• Conduct thorough market research and analysis to understand your customers' needs and preferences.
• Assess the competition to identify your unique selling points and stand out in the market.
• Determine the feasibility and financial viability of your project by performing a detailed analysis of costs, revenue projections, and return on investment.
• Create a comprehensive construction budget to ensure you have a clear understanding of the financial resources required for the project.
• Develop a robust and tailored marketing strategy to effectively promote your retail center to your target audience.
• Establish partnerships with local entrepreneurs and secure funding from investors or financial institutions to support your project.
• Hire an experienced project management team to oversee and execute the construction process efficiently.
• Ensure you obtain all necessary permits and approvals from relevant authorities to comply with legal and regulatory requirements.

By following these nine steps, you will be well-equipped to write a comprehensive business plan for your shopping mall and retail center construction project. Stay tuned for our upcoming articles, where we will delve deeper into each step, providing you with invaluable insights and tips.

Identify Target Market And Location

Before embarking on constructing a shopping mall and retail center, it is crucial to identify your target market and select an ideal location for your venture. Understanding your potential customers and finding the right location are key factors in the success of your business.

Start by conducting thorough market research to determine the demographics, preferences, and shopping behaviors of your target market. This information will help you tailor your retail center to meet their needs and preferences. Additionally, it will allow you to curate a collection of pop-up shops that align with the tastes and interests of your target customers.

Consider the location carefully when choosing the ideal spot for your shopping mall and retail center. Evaluate factors such as accessibility, visibility, and proximity to your target market. Is the location easily accessible by public transportation? Does it have ample parking space? Is it located in a high-traffic area? These are all important considerations that will impact the foot traffic and potential success of your retail center.

Here are a few tips to help you in identifying your target market and selecting the right location:

• Research local market trends and consumer behaviors to gain insights into your potential customers.
• Conduct surveys or interviews with your target market to understand their preferences and shopping habits.
• Consider partnering with a retail consultant or market research firm to gain a deeper understanding of the market.
• Visit potential locations personally to assess the surrounding area and its suitability for your retail center.
• Engage with local business associations and chambers of commerce to gather information about the area and its potential for growth.

By thoroughly researching your target market and meticulously selecting the perfect location, you are setting the foundation for a successful shopping mall and retail center construction venture.

Conduct Market Research And Analysis

When embarking on the construction of a shopping mall and retail center, conducting thorough market research and analysis is crucial. This step will provide valuable insights into the demand for your project and help you make informed decisions throughout the planning and development process.

One essential aspect of market research is identifying your target market. Understanding the demographics, preferences, and shopping behaviors of your potential customers will enable you to tailor your retail center to meet their needs. Consider factors such as age, income level, and lifestyle when defining your target market.

Furthermore, it is important to assess the overall market dynamics in the area where you plan to build your shopping mall. Evaluate both the current and projected population growth, economic conditions, and consumer spending patterns. This information will aid in determining the potential demand for retail spaces and the viability of your project.

Market Research Tips:

• Diversify data sources: Obtain information from various sources such as government statistics, industry reports, and customer surveys to ensure a comprehensive understanding of the market.
• Analyze competition: Identify existing and upcoming competitors in the area and evaluate their offerings, pricing strategies, and target markets. This will help you position your retail center strategically.
• Engage with the community: Connect with local business associations, chambers of commerce, and potential customers to gather insights and build relationships that can support your project.
• Consider future trends: Stay updated on emerging retail trends, technological advancements, and sustainable practices to incorporate innovative elements into your shopping mall design and offerings.

By conducting thorough market research and analysis, you will gain a deep understanding of your target market, assess the market dynamics, and identify key competitors. Armed with this valuable information, you will be equipped to make informed decisions that will drive the success of your shopping mall and retail center construction project.

Assess Competition

Assessing the competition is a crucial step in developing a successful business plan for a shopping mall and retail center construction. Understanding the existing and potential competitors in your target market will allow you to position your retail center effectively and differentiate it from others.

First and foremost, identify your direct and indirect competitors . Direct competitors are those retail centers that offer similar products or services in the same geographical area. Indirect competitors, on the other hand, may not offer the same products or services but still compete for the same target market.

Next, analyze their strengths and weaknesses . Look at what your competitors are doing well and areas where they may be lacking. This analysis will help you identify opportunities for differentiation and improvement within your own retail center.

Additionally, examine their pricing strategy, marketing tactics, and customer experience . Understanding how your competitors position themselves in the market and attract customers will enable you to develop a unique value proposition and marketing strategy for your own retail center.

During the competitive analysis, look for any gaps or untapped opportunities in the market that your retail center can fulfill. These could be unmet customer needs, underserved demographics, or emerging trends that your competitors have not capitalized on.

Tips for Assessing Competition:

• Visit competitor retail centers to observe their operations, store layouts, and customer dynamics.
• Conduct online research to gather information about their online presence, customer reviews, and social media engagement.
• Engage with the local community and target market to understand their perceptions and preferences regarding existing retail centers.
• Stay updated on industry trends, emerging technologies, and innovative retail concepts to gain a competitive edge.

Determine Project Feasibility And Financial Viability

Before embarking on any construction project, it is crucial to determine the feasibility and financial viability of the endeavor. This step involves carefully analyzing various factors that can affect the success of the project, such as market demand, cost implications, and potential return on investment.

Market Demand: The first aspect to consider is the market demand for a multi-level retail center. Conduct a thorough market analysis to understand the needs and preferences of the target market. This will help determine if there is sufficient demand for the proposed shopping mall in the chosen location.

Cost Implications: Assessing the cost implications is vital to ensure that the project remains within budget and generates a reasonable return on investment. Calculate the estimated construction costs, including land acquisition, permits, materials, labor, and other related expenses. Consider consulting with professionals in the construction industry to obtain accurate cost estimates.

Potential Return on Investment: Analyze the potential return on investment by projecting the expected revenue and profit margins. Consider factors such as rental income, sales from the curated pop-up shops, and additional revenue streams like advertising or event hosting. Compare these projections with the estimated construction costs to determine if the project is financially viable.

• Engage with local real estate experts to understand the market dynamics and trends.
• Consider conducting a feasibility study to gain deeper insights into the project's viability.
• Explore potential revenue streams beyond traditional retail, such as hosting events or offering unique experiences.
• Factor in future growth potential and scalability of the retail center.

Create A Detailed Construction Budget

Creating a detailed construction budget is essential for the successful completion of any shopping mall and retail center construction project. A well-designed budget helps to ensure that all necessary expenses are accounted for and that the project remains financially viable.

When creating the budget, it is important to thoroughly analyze all aspects of the construction project. This includes determining the cost of materials, labor, equipment, permits, and any additional expenses that may arise during the construction phase.

Here are some key considerations to keep in mind when creating a detailed construction budget:

• Be realistic: Take into account the current market conditions and prices of materials and labor.
• Include contingency funds: Allocate a portion of the budget for unforeseen expenses or changes that may arise during the construction process.
• Consider sustainability: Factor in any extra costs associated with incorporating sustainable design elements into the construction.
• Engage with suppliers and contractors: Get accurate quotes and estimates from suppliers and contractors to ensure that the budget is as accurate as possible.
• Regularly review and update the budget throughout the construction process to account for any changes or unforeseen expenses.
• Consult with a financial advisor or construction expert to help you create a realistic and comprehensive budget.
• Consider building a buffer into the budget to allow for potential cost overruns.

By creating a detailed construction budget, you can effectively manage the financial aspects of your shopping mall and retail center construction project. This will help ensure that the project stays on track and within budget, allowing for a successful and profitable outcome.

Develop A Comprehensive Marketing Strategy

When it comes to successfully launching a multi-level retail center, a strong marketing strategy is essential. It allows you to create awareness, generate excitement, and attract potential customers. Here are some important steps to develop a comprehensive marketing strategy:

• Identify your target audience: It is crucial to understand your target market and create buyer personas. This will help you tailor your marketing efforts to reach the right audience.
• Set clear marketing goals: Establish specific and measurable goals that align with your business objectives. Whether it's increasing footfall, driving online sales, or securing long-term leases, these goals will guide your marketing activities.
• Define your unique selling proposition (USP): Highlight what sets your retail center apart from competitors. Focus on its state-of-the-art technology, sustainable design, and curated pop-up shops to create a compelling message.
• Create a strong online presence: Leverage the power of digital marketing by developing a professional website, using social media platforms, and implementing search engine optimization (SEO) techniques to ensure your retail center is easily discoverable online.
• Engage in content marketing: Share valuable and engaging content through blogs, videos, and social media posts. Provide updates on construction progress, sneak peeks of pop-up shops, and expert advice to build anticipation and create a loyal following.
• Implement targeted advertising campaigns: Utilize both online and offline advertising channels to reach your target audience effectively. Consider Facebook ads, Google AdWords, local newspaper ads, and outdoor billboards to maximize exposure.
• Organize captivating events: Create memorable experiences by organizing launch parties, fashion shows, and collaborative events with local entrepreneurs. These events not only attract potential customers but also foster a sense of community around your retail center.
• Collaborate with local influencers or bloggers to amplify your brand's reach.
• Offer incentives such as exclusive discounts or limited-time promotions to incentivize customers to visit your retail center.
• Regularly track and analyze your marketing efforts to identify what strategies are working and make necessary adjustments.

Establish Partnerships And Secure Funding

In order to successfully execute the construction of your shopping mall and retail center, it is crucial to establish strong partnerships and secure adequate funding. These partnerships will not only provide financial support but also offer valuable expertise and resources to bring your business idea to life.

1. Identify potential partners: Research and identify potential partners who share your vision and have experience in the construction and retail industry. Look for partners who can provide financial backing as well as contribute their expertise and resources.

2. Network and attend industry events: Attend industry events, conferences, and trade shows to meet potential partners who can support your project. These events provide opportunities to connect with industry professionals and discuss potential collaborations.

3. Create a compelling pitch: Develop a persuasive pitch that outlines the benefits and potential returns of investing in your project. Clearly articulate how your multi-level retail center will revolutionize the shopping experience and attract a diverse customer base.

4. Approach potential investors: Reach out to potential investors, including private equity firms, venture capitalists, and banks, who specialize in financing construction projects and commercial developments. Present your business plan, construction budget, and marketing strategy to demonstrate the financial viability and potential profitability of your project.

5. Consider government grants and incentives: Research government grants and incentives that support sustainable construction and economic development projects. Explore opportunities for public-private partnerships that can provide additional funding and resources.

• Highlight the unique features and benefits of your project to attract potential partners and investors.
• Build relationships with industry professionals through networking and attending relevant events.
• Prepare a comprehensive and well-researched business plan to instill confidence in potential investors.
• Consider seeking guidance from a financial advisor or consultant to optimize your funding strategy.

By establishing strong partnerships and securing adequate funding, you will be equipped with the necessary resources and expertise to successfully execute the construction of your shopping mall and retail center. These partnerships will not only ensure financial support but also provide valuable insights and support throughout the entire process.

Hire An Experienced Project Management Team

Hiring an experienced project management team is crucial for the successful execution of your shopping mall and retail center construction project. This team will be responsible for overseeing and coordinating all aspects of the project, from procurement and scheduling to quality control and budget management.

When choosing a project management team, it is important to consider their expertise in the field of construction and their track record of successfully delivering similar projects on time and within budget. Look for professionals who have a deep understanding of construction processes, regulatory requirements, and best practices in the industry.

Tips for hiring an experienced project management team:

• Seek recommendations from other business owners or industry professionals who have previously undertaken construction projects.
• Interview potential project managers to assess their experience, knowledge, and communication skills.
• Ask for references from past clients and take the time to check them.
• Consider hiring a team that has experience working with shopping mall and retail center projects specifically, as they will have a deeper understanding of the unique challenges and requirements of these types of developments.
• Ensure that the project management team has the necessary certifications and licenses required by local authorities.
• Discuss the project timeline and budget with the potential project management team to ensure they are able to meet your expectations.

By hiring an experienced project management team, you can mitigate risks, streamline the construction process, and ensure that your shopping mall and retail center is completed on time, within budget, and to the highest quality standards.

Obtain Necessary Permits and Approvals

In order to proceed with the construction of your shopping mall and retail center, it is crucial to obtain the necessary permits and approvals from the relevant authorities. This step ensures compliance with local regulations and safeguards the legality and safety of your project. Here are some important points to consider:

• 1. Research local regulations: Begin by thoroughly researching and familiarizing yourself with the specific permits and approvals required for constructing a shopping mall and retail center in your chosen location. Different municipalities may have varying requirements, so it is essential to be well-informed.
• 2. Identify the responsible authorities: Determine the specific government agencies or departments responsible for granting the permits and approvals you need. This could include zoning boards, building departments, fire departments, environmental agencies, and others.
• 3. Compile necessary documentation: Prepare all the required documentation and complete any necessary forms or applications. This may include architectural plans, site surveys, environmental impact assessments, engineering reports, and financial statements.
• 4. Secure support from experts: Engage the services of experienced professionals such as architects, engineers, and lawyers who are well-versed in the local regulations and can guide you through the permit application process. They can help ensure that your documentation is accurate, complete, and meets all requirements.
• 5. Submit your application: Once you have compiled all the necessary documentation and completed the required forms, submit your permit application to the relevant authorities. Be aware of any filing deadlines and ensure that your application is submitted well in advance to allow for processing time.
• 6. Follow up regularly: Keep track of the progress of your permit application and regularly follow up with the authorities to ensure that it is moving forward. Address any inquiries or requests for additional information promptly and cooperatively.
• 7. Address any objections or concerns: If there are any objections or concerns raised by the authorities or members of the community, address them in a professional and respectful manner. Work towards finding mutually agreeable solutions to ensure that your project can proceed.
• 8. Receive approvals: Once your permit application has been reviewed and evaluated, you will receive official approvals from the relevant authorities. These approvals will grant you the legal authorization to proceed with the construction of your shopping mall and retail center.

Tips for a Smooth Permitting Process:

• Be proactive and start the permitting process early to allow for potential delays or unexpected requirements.
• Communicate openly and effectively with the authorities, providing clear and concise information to facilitate their review process.
• Maintain a cooperative and collaborative approach when addressing objections or concerns, as this can help build positive relationships and foster support for your project.
• Stay organized and keep copies of all your submitted documents, correspondence, and approvals for future reference.
• Stay updated with any changes in local regulations or requirements that may impact your project, and adjust your plans accordingly.

In conclusion, creating a business plan for shopping mall and retail center construction in nine steps is crucial for the success of your project. By identifying your target market and location, conducting market research, assessing competition, and determining project feasibility, you will lay a strong foundation for your venture.

It is essential to create a detailed construction budget, develop a comprehensive marketing strategy, and establish partnerships to secure the necessary funding. Hiring an experienced project management team and obtaining the required permits and approvals will ensure smooth execution and adherence to regulations.

With careful planning and consideration, you can revolutionize the shopping experience by incorporating state-of-the-art technology, sustainable design, and unique pop-up shops curated by local entrepreneurs. By following this checklist and utilizing professional expertise, you can navigate the complexities of building a shopping mall and retail center successfully.

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SHOPPING MALL BUSINESS PLAN TEMPLATE

Explore Options to Get a Business Plan.

Introduction

A shopping mall is a large, often indoor, building with various stores representing many different businesses. Shopping malls are usually located in high-traffic areas near busy intersections or along major highways. The first shopping mall in the United States was the Country Club Plaza in Kansas City, Missouri, which opened in 1922. Today, thousands of shopping malls in the United States are popular destinations for shoppers and tourists alike. If you are thinking about starting your shopping mall, there are a few things you need to know. First, you will need to find a suitable location. Second, you will need to obtain the necessary financing. And third, you will need to develop a business plan. Starting a shopping mall can be a rewarding and profitable venture with careful planning and execution.

Global Market Size

The global market for shopping malls is estimated to be worth $1.2 trillion in 2015, according to a report by JLL. The U.S. alone is home to over 1,200 malls, which account for about 10 percent of the country's retail space. Several factors have contributed to the growth of shopping malls around the world. One is the rise of the middle class in many countries, which has led to more people having disposable income to spend on shopping. Another is the growth of online shopping, which has made it easier for people to compare and find the best deals on products. Despite the growth of the shopping mall industry, malls face several challenges. One is the rise of e-commerce, which has made it easier for people to shop from the comfort of their homes. Another challenge is the economic slowdown in many countries, which has led to less spending on non-essential items like clothing and shoes. Despite these challenges, the shopping mall industry is expected to grow in the coming years. This growth will be driven by the continued rise of the middle class in many countries and the growth of online shopping.

Target Market

If you're thinking of starting a shopping mall business, one of the first things you need to do is identify your target market. Your target market is the group of people who are most likely to shop at your mall. To identify your target market, you need to consider a few factors, including:

-The location of your mall. If you're in a densely populated area, your target market will likely be different than in a more rural area.

-The type of products or services you'll be offering. If you're selling high-end fashion, your target market will be different than if you're selling budget-friendly fashion.

-The demographics of your potential shoppers. This includes factors like age, income, gender, and so on. Once you've considered all of these factors, you should have a good idea of who your target market is. You can start planning your marketing and advertising strategies to reach these potential shoppers.

Business Model

Many different business models can be used when starting a shopping mall business. The most common and successful model is the anchor tenant model. This model relies on having one or more large anchor tenants, such as a department store or a grocery store, that act as draws for customers. The anchor tenant(s) then leases space from the shopping mall owner, and the smaller stores in the mall lease space from the anchor tenant(s). This model is successful because it gives customers a reason to come to the shopping mall and smaller stores with a built-in customer base. Another standard business model for shopping malls is the specialty leasing model. In this model, the shopping mall owner leases space to a variety of different stores that all specialize in a specific type of merchandise. This can be anything from a mall specializing in clothing stores to a mall specializing in electronic stores. The advantage of this model is that it can be easier to attract customers to a shopping mall with a specific type of merchandise they are looking for. Whichever business model is used, it is essential to have a well-thought-out business plan for the shopping mall. This plan should include a detailed marketing strategy, a financial plan, and a plan for operations.

Competitive Landscape

As you develop your business plan and start to think about opening a shopping mall, it's essential to understand the competitive landscape. Who are your potential competitors? What are their strengths and weaknesses? How can you position your shopping mall to succeed in the face of competition? Here are a few things to keep in mind as you research the competitive landscape for your shopping mall business:

• Know your market. Before you can understand the competitive landscape, you need to have a good grasp of the market you're targeting. Who are your potential customers? What are their needs and wants? What are their shopping habits? The more you know about your target market, the better you'll understand the competitive landscape.
• Understand your competition. Once you know your market, it's time to start researching your potential competitors. Who are they? What do they offer? What are their strengths and weaknesses? What is their market share? The more you know about your competition, the better you'll be able to position your own business for success.
• Develop a competitive advantage. Once you understand the competitive landscape, you must develop a competitive advantage. What can you offer that your competitors don't? What can you do better than them? If you can't find a way to stand out from the crowd, your shopping mall is likely to struggle.
• Keep an eye on the future. The competitive landscape is constantly changing, so keeping an eye on the future is essential. What are new shopping malls being developed in your area? What changes are happening with your existing competitors? You'll be better prepared to adapt and change as the landscape shifts by staying ahead of the curve.

Now that you have all the information you need to start your own shopping mall business, it's time to take the next step. If you're unsure where to start, consider hiring a professional business consultant to help you get started. With the proper planning and execution, your shopping mall can be a success.

• Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
• Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
• Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
• Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
• Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
• Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
• Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
• Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
• Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
• Business plans allow you to position your brand by understanding your company’s role in the marketplace.
• Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
• Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.
• Executive Summary
• Company Overview
• Industry Analysis
• Consumer Analysis
• Competitor Analysis & Advantages
• Marketing Strategies & Plan
• Plan of Action
• Management Team

The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.

To complete your perfect Shopping Mall business plan, fill out the form below and download our Shopping Mall business plan template. The template is a word document that can be edited to include information about your Shopping Mall business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.

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Shopping Mall Business Plan Template FAQs

What is a business plan for a/an shopping mall business, how to customize the business plan template for a shopping mall business, what financial information should be included in a shopping mall business plan, are there industry-specific considerations in the shopping mall business plan template, how to conduct market research for a shopping mall business plan, what are the common challenges when creating a business plan for a shopping mall business, how often should i update my shopping mall business plan, can i use the business plan template for seeking funding for a shopping mall business, what legal considerations are there in a shopping mall business plan.

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Stacey has more than 18 years of editorial, PR and social media experience and has worked across print and online for national newspapers, magazines, PR and marketing agencies.

Ecommerce may be booming but opening and running successful shops and retail companies of the bricks-and-mortar variety is still a life goal for many.

If you’re planning to make that dream a reality, writing a thorough business plan should be at the top of your to-do list — here’s why.

What is a business plan?

Your business plan is essentially your company’s strategic blueprint. It explains what your business idea is and sets out your goals and how you will achieve them, while considering the environment you’ll operate in.

Typically, it’s the first proper step of getting your retail business off the ground and can be used to get investors, grants, loans or other funding for your company before you open your shop doors.

Something that can also help your planning is a Business Model Canvas . It is a handy tool to help you build out your business plan.

Your one stop shop for starting a business

Thinking about starting a business or already putting your ideas into action? We’ve got the resources, expertise and software to help you achieve your goals.

Do independent shops really need a business plan?

The short answer is yes. Of course it’s possible to do well with a good idea and a bit of luck but you’re more likely to succeed with a solid business plan to help guide your decision-making. Researching your plan will also help you figure out if your products or services are financially viable and in demand before you launch. Here are three things to consider as part of your business planning process:

1. Location, location, location

For shops and retail companies, whether you’re opening a community greengrocer or an exclusive boutique, one of the most important aspects of your business model is your location. Pulling a plan together will encourage you to think about the most viable location for success, as well as the cost implications.

2. Customers

When creating your business plan, you’ll need to research your potential customers. Documenting who they are, how they behave and the circumstances in which they will shop with you will aid you in determining the stock you will carry and how to effectively promote your store to customers.

3. Pricing model

A big part of any business plan is the financial figures that are included. As part of the planning process, you should be doing detailed research on potential competitors and their prices as well as all the expenses that running your business will incur. This will help you determine the prices that you will charge for the products you sell.

What are the other benefits to having a business plan?

• It looks good to potential partners, investors, lenders and funding bodies, and if you want to apply for a business loan, you’ll most likely need a business plan.
• It will help you work out what your unique selling proposition is, identify threats and challenges, and come up with solutions and coping strategies.
• It will make you set short and long-term SMART goals, such as launching a new website within three months or opening a second shop in year three of trading.
• You can use it to benchmark your performance by comparing your company’s results and achievements with the goals set out in your plan.

If you want to increase the chances of your business being successful, it’s worth having a business plan

How to write a business plan for your shop

Your business plan doesn’t have to be a boring document. Given some investors make their decision to provide funding to start-ups and existing firms based on the people as much as the business itself, your business plan should showcase your passion and personality.

However, certain bodies or individuals who can provide funding will expect you to include specific information. Putting your plan together using the following sections can help you make a strong case for securing the required finance:

• Executive summary
• Business overview
• Audience and market
• Products and services

As we’ve discussed, your business plan will be critical to you running a profitable shop, which is all the more reason to ensure that you are thorough in your approach. Here are some top tips for writing your plan:

Be realistic

It’s unlikely that you will be profitable straight away and sales may show steady growth rather than a massive spike. If your plan includes figures that seem unrealistic, you should justify them.

Accuracy is key

As your business plan will help you make decisions, it’s important the information you base those decisions on is correct. Double check everything. We have some great advice on how to get more accurate figures for your business plan .

As your plan will be used to help you manage your retail business and potentially be shared with others, it’s important to avoid waffle. You can always make use of appendices for supplementary information.

Want help with business plan for shops and retail companies?

Your accountant may be able to give you tips and ideas, or ask your bank if they have a small business adviser you could talk to. If you’re ready to start your research and writing, why not use an online template?

To help you out, we’ve created a business plan template specifically for shops and retail companies with physical stores. It’s free to download and takes you through the process step by step with detailed guidance notes.

Don’t forget that your plan should evolve with your business, so you should revisit and update it regularly. Good luck!

Want to create a business plan for your shop or retail company but not sure how to do it? Download our free and easy-to-use business plan template and you can get started.

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How to Write a Business Plan (Plus Examples & Templates)

Have you ever wondered how to write a business plan step by step? Mike Andes, told us: 

This guide will help you write a business plan to impress investors.

Throughout this process, we’ll get information from Mike Andes, who started Augusta Lawn Care Services when he was 12 and turned it into a franchise with over 90 locations. He has gone on to help others learn how to write business plans and start businesses.  He knows a thing or two about writing  business plans!

We’ll start by discussing the definition of a business plan. Then we’ll discuss how to come up with the idea, how to do the market research, and then the important elements in the business plan format. Keep reading to start your journey!

What Is a Business Plan?

A business plan is simply a road map of what you are trying to achieve with your business and how you will go about achieving it. It should cover all elements of your business including: 

• Finding customers
• Plans for developing a team
•  Competition
• Legal structures
• Key milestones you are pursuing

If you aren’t quite ready to create a business plan, consider starting by reading our business startup guide .

Get a Business Idea

Before you can write a business plan, you have to have a business idea. You may see a problem that needs to be solved and have an idea how to solve it, or you might start by evaluating your interests and skills. 

Mike told us, “The three things I suggest asking yourself when thinking about starting a business are:

• What am I good at?
• What would I enjoy doing?
• What can I get paid for?”

If all three of these questions don’t lead to at least one common answer, it will probably be a much harder road to success. Either there is not much market for it, you won’t be good at it, or you won’t enjoy doing it. 

As Mike told us, “There’s enough stress starting and running a business that if you don’t like it or aren’t good at it, it’s hard to succeed.”

If you’d like to hear more about Mike’s approach to starting a business, check out our YouTube video

Conduct Market Analysis

Market analysis is focused on establishing if there is a target market for your products and services, how large the target market is, and identifying the demographics of people or businesses that would be interested in the product or service. The goal here is to establish how much money your business concept can make.

Product and Service Demand

A search engine is your best friend when trying to figure out if there is demand for your products and services. Personally, I love using presearch.org because it lets you directly search on a ton of different platforms including Google, Youtube, Twitter, and more. Check out the screenshot for the full list of search options.

With quick web searches, you can find out how many competitors you have, look through their reviews, and see if there are common complaints about the competitors. Bad reviews are a great place to find opportunities to offer better products or services. 

If there are no similar products or services, you may have stumbled upon something new, or there may just be no demand for it. To find out, go talk to your most honest friend about the idea and see what they think. If they tell you it’s dumb or stare at you vacantly, there’s probably no market for it.

You can also conduct a survey through social media to get public opinion on your idea. Using Facebook Business Manager , you could get a feel for who would be interested in your product or service.

 I ran a quick test of how many people between 18-65  you could reach in the U.S. during a week. It returned an estimated 700-2,000 for the total number of leads, which is enough to do a fairly accurate statistical analysis.

Identify Demographics of Target Market

Depending on what type of business you want to run, your target market will be different. The narrower the demographic, the fewer potential customers you’ll have. If you did a survey, you’ll be able to use that data to help define your target audience. Some considerations you’ll want to consider are:

• Other Interests
• Marital Status
• Do they have kids?

Once you have this information, it can help you narrow down your options for location and help define your marketing further. One resource that Mike recommended using is the Census Bureau’s Quick Facts Map . He told us,  

“It helps you quickly evaluate what the best areas are for your business to be located.”

How to Write a Business Plan

Now that you’ve developed your idea a little and established there is a market for it, you can begin writing a business plan. Getting started is easier with the business plan template we created for you to download. I strongly recommend using it as it is updated to make it easier to create an action plan. 

Each of the following should be a section of your business plan:

• Business Plan Cover Page
• Table of Contents
• Executive Summary
• Company Description
• Description of Products and Services

SWOT Analysis

• Competitor Data
• Competitive Analysis
• Marketing Expenses Strategy 

Pricing Strategy

• Distribution Channel Assessment
• Operational Plan
• Management and Organizational Strategy
• Financial Statements and/or Financial Projections

We’ll look into each of these. Don’t forget to download our free business plan template (mentioned just above) so you can follow along as we go. 

How to Write a Business Plan Step 1. Create a Cover Page

The first thing investors will see is the cover page for your business plan. Make sure it looks professional. A great cover page shows that you think about first impressions.

A good business plan should have the following elements on a cover page:

• Professionally designed logo
• Company name
• Mission or Vision Statement
• Contact Info

Basically, think of a cover page for your business plan like a giant business card. It is meant to capture people’s attention but be quickly processed.

How to Write a Business Plan Step 2. Create a Table of Contents

Most people are busy enough that they don’t have a lot of time. Providing a table of contents makes it easy for them to find the pages of your plan that are meaningful to them.

A table of contents will be immediately after the cover page, but you can include it after the executive summary. Including the table of contents immediately after the executive summary will help investors know what section of your business plan they want to review more thoroughly.

Check out Canva’s article about creating a  table of contents . It has a ton of great information about creating easy access to each section of your business plan. Just remember that you’ll want to use different strategies for digital and hard copy business plans.

How to Write a Business Plan Step 3. Write an Executive Summary

An executive summary is where your business plan should catch the readers interest.  It doesn’t need to be long, but should be quick and easy to read.

Mike told us,

How long should an executive summary bein an informal business plan?

For casual use, an executive summary should be similar to an elevator pitch, no more than 150-160 words, just enough to get them interested and wanting more. Indeed has a great article on elevator pitches .  This can also be used for the content of emails to get readers’ attention.

It consists of three basic parts:

• An introduction to you and your business.
• What your business is about.
• A call to action

Example of an informal executive summary 

One of the best elevator pitches I’ve used is:

So far that pitch has achieved a 100% success rate in getting partnerships for the business.

What should I include in an executive summary for investors?

Investors are going to need a more detailed executive summary if you want to secure financing or sell equity. The executive summary should be a brief overview of your entire business plan and include:

• Introduction of yourself and company.
• An origin story (Recognition of a problem and how you came to solution)
• An introduction to your products or services.
• Your unique value proposition. Make sure to include intellectual property.
• Where you are in the business life cycle
• Request and why you need it.

Successful business plan examples

The owner of Urbanity told us he spent 2 months writing a 75-page business plan and received a $250,000 loan from the bank when he was 23. Make your business plan as detailed as possible when looking for financing. We’ve provided a template to help you prepare the portions of a business plan that banks expect.

Here’s the interview with the owner of Urbanity:

When to write an executive summary?

Even though the summary is near the beginning of a business plan, you should write it after you complete the rest of a business plan. You can’t talk about revenue, profits, and expected expenditures if you haven’t done the market research and created a financial plan.

What mistakes do people make when writing an executive summary?

Business owners commonly go into too much detail about the following items in an executive summary:

• Marketing and sales processes
• Financial statements
• Organizational structure
• Market analysis

These are things that people will want to know later, but they don’t hook the reader. They won’t spark interest in your small business, but they’ll close the deal.

How to Write a Business Plan Step 4. Company Description

Every business plan should include a company description. A great business plan will include the following elements while describing the company:

• Mission statement
• Philosophy and vision
• Company goals

Target market

• Legal structure

Let’s take a look at what each section includes in a good business plan.

Mission Statement

A mission statement is a brief explanation of why you started the company and what the company’s main focus is. It should be no more than one or two sentences. Check out HubSpot’s article 27 Inspiring Mission Statement for a great read on informative and inspiring mission and vision statements. 

Company Philosophy and Vision

The company philosophy is what drives your company. You’ll normally hear them called core values.  These are the building blocks that make your company different. You want to communicate your values to customers, business owners, and investors as often as possible to build a company culture, but make sure to back them up.

What makes your company different?

Each company is different. Your new business should rise above the standard company lines of honesty, integrity, fun, innovation, and community when communicating your business values. The standard answers are corporate jargon and lack authenticity. 

Examples of core values

One of my clients decided to add a core values page to their website. As a tech company they emphasized the values:

•  Prioritize communication.
•  Never stop learning.
•  Be transparent.
•  Start small and grow incrementally.

These values communicate how the owner and the rest of the company operate. They also show a value proposition and competitive advantage because they specifically focus on delivering business value from the start. These values also genuinely show what the company is about and customers recognize the sincerity. Indeed has a great blog about how to identify your core values .

What is a vision statement?

A vision statement communicate the long lasting change a business pursues. The vision helps investors and customers understand what your company is trying to accomplish. The vision statement goes beyond a mission statement to provide something meaningful to the community, customer’s lives, or even the world.

Example vision statements

The Alzheimer’s Association is a great example of a vision statement:

A world without Alzheimer’s Disease and other dementia.

It clearly tells how they want to change the world. A world without Alzheimers might be unachievable, but that means they always have room for improvement.

Business Goals

You have to measure success against goals for a business plan to be meaningful. A business plan helps guide a company similar to how your GPS provides a road map to your favorite travel destination. A goal to make as much money as possible is not inspirational and sounds greedy.

Sure, business owners want to increase their profits and improve customer service, but they need to present an overview of what they consider success. The goals should help everyone prioritize their work.

How far in advance should a business plan?

Business planning should be done at least one year in advance, but many banks and investors prefer three to five year business plans. Longer plans show investors that the management team  understands the market and knows the business is operating in a constantly shifting market. In addition, a plan helps businesses to adjust to changes because they have already considered how to handle them.

Example of great business goals

My all time-favorite long-term company goals are included in Tesla’s Master Plan, Part Deux . These goals were written in 2016 and drive the company’s decisions through 2026. They are the reason that investors are so forgiving when Elon Musk continually fails to meet his quarterly and annual goals.

If the progress aligns with the business plan investors are likely to continue to believe in the company. Just make sure the goals are reasonable or you’ll be discredited (unless you’re Elon Musk).

You did target market research before creating a business plan. Now it’s time to add it to the plan so others understand what your ideal customer looks like. As a new business owner, you may not be considered an expert in your field yet, so document everything. Make sure the references you use are from respectable sources. 

Use information from the specific lender when you are applying for lending. Most lenders provide industry research reports and using their data can strengthen the position of your business plan.

A small business plan should include a section on the external environment. Understanding the industry is crucial because we don’t plan a business in a vacuum. Make sure to research the industry trends, competitors, and forecasts. I personally prefer IBIS World for my business research. Make sure to answer questions like:

• What is the industry outlook long-term and short-term?
• How will your business take advantage of projected industry changes and trends?
• What might happen to your competitors and how will your business successfully compete?

Industry resources

Some helpful resources to help you establish more about your industry are:

• Trade Associations
• Federal Reserve
• Bureau of Labor Statistics

Legal Structure

There are five basic types of legal structures that most people will utilize:

• Sole proprietorships
• Limited Liability Companies (LLC)

Partnerships

Corporations.

• Franchises.

Each business structure has their pros and cons. An LLC is the most common legal structure due to its protection of personal assets and ease of setting up. Make sure to specify how ownership is divided and what roles each owner plays when you have more than one business owner.

You’ll have to decide which structure is best for you, but we’ve gathered information on each to make it easier.

Sole Proprietorship

A sole proprietorship is the easiest legal structure to set up but doesn’t protect the owner’s personal assets from legal issues. That means if something goes wrong, you could lose both your company and your home.

To start a sole proprietorship, fill out a special tax form called a  Schedule C . Sole proprietors can also join the American Independent Business Alliance .

Limited Liability Company (LLC)

An LLC is the most common business structure used in the United States because an LLC protects the owner’s personal assets. It’s similar to partnerships and corporations, but can be a single-member LLC in most states. An LLC requires a document called an operating agreement.

Each state has different requirements. Here’s a link to find your state’s requirements . Delaware and Nevada are common states to file an LLC because they are really business-friendly. Here’s a blog on the top 10 states to get an LLC.

Partnerships are typically for legal firms. If you choose to use a partnership choose a Limited Liability Partnership. Alternatively, you can just use an LLC.

Corporations are typically for massive organizations. Corporations have taxes on both corporate and income tax so unless you plan on selling stock, you are better off considering an LLC with S-Corp status . Investopedia has good information corporations here .

There are several opportunities to purchase successful franchises. TopFranchise.com has a list of companies in a variety of industries that offer franchise opportunities. This makes it where an entrepreneur can benefit from the reputation of an established business that has already worked out many of the kinks of starting from scratch.

How to Write a Business Plan Step 5. Products and Services

This section of the business plan should focus on what you sell, how you source it, and how you sell it. You should include:

• Unique features that differentiate your business products from competitors
• Intellectual property
• Your supply chain
• Cost and pricing structure 

Questions to answer about your products and services

Mike gave us a list  of the most important questions to answer about your product and services:

• How will you be selling the product? (in person, ecommerce, wholesale, direct to consumer)?
• How do you let them know they need a product?
• How do you communicate the message?
• How will you do transactions?
• How much will you be selling it for?
• How many do you think you’ll sell and why?

Make sure to use the worksheet on our business plan template .

How to Write a Business Plan Step 6. Sales and Marketing Plan

The marketing and sales plan is focused on the strategy to bring awareness to your company and guides how you will get the product to the consumer.  It should contain the following sections:

SWOT Analysis stands for strengths, weaknesses, opportunities, and threats. Not only do you want to identify them, but you also want to document how the business plans to deal with them.

Business owners need to do a thorough job documenting how their service or product stacks up against the competition.

If proper research isn’t done, investors will be able to tell that the owner hasn’t researched the competition and is less likely to believe that the team can protect its service from threats by the more well-established competition. This is one of the most common parts of a presentation that trips up business owners presenting on Shark Tank .

SWOT Examples

Examples of strengths and weaknesses could be things like the lack of cash flow, intellectual property ownership, high costs of suppliers, and customers’ expectations on shipping times.

Opportunities could be ways to capitalize on your strengths or improve your weaknesses, but may also be gaps in the industry. This includes:

• Adding offerings that fit with your current small business
• Increase sales to current customers
• Reducing costs through bulk ordering
• Finding ways to reduce inventory
•  And other areas you can improve

Threats will normally come from outside of the company but could also be things like losing a key member of the team. Threats normally come from competition, regulations, taxes, and unforeseen events.

The management team should use the SWOT analysis to guide other areas of business planning, but it absolutely has to be done before a business owner starts marketing. 

Include Competitor Data in Your Business Plan

When you plan a business, taking into consideration the strengths and weaknesses of the competition is key to navigating the field. Providing an overview of your competition and where they are headed shows that you are invested in understanding the industry.

For smaller businesses, you’ll want to search both the company and the owners names to see what they are working on. For publicly held corporations, you can find their quarterly and annual reports on the SEC website .

What another business plans to do can impact your business. Make sure to include things that might make it attractive for bigger companies to outsource to a small business.

Marketing Strategy

The marketing and sales part of business plans should be focused on how you are going to make potential customers aware of your business and then sell to them.

If you haven’t already included it, Mike recommends:

“They’ll want to know about Demographics, ages, and wealth of your target market.”

Make sure to include the Total addressable market .  The term refers to the value if you captured 100% of the market.

Advertising Strategy

You’ll explain what formats of advertising you’ll be using. Some possibilities are:

• Online: Facebook and Google are the big names to work with here.
• Print : Print can be used to reach broad groups or targeted markets. Check out this for tips .
• Radio : iHeartMedia is one of the best ways to advertise on the radio
• Cable television : High priced, hard to measure ROI, but here’s an explanation of the process
• Billboards: Attracting customers with billboards can be beneficial in high traffic areas.

You’ll want to define how you’ll be using each including frequency, duration, and cost. If you have the materials already created, including pictures or links to the marketing to show creative assets.

Mike told us “Most businesses are marketing digitally now due to Covid, but that’s not always the right answer.”

Make sure the marketing strategy will help team members or external marketing agencies stay within the brand guidelines .

This section of a business plan should be focused on pricing. There are a ton of pricing strategies that may work for different business plans. Which one will work for you depends on what kind of a business you run.

Some common pricing strategies are:

• Value-based pricing – Commonly used with home buying and selling or other products that are status symbols.
• Skimming pricing – Commonly seen in video game consoles, price starts off high to recoup expenses quickly, then reduces over time.
• Competition-based pricing – Pricing based on competitors’ pricing is commonly seen at gas stations.
• Freemium services –  Commonly used for software, where there is a free plan, then purchase options for more functionality.

HubSpot has a great calculator and blog on pricing strategies.

Beyond explaining what strategy your business plans to use, you should include references for how you came to this pricing strategy and how it will impact your cash flow.

Distribution Plan

This part of a business plan is focused on how the product or service is going to go through the supply chain. These may include multiple divisions or multiple companies. Make sure to include any parts of the workflow that are automated so investors can see where cost savings are expected and when.

Supply Chain Examples

For instance, lawn care companies  would need to cover aspects such as:

• Suppliers for lawn care equipment and tools
• Any chemicals or treatments needed
• Repair parts for sprinkler systems
• Vehicles to transport equipment and employees
• Insurance to protect the company vehicles and people.

Examples of Supply Chains

These are fairly flat supply chains compared to something like a clothing designer where the clothes would go through multiple vendors. A clothing company might have the following supply chain:

• Raw materials
• Shipping of raw materials
• Converting of raw materials to thread
• Shipping thread to produce garments
• Garment producer
• Shipping to company
• Company storage
• Shipping to retail stores

There have been advances such as print on demand that eliminate many of these steps. If you are designing completely custom clothing, all of this would need to be planned to keep from having business disruptions.

The main thing to include in the business plan is the list of suppliers, the path the supply chain follows, the time from order to the customer’s home, and the costs associated with each step of the process.

According to BizPlanReview , a business plan without this information is likely to get rejected because they have failed to research the key elements necessary to make sales to the customer.

How to Write a Business Plan Step 7. Company Organization and Operational Plan

This part of the business plan is focused on how the business model will function while serving customers.  The business plan should provide an overview of  how the team will manage the following aspects:

Quality Control

• Legal environment

Let’s look at each for some insight.

Production has already been discussed in previous sections so I won’t go into it much. When writing a business plan for investors, try to avoid repetition as it creates a more simple business plan.

If the organizational plan will be used by the team as an overview of how to perform the best services for the customer, then redundancy makes more sense as it communicates what is important to the business.

Quality control policies help to keep the team focused on how to verify that the company adheres to the business plan and meets or exceeds customer expectations.

Quality control can be anything from a standard that says “all labels on shirts can be no more than 1/16″ off center” to a defined checklist of steps that should be performed and filled out for every customer.

There are a variety of organizations that help define quality control including:

• International Organization for Standardization – Quality standards for energy, technology, food, production environments, and cybersecurity
• AICPA – Standard defined for accounting.
• The Joint Commission – Healthcare
• ASHRAE – HVAC best practices

You can find lists of the organizations that contribute most to the government regulation of industries on Open Secrets . Research what the leaders in your field are doing. Follow their example and implement it in your quality control plan.

For location, you should use information from the market research to establish where the location will be. Make sure to include the following in the location documentation.

• The size of your location
• The type of building (retail, industrial, commercial, etc.)
• Zoning restrictions – Urban Wire has a good map on how zoning works in each state
• Accessibility – Does it meet ADA requirements?
• Costs including rent, maintenance, utilities, insurance and any buildout or remodeling costs
• Utilities – b.e.f. has a good energy calculator .

Legal Environment

The legal requirement section is focused on defining how to meet the legal requirements for your industry. A good business plan should include all of the following:

• Any licenses and/or permits that are needed and whether you’ve obtained them
• Any trademarks, copyrights, or patents that you have or are in the process of applying for
• The insurance coverage your business requires and how much it costs
• Any environmental, health, or workplace regulations affecting your business
• Any special regulations affecting your industry
• Bonding requirements, if applicable

Your local SBA office can help you establish requirements in your area. I strongly recommend using them. They are a great resource.

Your business plan should include a plan for company organization and hiring. While you may be the only person with the company right now, down the road you’ll need more people. Make sure to consider and document the answers to the following questions:

• What is the current leadership structure and what will it look like in the future?
• What types of employees will you have? Are there any licensing or educational requirements?
• How many employees will you need?
• Will you ever hire freelancers or independent contractors?
• What is each position’s job description?
• What is the pay structure (hourly, salaried, base plus commission, etc.)?
• How do you plan to find qualified employees and contractors?

One of the most crucial parts of a business plan is the organizational chart. This simply shows the positions the company will need, who is in charge of them and the relationship of each of them. It will look similar to this:

Our small business plan template has a much more in-depth organizational chart you can edit to include when you include the organizational chart in your business plan.

How to Write a Business Plan Step 8. Financial Statements 

No business plan is complete without financial statements or financial projections. The business plan format will be different based on whether you are writing a business plan to expand a business or a startup business plan. Let’s dig deeper into each.

Provide All Financial Income from an Existing Business

An existing business should use their past financial documents including the income statement, balance sheet, and cash flow statement to find trends to estimate the next 3-5 years.

You can create easy trendlines in excel to predict future revenue, profit and loss, cash flow, and other changes in year-over-year performance. This will show your expected performance assuming business continues as normal.

If you are seeking an investment, then the business is probably not going to continue as normal. Depending on the financial plan and the purpose of getting financing, adjustments may be needed to the following:

• Higher Revenue if expanding business
• Lower Cost of Goods Sold if purchasing inventory with bulk discounts
• Adding interest if utilizing financing (not equity deal)
• Changes in expenses
• Addition of financing information to the cash flow statement
• Changes in Earnings per Share on the balance sheet

Financial modeling is a challenging subject, but there are plenty of low-cost courses on the subject. If you need help planning your business financial documentation take some time to watch some of them.

Make it a point to document how you calculated all the changes to the income statement, balance sheet, and cash flow statement in your business plan so that key team members or investors can verify your research.

Financial Projections For A Startup Business Plan

Unlike an existing business, a startup doesn’t have previous success to model its future performance. In this scenario, you need to focus on how to make a business plan realistic through the use of industry research and averages.

Mike gave the following advice in his interview:

Financial Forecasting Mistakes

One of the things a lot of inexperienced people use is the argument, “If I get one percent of the market, it is worth $100 million.” If you use this, investors are likely to file the document under bad business plan examples.

Let’s use custom t-shirts as an example.

Credence Research estimated in 2018 there were 11,334,800,000 custom t-shirts sold for a total of $206.12 Billion, with a 6% compound annual growth rate.

With that data,  you can calculate that the industry will grow to $270 Billion in 2023 and that the average shirt sold creates $18.18 in revenue.

Combine that with an IBIS World estimate of 11,094 custom screen printers and that means even if you become an average seller, you’ll get .009% of the market.

Here’s a table for easier viewing of that information.

The point here is to make sure your business proposal examples make sense.

You’ll need to know industry averages such as cost of customer acquisition, revenue per customer, the average cost of goods sold, and admin costs to be able to create accurate estimates.

Our simple business plan templates walk you through most of these processes. If you follow them you’ll have a good idea of how to write a business proposal.

How to Write a Business Plan Step 9. Business Plan Example of Funding Requests

What is a business plan without a plan on how to obtain funding?

The Small Business Administration has an example for a pizza restaurant that theoretically needed nearly $20k to make it through their first month.

In our video, How to Start a $500K/Year T-Shirt Business (Pt. 1 ), Sanford Booth told us he needed about $200,000 to start his franchise and broke even after 4 months.

Freshbooks estimates it takes on average 2-3 years for a business to be profitable, which means the fictitious pizza company from the SBA could need up to $330k to make it through that time and still pay their bills for their home and pizza shop.

Not every business needs that much to start, but realistically it’s a good idea to assume that you need a fairly large cushion.

Ways to get funding for a small business

There are a variety of ways to cover this. the most common are:

• Bootstrapping – Using your savings without external funding.
• Taking out debt – loans, credit cards
• Equity, Seed Funding – Ownership of a percentage of the company in exchange for current funds
• Crowdsourcing – Promising a good for funding to create the product

Keep reading for more tips on how to write a business plan.

How funding will be used

When asking for business financing make sure to include:

• How much to get started?
• What is the minimum viable product and how soon can you make money?
• How will the money be spent?

Mike emphasized two aspects that should be included in every plan, 

How to Write a Business Plan Resources

Here are some links to a business plan sample and business plan outline. 

• Sample plan

It’s also helpful to follow some of the leading influencers in the business plan writing community. Here’s a list:

• Wise Plans –  Shares a lot of information on starting businesses and is a business plan writing company.
• Optimus Business Plans –  Another business plan writing company.
• Venture Capital – A venture capital thread that can help give you ideas.

How to Write a Business Plan: What’s Next?

We hope this guide about how to write a simple business plan step by step has been helpful. We’ve covered:

• The definition of a business plan
• Coming up with a business idea
• Performing market research
• The critical components of a business plan
• An example business plan

In addition, we provided you with a simple business plan template to assist you in the process of writing your startup business plan. The startup business plan template also includes a business model template that will be the key to your success.

Don’t forget to check out the rest of our business hub .

Have you written a business plan before? How did it impact your ability to achieve your goals?

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How to Start a Retail Store Business in a Shopping Mall

Last Updated: August 4, 2024 Approved

This article was co-authored by Gina D'Amore . Gina D'Amore is a Financial Accountant and the Founder of Love's Accounting. With 12 years of experience, Gina specializes in working with smaller companies in every area of accounting, including economics and human resources. She holds a Bachelor's Degree in Economics from Manhattanville College and a Bookkeeping Certificate from MiraCosta College. wikiHow marks an article as reader-approved once it receives enough positive feedback. In this case, 80% of readers who voted found the article helpful, earning it our reader-approved status. This article has been viewed 195,666 times.

Opening a retail store in a shopping mall can give you immediate access to an existing flow of potential customers. In addition, your store can benefit from the amenities and structures that already exist in the mall, freeing you from having to create your own. That said, for many stores, the mall is full of competitors that sell similar products. This means that you'll have to price your products competitively and draw customers into your store. Setting up a store in this way is relatively straightforward if you use the following steps.

Planning Your Store

• For example, a store selling expensive, handmade men's shoes would not do well in a mall frequented by mostly lower-income customers.

• For example, an underserved demographic in a given market might be plus-size people or Latin Americans. If you notice a lack of stores serving a particular group in the mall, consider building your offerings around that group. [1] X Research source

• A franchise may be relatively simpler to open, but will limit your own freedom to make business choices. In addition, you usually have to pay a large, upfront franchise fee and make regular payments to the franchisor.

• Your store name should be trademarked.
• Your business name, on the other hand, is the legal name of your business, used on official documents like taxes and your lease contract. If your business is a sole proprietorship, your name is the business name.

Working Out Your Finances

• Some places may ask for multiple months of utility and rent payments upfront.
• Next, work with a floor planner and interior designer to determine the cost of upgrading the interior of your store to meet your needs.
• Consider other expenses you will have to pay before opening, like any materials you will have to buy and inventory costs. Also, consider technology costs—you'll have to purchase some method of collecting payments from your customers.
• Finally, think about monthly expenses you might have, such as paying employees and spending on marketing or public relations. [4] X Research source
• Understand the difference between a fixed cost and a variable cost.
• The costs that do not change every month are called fixed costs. For example, the rent, utilities, and payroll.
• The costs that change every month, such as marketing expenses, are known as variable costs.

• For more, see how to fund a business.

Deciding on a Location

• You should also try to locate your store near complementary stores. For example, a jewelry store might want to locate next to an upscale department store. That way, the stores can attract customers to the same corner of the mall together and both benefit from the targeted traffic they receive.

• Kiosks sit in the middle of mall concourses and usually showcase smaller goods, like phone accessories, jewelry, or watches.
• Mall carts, also called retail merchandising units (RMUs), are smaller than kiosks and are located in common areas within malls. They allow for displays of smaller items and can be used to provide simple services like engraving or watch repair.

Opening for Business

• Remember to create a place for your most important or fastest-selling inventory in a dominant position at the front of the store, right in front of the door. [9] X Research source

• Even experienced retail employees will need training in your specific products and in how you wish them to interact with customers.

• Alternately, you can hold a "soft opening" first, where systems and employees are tested before announcing a grand opening. This guarantees that your store is properly functioning before the grand opening.

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• ↑ https://www.nypl.org/sites/default/files/retail_101_nypl_copy.pdf
• ↑ https://www.inc.com/guides/2010/05/choosing-a-franchise-location.html
• ↑ https://www.inc.com/articles/201108/business-start-up-costs-retail-store.html
• ↑ http://fitsmallbusiness.com/lease-retail-space/

About This Article

Starting up a retail store in a shopping mall is a lot of work, but you can set yourself up for success with the right location and products. Identify a need in the mall or your local market that you can fill. It could be a product such as plus-sized jeans, or a service such as a shoe repair shop. Then, write a business plan that lays out your strategy for operating the store and how you’ll turn a profit. Choose the best available location that meets your space and budget requirements. If you can’t finance your own start-up costs, contact a local bank or apply for a small business loan. You’ll also need to purchase inventory from wholesalers or producers of the items you plan to sell. You can also visit trade shows for your industry to find new, quality products that you can sell. For tips about how to design the inside of your business in a shopping mall, keep reading! Did this summary help you? Yes No

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Simple Business Plan Template (2024)

Updated: May 4, 2024, 4:37pm

Table of Contents

Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.

While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.

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Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.

Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting. Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.

Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.

Download free template as .docx

Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.

1. Your Mission or Vision

Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.

• What does your business do? Are you selling products, services, information or a combination?
• Where does this happen? Will you conduct business online, in-store, via mobile means or in a specific location or environment?
• Who does your business benefit? Who is your target market and ideal customer for your concept?
• Why would potential customers care? What would make your ideal customers take notice of your business?
• How do your products and/or services outshine the competition? What would make your ideal customers choose you over a competitor?

These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.

2. Offer and Value Proposition

This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.

As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.

For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.

3. Audience and Ideal Customer

Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.

There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.

Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.

However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.

4. Revenue Streams, Sales Channels and Marketing

Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.

Revenue Streams

Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.

For example, our cottage baker startup might consider these revenue streams:

• Product sales : Online, pop-up shops , wholesale and (future) in-store sales
• Affiliate income : Monetize blog and social media posts with affiliate links
• Advertising income : Reserve website space for advertising
• E-book sales : (future) Publish recipe e-books targeting gluten-free and keto-friendly dessert niches
• Video income : (future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niches
• Webinars and online classes : (future) Monetize coaching-style webinars and online classes covering specialty baking tips and techniques
• Members-only content : (future) Monetize a members-only section of the website for specialty content to complement webinars and online classes
• Franchise : (future) Monetize a specialty cottage bakery concept and sell to franchise entrepreneurs

Sales Channels

Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.

The product sales channels for our cottage bakery example can include:

• Mobile point-of-sale (POS) : A mobile platform such as Shopify or Square POS for managing in-person sales at local farmers’ markets, fairs and festivals
• E-commerce platform : An online store such as Shopify, Square or WooCommerce for online retail sales and wholesale sales orders
• Social media channels : Facebook, Instagram and Pinterest shoppable posts and pins for online sales via social media channels
• Brick-and-mortar location : For in-store sales , once the business has grown to a point that it can support a physical location

Channels that support other income streams might include:

• Affiliate income : Blog section on the e-commerce website and affiliate partner accounts
• Advertising income : Reserved advertising spaces on the e-commerce website
• E-book sales : Amazon e-book sales via Amazon Kindle Direct Publishing
• Video income : YouTube channel with ad monetization
• Webinars and online classes : Online class and webinar platforms that support member accounts, recordings and playback
• Members-only content : Password-protected website content using membership apps such as MemberPress

Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.

However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.

5. Structure, Suppliers and Operations

This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.

Our cottage baker example might use a structure and startup plan such as this:

• Business structure : Sole proprietorship with a “doing business as” (DBA) .
• Permits and certifications : County-issued food handling permit and state cottage food certification for home-based food production. Option, check into certified commercial kitchen rentals.
• Roles and responsibilities : Solopreneur, all roles and responsibilities with the owner.
• Supply chain : Bulk ingredients and food packaging via Sam’s Club, Costco, Amazon Prime with annual membership costs. Uline for shipping supplies; no membership needed.
• Day-to-day operations : Source ingredients and bake three days per week to fulfill local and online orders. Reserve time for specialty sales, wholesale partner orders and market events as needed. Ship online orders on alternating days. Update website and create marketing and affiliate blog posts on non-shipping days.

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6. Financial Forecasts

Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.

Cost Forecast

Our cottage baker’s forecasted lean startup costs might include:

Gross Profit Projections

This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.

Here are some examples of projected gross profits for our cottage baker:

Bottom Line

Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.

Is there a template for a business plan?

You can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.

What does a simple business plan include?

A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.

How can I create a free business plan template?

Start with our free business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.

What basic items should be included in a business plan?

When writing out a business plan, you want to make sure that you cover everything related to your concept for the business,  an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.

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Krista Fabregas is a seasoned eCommerce and online content pro sharing more than 20 years of hands-on know-how with those looking to launch and grow tech-forward businesses. Her expertise includes eCommerce startups and growth, SMB operations and logistics, website platforms, payment systems, side-gig and affiliate income, and multichannel marketing. Krista holds a bachelor's degree in English from The University of Texas at Austin and held senior positions at NASA, a Fortune 100 company, and several online startups.

Shopping Mall Building Project Proposal Template

• Great for beginners
• Ready-to-use, fully customizable Subcategory
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Looking to build the shopping mall of your dreams? We've got you covered! ClickUp's Shopping Mall Building Project Proposal Template is the ultimate tool to streamline and simplify your project planning process.

With this template, you can:

• Create a comprehensive project proposal that covers all the crucial details, from concept to execution.
• Collaborate seamlessly with your team, contractors, and stakeholders to ensure everyone is on the same page.
• Keep track of timelines, budgets, and milestones to stay organized and deliver your project on time and within budget.

Don't let the complexity of building a shopping mall overwhelm you. With ClickUp's template, you'll have everything you need to bring your vision to life. Start building your dream mall today!

Benefits of Shopping Mall Building Project Proposal Template

The Shopping Mall Building Project Proposal Template offers a range of benefits for anyone involved in a mall construction project:

• Streamlines the proposal process, saving time and effort
• Provides a professional and polished document to present to stakeholders
• Ensures all necessary information is included, such as project scope, timeline, and budget
• Helps to clearly communicate the project vision and goals
• Increases the chances of securing funding and support for the project
• Facilitates collaboration and alignment among team members
• Enables easy customization to fit the specific needs of the project
• Simplifies project management by providing a clear roadmap for execution.

Main Elements of Shopping Mall Building Project Proposal Template

ClickUp's Shopping Mall Building Project Proposal template is the perfect tool to plan and execute your next construction project. Here are the main elements of this Whiteboard template:

• Custom Statuses: Track the progress of your project with two customizable statuses - Open and Complete - to ensure that every task is accounted for and completed on time.
• Custom Fields: Utilize custom fields to capture essential information about your project, such as budget, timeline, materials needed, and any other specific details that are crucial for successful execution.
• Custom Views: Access two different views to manage your project effectively. The Project Proposal view allows you to outline your project's scope, objectives, and deliverables, while the Getting Started Guide view provides a step-by-step plan to kickstart your project.
• Collaboration Tools: Collaborate seamlessly with your team by utilizing ClickUp's built-in features such as task comments, file attachments, and real-time collaboration to ensure everyone is on the same page throughout the project lifecycle.

How to Use Project Proposal for Building A Shopping Mall

If you're planning to propose a shopping mall building project, using a well-structured template can help you present your ideas effectively. Here are five steps to help you make the most of the Shopping Mall Building Project Proposal Template in ClickUp:

1. Develop a clear project overview

Start by providing an overview of the shopping mall building project. Explain the purpose, location, and target market for the mall. Include details about the size and design of the building, as well as any unique features or amenities that will set it apart from competitors.

Use the Docs feature in ClickUp to create a detailed project overview that highlights the key aspects of the proposal.

2. Outline the project timeline and milestones

Next, lay out a timeline for the project, including important milestones and deadlines. Break the project down into phases, such as site selection, design and planning, construction, and grand opening. Clearly define the duration and expected completion date for each phase.

Utilize the Gantt chart feature in ClickUp to create a visual representation of the project timeline and milestones.

3. Detail the financial aspects

Provide a comprehensive financial analysis of the shopping mall building project. Include estimated costs for land acquisition, construction, permits, marketing, and ongoing maintenance. Present a projected income statement, including anticipated revenue from rental income and other sources, as well as operating expenses.

Use the Table view in ClickUp to create a financial spreadsheet that outlines the costs, revenue projections, and potential return on investment.

4. Highlight the marketing and leasing strategy

Explain your marketing and leasing strategy to attract tenants and ensure the success of the shopping mall. Describe how you plan to promote the mall to potential retailers and anchor tenants. Outline any incentives or benefits you will offer to attract businesses to lease space in the mall.

Utilize the Board view in ClickUp to create a visual representation of the marketing and leasing strategy, including lists of potential tenants and their contact information.

5. Include supporting documents and visuals

Enhance your proposal by including supporting documents and visuals that provide additional context and support your ideas. This could include architectural renderings, site plans, market research data, and testimonials from potential tenants or industry experts.

Use the Docs and Whiteboards features in ClickUp to add supporting documents and visuals to your proposal, making it more engaging and persuasive.

By following these steps and using the Shopping Mall Building Project Proposal Template in ClickUp, you can create a compelling proposal that effectively communicates your vision for the project and increases your chances of success.

Get Started with ClickUp's Shopping Mall Building Project Proposal Template

Real estate developers can use this Shopping Mall Building Project Proposal Template to streamline the process of proposing and managing a shopping mall construction project.

First, hit “Get Free Solution” to sign up for ClickUp and add the template to your Workspace. Make sure you designate which Space or location in your Workspace you’d like this template applied.

Next, invite relevant members or guests to your Workspace to start collaborating.

Now you can take advantage of the full potential of this template to bring your shopping mall to life:

• Use the Project Proposal View to create a detailed proposal that outlines the scope, budget, and timeline of the project
• The Getting Started Guide View will provide you with a step-by-step plan on how to begin the construction process
• Organize tasks into two different statuses: Open and Complete, to keep track of progress
• Update statuses as you complete tasks to ensure everyone is up-to-date on the project's progress
• Assign team members to specific tasks and set due dates to maintain accountability
• Utilize Checklists to break down larger tasks into smaller, actionable steps
• Attach relevant documents and resources to each task for easy access
• Communicate with team members, stakeholders, and contractors through comments and @mentions
• Monitor and analyze tasks to ensure the project stays on schedule and within budget.

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Mall Design: How to Make Profitable Commercial Retail Properties

How to create a modern mall design that will keep visitors returning for years to come..

June 30, 2022

The ideal shopping mall experience has changed greatly since commercial retail properties began spreading in the post-World-War-2 boom. Advancing technology and shifting consumer preferences present new opportunities for malls, as well as for locations that are ready for an overhaul. Here are some resources and tips to keep in mind as you begin to plot out your ideal design.

The modern visitor has a variety of priorities as they go to visit the mall: shopping, of course, but also leisure, entertainment, and dining. Famed shopping malls such as the Mall of America feature grandiose attractions like amusement parks and massive aquariums, but you likely don’t need to go quite that far to set your location apart. Consult this article from retail planning thought leader Hussam Raouf  for more ideas on how to make your mall feel larger than life in the right way.

Clothing and department stores which prominently featured apparel were formerly cornerstones of many malls, but the number of consumers who shop mainly in-store for apparel  is down dramatically in recent years. Instead, dining is now one of the principal attractions for visiting malls, and the desire for a good meal is even more universal than the desire for stylish and comfy clothes.

On top of prominently featuring dining options, another study  found that 71 percent of shoppers would shop more often if they could use AR in the process. From taking a fresh look at new products to finding their way around the premises, AR offers a compelling new hook for shoppers.

If you’re looking for floor plan inspiration, you need look no further than the maps for modern malls such as Rutherford, New Jersey’s innovative American Dream mall  or the elegant design of The Galleria  in Houston, Texas. If you want an even more detailed look at one potential layout, you could also retrofit this free mall floor plan template from Edraw .

Modern malls have access to significant amounts of data, as a McKinsey report states , but many planners and location managers don’t have the analytical tools or wherewithal to capitalize on this priceless resource. Make analytics the backbone of your design, not an afterthought, and you’ll see dividends for years to come.

If you’re refurbishing a current design, one of the best ways to find relevant data is to pull it from the very same navigation and wayfaring solutions you may already provide to customers. This helps inform your understanding of the flow of foot traffic as well as of the customer journey, allowing you to plan store adjacencies to maximize revenue and extend visits.

Read more in our article, 7 Shopping Mall Floor Plan Resources and Design Tips to Give Your Layout a Boost.

Back to top

Successful tenants make for a successful mall. While you can’t control how each business operates beyond the bounds of your tenant agreement, you can set everyone who does business in your location up for success by following mall design best practices that put their needs at the forefront. Keep these aspects in mind as you design your new space and your tenants will thank you.

Lively crowds on the premises are a good sign for just about any mall, but only if they’re managed efficiently. Your mall design should account for how visitors will flow through the facility on busy shopping days such as Black Friday as well as creating a welcoming atmosphere even during quieter hours of operation.

Consider how foot traffic will flow through your location with the draw of certain anchor spaces in mind, and use that to direct people efficiently. Filling your floor plan with points of interest can also help to ease crowding in certain areas, and modern AR technology makes it easy and effective to continually add new spots without the need for costly construction or other physical logistics.

One of the most visible ways to support the success of tenants is to build prominent, high-profile signage into your design. Modern digital signage options allow you to create beautiful, custom-built solutions for your space or opt for affordable, pre-made solutions which fit in just about anywhere. Digital signage is both more adaptable and more engaging  than traditional signage, and it can also double as a ready-made advertising option to provide an additional revenue stream for your mall.

The best way to get visitors to all  the stores in your mall is to make sure they actually know about them, and the most direct way to build awareness is to implement a ready-made concierge service. In the past this could take the form of a dedicated information desk or prominently displayed map kiosks, and these still have their place in modern mall designs. However, modern solutions allow customers to access all the information they need directly from the smartphones in their pockets. Either way, tenants will benefit from a greater understanding of their offerings, and customers will too.

Read more in our article, 5 Mall Design Best Practices That Drive Tenant Satisfaction .

Ultimately, the lifeblood of any mall is the visitors flowing through it. Building a mall that appeals to your desired audience — which is likely quite broad — is a challenging task, and one that will require a different approach depending on your location, resources, and other factors. However, keeping these best practices in mind will ensure that your customers get the most out of your mall, whatever shape it may take.

To make your mall stand out in visitors’ minds as more than a convenient collection of stores and restaurants, you need to turn the mall itself into a destination. Look to the Dubai Mall, which attracted more than 84 million visitors in 2019 with not just 1,200 stores but also the sprawling Dubai Aquarium  and a 155 million-year-old dinosaur , as one way to go big in becoming a true destination.

You may not have the financial resources to commit to such sprawling experiences, but you can still do a lot with a little planning ahead of time. For instance, AR technology can offer a flexible way to do everything from limited-time sales promotions to art installations to scavenger-hunt-style minigames which will send visitors from one side of the mall to the other.

Malls can immerse people in large spaces filled with cohesive design aesthetics and beautiful interiors, the likes of which they’re unlikely to experience anywhere outside of an art gallery or high-tech corporate campus. Embrace that opportunity by using contemporary design trends to inform the nature of your space. There’s nothing wrong with looking to existing locations for a little inspiration, either — the West Edmonton Mall  is commonly cited as one of the best malls in the world for the way it blends a theme park experience with shopping and dining.

The pandemic has left us all with a greater awareness of public health and sanitary concerns, and even as the world arrives at a new normal it’s unlikely to leave those lessons behind. Your design can embrace this new paradigm for public places by building in spaces that naturally encourage responsible distances between visitors, and by favoring architecture and installations which are easy to keep clean.

Read more in our article, 5 Interior Design Best Practices for Malls that Help Engage Shoppers .

Looking for more ways to make your mall a modern shopping experience that can use practical, accessible technology to keep patrons engaged and coming back for years to come? Get in touch with Resonai today and set up a free demonstration.

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How To Start A Shopping Mall Business in India – Complete Guide

• March 15, 2024
• by Next What Business Research Team

The shopping mall is an emerging and lucrative business in India. However, the business demands the right strategic planning with financial and marketing planning. Here in this article, we intend to explore the steps to follow to start a shopping mall business in India.

Nowadays, the shopping mall is not a business only for metropolitan cities. This big retail business venture is fast becoming successful in Tier 2, and Tier 3 cities, and small towns as well. If you have a good location with sufficient capital to invest, you can think of opening a shopping mall. However, there are a lot of other factors that you must consider before starting this business.

Is the Shopping Mall Business Profitable in India?

Shopping malls are gaining tremendous popularity these days. And definitely, there are several reasons behind it. According to retail industry experts, the demand for the mall will increase in the coming years. And we can expect significant growth in the shopping mall business throughout the country.

Generally, shopping malls offer a comfortable and luxurious shopping experience. Additionally, a mall offers a lot of activities and means of entertainment. Apart from the shopping, it offers movies, a games plaza, a banquet hall, a food court, and enormous events throughout the year. As a result, shopping malls are becoming popular hangout destinations for city residents.

10 Steps to Start a Shopping Mall Business in India

1. Market Research and Feasibility Study

Conduct thorough market research to identify potential locations, target demographics, and competition. Analyze consumer preferences, purchasing behaviour, and demand for retail spaces in the selected area. Assess the feasibility of the project by evaluating factors such as population density, economic growth prospects, infrastructure development, and regulatory environment.

2. Business Plan Development

Develop a detailed business plan outlining the objectives, target market, value proposition, revenue model, operational strategy, and financial projections for the shopping mall. Define the mall’s concept, theme, and tenant mix based on market research insights and consumer preferences. Determine the size and layout of the mall, as well as the amenities and facilities to be provided.

3. Secure Funding

Estimate the initial investment required to acquire land, construct the mall, and cover pre-operational expenses such as licensing, permits, and marketing. Explore financing options such as bank loans , equity investment, or partnerships with investors or developers. Prepare a comprehensive financial model highlighting projected revenues, expenses, and return on investment (ROI) to attract potential investors.

4. Site Selection and Acquisition

Identify suitable sites for the shopping mall based on location, accessibility, visibility, and proximity to residential areas, commercial hubs, transportation hubs, and major thoroughfares. Negotiate with landowners or developers to acquire the land or enter into lease agreements for long-term development.

5. Obtain Necessary Approvals and Permits

Obtain the required approvals, permits, and licenses from local authorities, municipal corporations, urban development authorities, and regulatory bodies for land acquisition, construction, environmental clearances, fire safety, building codes, and zoning regulations. Ensure compliance with applicable laws and regulations governing real estate development and commercial operations.

Read :  How to Register a Company in India

6. Design and Construction

Hire experienced architects, engineers, and construction contractors to design and build the shopping mall according to the approved plans and specifications. Focus on creating a visually appealing, functional, and efficient layout that maximizes retail space, enhances foot traffic, and provides amenities such as parking, landscaping, security, and utilities.

7. Tenant Acquisition and Leasing

Attract reputable retail brands, anchor tenants, speciality stores, entertainment venues, restaurants, and service providers to lease space in the shopping mall. Develop attractive leasing packages, negotiate lease terms, and sign agreements with tenants based on rental rates, lease duration, tenant improvements, and revenue-sharing arrangements.

8. Mall Management and Operations

Establish effective mall management systems and procedures to oversee day-to-day operations, maintenance, security, cleaning, tenant relations, marketing, and customer service. Hire qualified staff, security personnel, maintenance crews, and service providers to ensure smooth functioning and a positive shopping experience for visitors.

9. Marketing and Promotion

Implement a comprehensive marketing and promotional strategy to create awareness, generate footfall, and drive sales at the shopping mall. Utilize a mix of traditional advertising, digital marketing, social media engagement, events, promotions, loyalty programs, and partnerships to attract shoppers, enhance brand visibility, and foster customer loyalty.

10. Monitor Performance and Adaptation

Regularly monitor key performance indicators (KPIs) such as foot traffic, occupancy rates, sales per square foot, tenant turnover, customer feedback, and financial metrics to assess the mall’s performance and identify areas for improvement. Continuously innovate, adapt, and optimize operations to meet evolving market trends and consumer preferences.

Cost of Starting A Shopping Mall In India

There are various types of costs when you are building a mall or shopping center. The entire process starts with market research and ends with marketing and maintenance. The start-up investment will also depend on the size and location of the shopping mall. Here we put some of the basic input costs to open a shopping mall.

• First of all, you must do some market surveys or market research . It helps in making an informed decision. Therefore, it makes the project profitable and eliminates the possibility of failure.
• Finding the location and acquiring the land. You must be prepared to invest a considerable amount of investment. The right location is extremely critical for the success of a shopping mall business.
• After that, you will need to create an architectural drawing and design including the estimate. And definitely, this costs a lump sum amount. In the designing part, there are several design formats. And you have to create those formats for permission from the authority. It includes the site map, elevation, structural design, electrical design, overview, etc.
• After getting the plan, the next part is sanctioning the project from the corporation or Municipal authority. And here, you will need to pay the fees.
• Next is the construction cost. It includes material costs, labour charges, and consulting costs.
• Additionally, you must prepare the interior of the mall. It includes a ceiling, flooring, toilets, doors, windows, lighting, air conditioning, etc.
• Furthermore, there are some costs for the exterior facilities. Here the list includes pavements, security room, parking space, landscaping, etc.
• After building the complete infrastructure, some costs are required for marketing and promotion.
• For running the mall, you will need to employ employees. According to the size of the mall, this cost varies.
• And finally, You must have the capital for expenses like maintenance, utility bills, etc. Because in initiating a shopping mall business you must have working capital for the first 6 months.

Frequently Asked Questions

What is the typical timeline for building a shopping mall from start to finish.

The timeline can vary depending on factors such as land acquisition, regulatory approvals, construction complexity, and tenant leasing. On average, it may take 2 to 4 years or more to complete the entire development process.

How much capital investment is required to start a shopping mall business?

The capital investment can vary significantly based on factors such as land cost, construction expenses, infrastructure development, tenant fit-outs, marketing, and operational costs. A rough estimate could range from several crores to hundreds of crores of rupees.

What are the key factors to consider when selecting a location for a shopping mall?

Important factors include demographics, population density, purchasing power, accessibility, visibility, proximity to transportation hubs, road networks, parking facilities, competition, and potential for future growth.

What are the common revenue streams for a shopping mall business?

Revenue streams typically include rental income from tenants, revenue-sharing arrangements, parking fees, advertising and promotional revenue, event hosting fees, and income from ancillary services such as property management and facility rentals.

What are the legal and regulatory requirements for operating a shopping mall in India?

Legal requirements may include obtaining permits and licenses for land use, construction, fire safety, environmental compliance, signage, food safety, and entertainment licenses for cinemas or event spaces. Compliance with local municipal laws and building codes is essential.

What are the risks and challenges associated with operating a shopping mall business?

Risks include economic downturns affecting consumer spending, changing retail trends, competition from e-commerce, tenant turnover, regulatory changes, security threats, and operational issues such as maintenance and tenant disputes.

Is it advisable to invest in a franchise or partner with a developer for a shopping mall business?

It depends on individual circumstances and preferences. Partnering with an experienced developer or investing in a reputable franchise can provide access to expertise, resources, and established brand recognition, but it’s essential to carefully evaluate the terms and risks involved.

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Real Estate | Skokie Plan Commission approves hundreds of new…

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Real Estate | Skokie Plan Commission approves hundreds of new apartments at Old Orchard mall as residents push for more affordable housing

The five- and seven-story residential buildings will replace an empty Bloomingdale’s on the mall’s north side and sit beside a new town square, roughly half an acre where residents, shoppers and Skokie neighbors can mingle while attending concerts, farmers markets, holiday celebrations and other events.

Owner Unibail-Rodamco-Westfield first unveiled its multiphase redevelopment plan for the historic mall in 2022. The company envisioned building Skokie a new downtown by ditching traditional big-box retailers in favor of new homes, smaller stores, restaurants, medical and wellness facilities, a hotel and the town square.

“We’ve been lining this up for some time,” Stephen Fluhr, Unibail-Rodamco-Westfield’s senior vice president of development, told the Tribune. “The new multifamily development will bring residents to an amenity-rich environment that is also very pedestrian friendly.”

The plan still needs approval from the village of Skokie’s board of trustees, which could happen as early as September.

The rise of online commerce decimated many department stores, which either shut down or required less space, Fluhr said, so the 68-year-old property needed a change. Bloomingdale’s shuttered its three-story, 200,000-square-foot store in 2022 and moved into a new Old Orchard space one-fourth that size. Called Bloomie’s, it only sells the retailer’s top products. The owners also reconstructed the former Lord & Taylor store, creating spaces for artisanal furnishings brand Arhaus, Spain-based clothing store Zara and Puttshack, a high-tech mini golf outlet.

“Some brands fade over time and need to be replaced,” Fluhr said. “We’ve found that you can chop up these big boxes, find new users and at the same time, significantly increase the sales.”

URW plans to break ground, along with its partner, Chicago-based developer Focus, on up to 425 residences in 2025, completing construction by 2027, he added. A second phase of up to 250 units and a 200-room hotel will follow. The result will be a new Skokie neighborhood, one that provides retailers with a built-in customer base.

“This is not a discussion about a dead mall, it’s a discussion about how we keep Old Orchard a retail flagship destination,” Fluhr said. “We believe we’re on track to be the winner on the North Shore.”

Other Chicago-area malls are undergoing similar overhauls.

The Niles Village Board in 2023 approved an agreement with the Sterling Organization for a $440 million renovation of Golf Mill Shopping Center. The developer plans to gut the interior, add or renovate up to 500,000 square feet of retail space and build up to 900 units of new housing.

Focus has already built hundreds of apartments at existing suburban malls, including Hawthorn Mall in Vernon Hills and the Fox Valley shopping mall in Aurora.

Several Skokie residents spoke at the Plan Commission meeting, and while generally supportive of URW, especially its plan to include EV chargers, solar power and other environmentally friendly features at Old Orchard, they said they still hope to see more affordable housing.

“I think this is a brilliant way of addressing the issues with retail,” said Cathy White, a homeowner who has lived next to Old Orchard for 27 years. “But it is really important for us to make a place for people to live in the area. There are people at Old Orchard, clerks, who are already asking about, ‘Gosh, I would like to live here. This makes sense. I won’t have to commute.’”

The Skokie Village Board approved in May, after 18 months of debate, an affordable housing ordinance that requires developers building more than 150 units to set aside 7% as affordable, and lower percentages for smaller projects.

The Old Orchard project is not subject to the new ordinance because its proposal was submitted to village staff in February, but Vic Howell, vice president of development at Focus, told commission members that the developers recently rewrote their financing plan to make room for some affordable housing.

“We understood the passion the community has for it, so we did sharpen our pencils,” he said.

The developers will reserve 3.5% of the units in the 425-unit first phase, or 15 in total, for renters earning between 60% and 80% of the area median income, the standard used in Skokie’s new ordinance.

“It sounds from what we’re hearing tonight that (the developers) are amenable to some kind of negotiation with the village,” activist and founder of the group Skokie Neighbors for Housing Justice Gail Schechter told commission members. “I look forward to hearing more.”

Not everyone was satisfied. Skokie Village Board Trustee James Johnson said he would not support the project when it comes up for final approval unless the developers agree to a significant boost in affordable housing. He pointed out that other cities, such as Chicago, often require developers to include far more affordable units than Skokie.

“If the village is going to go to such great lengths to support Westfield,” he said, “then Westfield should fully comply with the minimal affordable housing requirements in Skokie’s inclusionary housing policy.”

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12 Key Elements of a Business Plan (Top Components Explained)

Starting and running a successful business requires proper planning and execution of effective business tactics and strategies .

You need to prepare many essential business documents when starting a business for maximum success; the business plan is one such document.

When creating a business, you want to achieve business objectives and financial goals like productivity, profitability, and business growth. You need an effective business plan to help you get to your desired business destination.

Even if you are already running a business, the proper understanding and review of the key elements of a business plan help you navigate potential crises and obstacles.

This article will teach you why the business document is at the core of any successful business and its key elements you can not avoid.

Let’s get started.

Why Are Business Plans Important?

Business plans are practical steps or guidelines that usually outline what companies need to do to reach their goals. They are essential documents for any business wanting to grow and thrive in a highly-competitive business environment .

1. Proves Your Business Viability

A business plan gives companies an idea of how viable they are and what actions they need to take to grow and reach their financial targets. With a well-written and clearly defined business plan, your business is better positioned to meet its goals.

2. Guides You Throughout the Business Cycle

A business plan is not just important at the start of a business. As a business owner, you must draw up a business plan to remain relevant throughout the business cycle .

During the starting phase of your business, a business plan helps bring your ideas into reality. A solid business plan can secure funding from lenders and investors.

After successfully setting up your business, the next phase is management. Your business plan still has a role to play in this phase, as it assists in communicating your business vision to employees and external partners.

Essentially, your business plan needs to be flexible enough to adapt to changes in the needs of your business.

3. Helps You Make Better Business Decisions

As a business owner, you are involved in an endless decision-making cycle. Your business plan helps you find answers to your most crucial business decisions.

A robust business plan helps you settle your major business components before you launch your product, such as your marketing and sales strategy and competitive advantage.

4. Eliminates Big Mistakes

Many small businesses fail within their first five years for several reasons: lack of financing, stiff competition, low market need, inadequate teams, and inefficient pricing strategy.

Creating an effective plan helps you eliminate these big mistakes that lead to businesses' decline. Every business plan element is crucial for helping you avoid potential mistakes before they happen.

5. Secures Financing and Attracts Top Talents

Having an effective plan increases your chances of securing business loans. One of the essential requirements many lenders ask for to grant your loan request is your business plan.

A business plan helps investors feel confident that your business can attract a significant return on investments ( ROI ).

You can attract and retain top-quality talents with a clear business plan. It inspires your employees and keeps them aligned to achieve your strategic business goals.

Key Elements of Business Plan

Starting and running a successful business requires well-laid actions and supporting documents that better position a company to achieve its business goals and maximize success.

A business plan is a written document with relevant information detailing business objectives and how it intends to achieve its goals.

With an effective business plan, investors, lenders, and potential partners understand your organizational structure and goals, usually around profitability, productivity, and growth.

Every successful business plan is made up of key components that help solidify the efficacy of the business plan in delivering on what it was created to do.

Here are some of the components of an effective business plan.

1. Executive Summary

One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.

In the overall business plan document, the executive summary should be at the forefront of the business plan. It helps set the tone for readers on what to expect from the business plan.

A well-written executive summary includes all vital information about the organization's operations, making it easy for a reader to understand.

The key points that need to be acted upon are highlighted in the executive summary. They should be well spelled out to make decisions easy for the management team.

A good and compelling executive summary points out a company's mission statement and a brief description of its products and services.

An executive summary summarizes a business's expected value proposition to distinct customer segments. It highlights the other key elements to be discussed during the rest of the business plan.

Including your prior experiences as an entrepreneur is a good idea in drawing up an executive summary for your business. A brief but detailed explanation of why you decided to start the business in the first place is essential.

Adding your company's mission statement in your executive summary cannot be overemphasized. It creates a culture that defines how employees and all individuals associated with your company abide when carrying out its related processes and operations.

Your executive summary should be brief and detailed to catch readers' attention and encourage them to learn more about your company.

Components of an Executive Summary

Here are some of the information that makes up an executive summary:

• The name and location of your company
• Products and services offered by your company
• Mission and vision statements
• Success factors of your business plan

2. Business Description

Your business description needs to be exciting and captivating as it is the formal introduction a reader gets about your company.

What your company aims to provide, its products and services, goals and objectives, target audience , and potential customers it plans to serve need to be highlighted in your business description.

A company description helps point out notable qualities that make your company stand out from other businesses in the industry. It details its unique strengths and the competitive advantages that give it an edge to succeed over its direct and indirect competitors.

Spell out how your business aims to deliver on the particular needs and wants of identified customers in your company description, as well as the particular industry and target market of the particular focus of the company.

Include trends and significant competitors within your particular industry in your company description. Your business description should contain what sets your company apart from other businesses and provides it with the needed competitive advantage.

In essence, if there is any area in your business plan where you need to brag about your business, your company description provides that unique opportunity as readers look to get a high-level overview.

Components of a Business Description

Your business description needs to contain these categories of information.

• Business location
• The legal structure of your business
• Summary of your business’s short and long-term goals

3. Market Analysis

The market analysis section should be solely based on analytical research as it details trends particular to the market you want to penetrate.

Graphs, spreadsheets, and histograms are handy data and statistical tools you need to utilize in your market analysis. They make it easy to understand the relationship between your current ideas and the future goals you have for the business.

All details about the target customers you plan to sell products or services should be in the market analysis section. It helps readers with a helpful overview of the market.

In your market analysis, you provide the needed data and statistics about industry and market share, the identified strengths in your company description, and compare them against other businesses in the same industry.

The market analysis section aims to define your target audience and estimate how your product or service would fare with these identified audiences.

Market analysis helps visualize a target market by researching and identifying the primary target audience of your company and detailing steps and plans based on your audience location.

Obtaining this information through market research is essential as it helps shape how your business achieves its short-term and long-term goals.

Market Analysis Factors

Here are some of the factors to be included in your market analysis.

• The geographical location of your target market
• Needs of your target market and how your products and services can meet those needs
• Demographics of your target audience

Components of the Market Analysis Section

Here is some of the information to be included in your market analysis.

• Industry description and statistics
• Demographics and profile of target customers
• Marketing data for your products and services
• Detailed evaluation of your competitors

4. Marketing Plan

A marketing plan defines how your business aims to reach its target customers, generate sales leads, and, ultimately, make sales.

Promotion is at the center of any successful marketing plan. It is a series of steps to pitch a product or service to a larger audience to generate engagement. Note that the marketing strategy for a business should not be stagnant and must evolve depending on its outcome.

Include the budgetary requirement for successfully implementing your marketing plan in this section to make it easy for readers to measure your marketing plan's impact in terms of numbers.

The information to include in your marketing plan includes marketing and promotion strategies, pricing plans and strategies , and sales proposals. You need to include how you intend to get customers to return and make repeat purchases in your business plan.

5. Sales Strategy

Sales strategy defines how you intend to get your product or service to your target customers and works hand in hand with your business marketing strategy.

Your sales strategy approach should not be complex. Break it down into simple and understandable steps to promote your product or service to target customers.

Apart from the steps to promote your product or service, define the budget you need to implement your sales strategies and the number of sales reps needed to help the business assist in direct sales.

Your sales strategy should be specific on what you need and how you intend to deliver on your sales targets, where numbers are reflected to make it easier for readers to understand and relate better.

6. Competitive Analysis

Providing transparent and honest information, even with direct and indirect competitors, defines a good business plan. Provide the reader with a clear picture of your rank against major competitors.

Identifying your competitors' weaknesses and strengths is useful in drawing up a market analysis. It is one information investors look out for when assessing business plans.

The competitive analysis section clearly defines the notable differences between your company and your competitors as measured against their strengths and weaknesses.

This section should define the following:

• Your competitors' identified advantages in the market
• How do you plan to set up your company to challenge your competitors’ advantage and gain grounds from them?
• The standout qualities that distinguish you from other companies
• Potential bottlenecks you have identified that have plagued competitors in the same industry and how you intend to overcome these bottlenecks

In your business plan, you need to prove your industry knowledge to anyone who reads your business plan. The competitive analysis section is designed for that purpose.

7. Management and Organization

Management and organization are key components of a business plan. They define its structure and how it is positioned to run.

Whether you intend to run a sole proprietorship, general or limited partnership, or corporation, the legal structure of your business needs to be clearly defined in your business plan.

Use an organizational chart that illustrates the hierarchy of operations of your company and spells out separate departments and their roles and functions in this business plan section.

The management and organization section includes profiles of advisors, board of directors, and executive team members and their roles and responsibilities in guaranteeing the company's success.

Apparent factors that influence your company's corporate culture, such as human resources requirements and legal structure, should be well defined in the management and organization section.

Defining the business's chain of command if you are not a sole proprietor is necessary. It leaves room for little or no confusion about who is in charge or responsible during business operations.

This section provides relevant information on how the management team intends to help employees maximize their strengths and address their identified weaknesses to help all quarters improve for the business's success.

8. Products and Services

This business plan section describes what a company has to offer regarding products and services to the maximum benefit and satisfaction of its target market.

Boldly spell out pending patents or copyright products and intellectual property in this section alongside costs, expected sales revenue, research and development, and competitors' advantage as an overview.

At this stage of your business plan, the reader needs to know what your business plans to produce and sell and the benefits these products offer in meeting customers' needs.

The supply network of your business product, production costs, and how you intend to sell the products are crucial components of the products and services section.

Investors are always keen on this information to help them reach a balanced assessment of if investing in your business is risky or offer benefits to them.

You need to create a link in this section on how your products or services are designed to meet the market's needs and how you intend to keep those customers and carve out a market share for your company.

Repeat purchases are the backing that a successful business relies on and measure how much customers are into what your company is offering.

This section is more like an expansion of the executive summary section. You need to analyze each product or service under the business.

9. Operating Plan

An operations plan describes how you plan to carry out your business operations and processes.

The operating plan for your business should include:

• Information about how your company plans to carry out its operations.
• The base location from which your company intends to operate.
• The number of employees to be utilized and other information about your company's operations.
• Key business processes.

This section should highlight how your organization is set up to run. You can also introduce your company's management team in this section, alongside their skills, roles, and responsibilities in the company.

The best way to introduce the company team is by drawing up an organizational chart that effectively maps out an organization's rank and chain of command.

What should be spelled out to readers when they come across this business plan section is how the business plans to operate day-in and day-out successfully.

10. Financial Projections and Assumptions

Bringing your great business ideas into reality is why business plans are important. They help create a sustainable and viable business.

The financial section of your business plan offers significant value. A business uses a financial plan to solve all its financial concerns, which usually involves startup costs, labor expenses, financial projections, and funding and investor pitches.

All key assumptions about the business finances need to be listed alongside the business financial projection, and changes to be made on the assumptions side until it balances with the projection for the business.

The financial plan should also include how the business plans to generate income and the capital expenditure budgets that tend to eat into the budget to arrive at an accurate cash flow projection for the business.

Base your financial goals and expectations on extensive market research backed with relevant financial statements for the relevant period.

Examples of financial statements you can include in the financial projections and assumptions section of your business plan include:

• Projected income statements
• Cash flow statements
• Balance sheets
• Income statements

Revealing the financial goals and potentials of the business is what the financial projection and assumption section of your business plan is all about. It needs to be purely based on facts that can be measurable and attainable.

11. Request For Funding

The request for funding section focuses on the amount of money needed to set up your business and underlying plans for raising the money required. This section includes plans for utilizing the funds for your business's operational and manufacturing processes.

When seeking funding, a reasonable timeline is required alongside it. If the need arises for additional funding to complete other business-related projects, you are not left scampering and desperate for funds.

If you do not have the funds to start up your business, then you should devote a whole section of your business plan to explaining the amount of money you need and how you plan to utilize every penny of the funds. You need to explain it in detail for a future funding request.

When an investor picks up your business plan to analyze it, with all your plans for the funds well spelled out, they are motivated to invest as they have gotten a backing guarantee from your funding request section.

Include timelines and plans for how you intend to repay the loans received in your funding request section. This addition keeps investors assured that they could recoup their investment in the business.

12. Exhibits and Appendices

Exhibits and appendices comprise the final section of your business plan and contain all supporting documents for other sections of the business plan.

Some of the documents that comprise the exhibits and appendices section includes:

• Legal documents
• Licenses and permits
• Credit histories
• Customer lists

The choice of what additional document to include in your business plan to support your statements depends mainly on the intended audience of your business plan. Hence, it is better to play it safe and not leave anything out when drawing up the appendix and exhibit section.

Supporting documentation is particularly helpful when you need funding or support for your business. This section provides investors with a clearer understanding of the research that backs the claims made in your business plan.

There are key points to include in the appendix and exhibits section of your business plan.

• The management team and other stakeholders resume
• Marketing research
• Permits and relevant legal documents
• Financial documents

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Martin loves entrepreneurship and has helped dozens of entrepreneurs by validating the business idea, finding scalable customer acquisition channels, and building a data-driven organization. During his time working in investment banking, tech startups, and industry-leading companies he gained extensive knowledge in using different software tools to optimize business processes.

This insights and his love for researching SaaS products enables him to provide in-depth, fact-based software reviews to enable software buyers make better decisions.

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Millcreek approves plan for BJ's Restaurant & Brewhouse on site of former auto center

The developer of a new Millcreek Mall restaurant is finalizing plans for the site. 

The 7,662-square-foot BJ’s Restaurant & Brewhouse is planned for construction on a portion of the property previously occupied by Sears Auto Center, off Peach Street. A portion of that property already is occupied by Sonic restaurant.

Township supervisors approved a land development plan for the project submitted by Bohler Engineering of Pittsburgh in June 2023. Yet to come is a stormwater management plan for the site. 

The developer can apply for construction permits once that plan is approved, township officials said. 

BJ's Restaurants Inc. owns and operates more than 200 restaurants in 29 states, including four others in Pennsylvania, in Pittsburgh, Upper St. Clair, Allentown and Lancaster, according to the  company website .

The restaurant/brewhouse specializes in deep-dish pizza and craft beers.

Lighting up East Bayfront

● The Bayfront East Side Taskforce is gearing up to help light up the neighborhood in Erie's historic Historic East Bayfront.

As one of four recipients of the Safe Routes to Parks Pennsylvania Activating Communities 2023 grant and technical assistance program, B.E.S.T. conducted a nighttime audit of the neighborhood to identify areas that might benefit from additional lighting.

The organization purchased light-sensor LED light bulbs and developed a plan to install them — free of charge —– for interested residents as part of their Safe Routes to Parks action plan.

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• Vice President Harris releases partial economic plan that includes tax proposals

Elements of economic plan include several new tax incentives and preferences

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Vice President and Democratic presidential nominee Kamala Harris today released details of elements of her economic plan. Among other items, Harris proposed several new tax incentives and preferences, including the following:

• A tax incentive for builders of homes sold to first time homebuyers
• An expansion of existing tax incentives for builders of affordable rental housing
• A tax credit for first time homebuyers
• A restoration of the American Rescue Plan Act version of the child tax credit (CTC) providing up to $3,600 per child
• A new expansion of the CTC providing a $6,000 tax credit for children in the first year of life
• A $1,500 expansion of the earned income tax credit available to lower income individuals
• A tax cut for Affordable Care Act premiums

The plan does not include specifics on whether the revenue cost of these items would be offset, though it does state that Harris will ask “the wealthiest Americans and largest corporations to pay their fair share” and that the plan will reduce the deficit.

Harris also calls for Congress to pass the Stop Predatory Investing Act , which would eliminate certain tax benefits for investors who own large numbers of single-family homes.

KPMG observation

Notably, with regard to President Biden’s oft-stated pledge not to increase taxes on those making less than $400,000, “Vice President Harris is committed to ensuring no one earning less than $400,000 a year will pay more in new taxes.”

This pledge suggests that, for the $4 trillion of “tax cliff” items scheduled to expire at the end of 2025, Harris appears committed to extending those tax cuts for individuals making $400,000 or less. Though it is worth noting that use of the word “new” raises some uncertainty as to how the pledge will be applied.

Harris does not in today’s release endorse, or otherwise mention, the official tax plan of the Biden-Harris Administration, the so-called Green Book .  Her vow to raise taxes on large corporations and the wealthy, however, is consistent with many of the proposals included in the Administration’s plan. Among other things, that plan calls for a 7% increase in the corporate tax rate, a number of new taxes on multinational businesses, and new taxes on high-earning individuals. For more information on the FY2025 Green Book, read  KPMG report: Tax proposals in FY 2025 budget .

Absent from today’s release is a proposal to exempt tip income from taxation. Harris has previously indicated that she (along with Republican nominee Donald Trump) supports this idea.

Finally, it should be noted that the sum total cost of all these proposals is several trillion dollars. Pursuing all of these ideas is likely to put significant pressure on finding new tax increases to offset the cost of these items.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.

7 Steps to Creating a Shopping Mall Construction Plan

Shopping malls have been a key component of the retail industry for over 100 years. With the rise of e-commerce, malls remain an important gathering place for people who want to experience shopping and entertainment. However, creating a shopping mall construction plan is a challenging task. This process involves a significant amount of research, planning, coordination, and execution. 

In this blog, we will outline seven essential steps involved in creating a shopping mall construction plan.

Site Selection and Analysis

Location is everything regarding any real estate purchase, especially in the retail industry. Not only does the location need to be close to populated areas, but it also needs to be in the right market. During the site selection, the developer, architect, and visionary will weigh the proposed land’s pros and cons. The site analysis will examine zoning, soil type, and other environmental concerns. It will also look at population demographics essential to attracting the right retail and entertainment tenants. Building on the wrong type of land or in an area with special ordinances can deter potential investors and retailers.

Design and Vision

The right land can majorly impact the overall design of a shopping mall. The lot’s size will determine the building’s size and consider the customer’s needs, including parking, pedestrian and public transit access, and safety. The mall’s layout should also consider the location of anchor stores, specialty stores, food courts, and additional entertainment, such as movie theaters. 

During the design phase, the architects will work with the customer to bring their vision to life in drawings and 3D models. The design phase for a large-scale project like a shopping mall can take several months with multiple rounds of revisions. This phase is crucial to the project as it can help bring in early investors and store renters.

Financing and Budgeting

The financing and budgeting step is critical to determine the project’s feasibility. The budget should include all costs associated with the construction, including land acquisition, permits, design, and construction. Other considerations to include in your budget are marketing and a contingency budget to account for any potential unoccupied storefronts.

After finalizing designs and costs, the next step is securing additional funding. Large commercial properties used for retail and entertainment can be a lucrative opportunity. Obtaining early funding will help bring the project one step closer to reality. Having additional capital can also help retailers feel secure that you are willing to invest in their location’s upkeep, security, and safety.

Permits and Approvals

Before breaking ground, the next step is to obtain the necessary permits and approvals from the local governing authorities. This step involves obtaining a construction permit, environmental permit, and other regulatory approvals. Additionally, you will need insurance coverage before the project starts. Depending on the provider, you may need coverage for the project, materials, workers, and land.

Construction and Project Management

Shopping mall construction can take months to a year or two to complete. During this time, the project manager can help ensure everything runs smoothly. It is important to vet your project manager and choose one with experience in large-scale and preferably retail/shopping mall construction. An experienced project manager can greatly improve the flow of the project. Commercial construction involves many elements, including site preparation/excavation, foundation work, framing, electrical and plumbing work, and finishing.

Tenant and Store Selection

In some cases, tenant selection can begin during the construction phase. Larger retailers may want or have specific requirements before agreeing to sign a lease. Regardless, most tenant selection begins once the building is complete. This step involves negotiating leases, selecting tenants that fit the mall’s concept well, overseeing the store build-out process, and advertising. 

Some retailers may work with the original builders to design a storefront to their specs. At the same time, franchises may be bound to work with specific crews that are trained according to company policy. 

Marketing and Grand Opening

Once stores are selected and occupancy reaches satisfactory capacity, the final step is to market the shopping mall and plan the grand opening. While there may have been buzz build-up as soon as you break ground, the big reveal will require much more planning. The final marketing campaign should be designed to attract customers and create buzz around the mall’s opening. The grand opening should be well-planned and executed to ensure a successful launch. It may include collaborating with tenants to help promote their specials and giveaways for the big event.

Creating a shopping mall construction plan is a complex process that involves many steps. It requires careful planning, coordination, and execution. Following these essential steps and working with an experienced team like Division 9 Commercial Construction , you can create a successful shopping mall that will attract customers and provide a unique retail and entertainment experience.

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Tom Brady on the Art of Leading Teammates

• Nitin Nohria

When our society talks about leaders, we focus on formal roles, such as the CEO. This view undervalues the role of informal leaders—team members who influence outcomes by the tone they set, how they conduct themselves, and how they interact with their peers. Their job title doesn’t include the word “manager,” but they play an outsize role in how teams perform.

In this article, NFL great Tom Brady and Nitin Nohria, of Harvard Business School, present a set of principles that people in any realm can apply to help teams successfully work together toward common goals.

The NFL great explains how he motivated himself and fellow players.

When our society talks about success, we tend to focus on individual success. We obsess about who is the “greatest of all time,” who is most responsible for a win, or what players or coaches a team might add next season to become even better.

• Tom Brady achieved great success in his 23-year NFL career, winning seven world championships. He is also an entrepreneur, a New York Times best-selling author, and a business adviser.
• Nitin Nohria is the George F. Baker Jr. and Distinguished Service University Professor. He served as the 10th dean of Harvard Business School, from 2010 to 2020.

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Uber, Facing Sexual-Assault Litigation, Pushes Plan That May Curb Suits

Uber has spent millions trying to get a proposal on the Nevada ballot that would restrict the legal fees that bankroll many lawsuits against companies.

By Jessica Silver-Greenberg

It has been a decades-long dream of corporate America: making it harder for aggrieved customers, workers and others to file lawsuits against companies seeking compensation for alleged injuries, mistreatment and other harms.

Now Uber, the giant ride-hailing company that has been a magnet for such litigation, is pitching a plan that could fulfill that fantasy, at least in one state.

The company is seeking to place a measure on Nevada’s ballot that would drastically limit the amount of money that lawyers could collect when they brought successful lawsuits. If the measure passes, it will make it less attractive — and in some cases financially impractical — for plaintiffs’ lawyers to file such suits.

The initiative is being spearheaded by Nevadans for Fair Recovery, a political action committee created this year by Uber and its lobbyists. The company has put $5 million into the PAC and is its only financial backer, campaign finance records show .

The PAC has presented the measure as a way to protect people from trial lawyers who are “getting rich at the expense of plaintiffs and everyone else,” as the group says on its website alongside a picture of someone sliding a $100 dollar bill into a suit pocket.

Do You Have Safety Concerns About Uber or Lyft? We Want To Hear From You.

We want to hear from current and former employees, along with drivers and passengers.

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Breaking news, top ceo bashes kamala harris price-fixing plan: put the ‘last nails in the coffin of this economy’.

The CEO of Goya Foods, the largest Hispanic-owned food company in the United States, reacted to Vice President Kamala Harris’ economic proposal last week, saying the government has “no business” controlling prices. 

Bob Unanue told Fox News guest host Will Cain on “Jesse Watters Primetime” that the Biden-Harris administration has “started a war” against the middle class from fossil fuels to green energy since “day one.”

“They’re using a nail gun to put the last nails in the coffin of this economy and this country,” he said. “From day one, they put in executive orders that set this country on a disastrous path.”

“You know, when I was a kid, if you had a lemonade stand and it cost $0.10 for the glass, the straw, the product to go to the store to get it, and then the government comes along and says, I want you to sell that lemonade for a penny. You know, you just got to fold up your lemonade stand and go home,” he said. 

“And the grocery business, which does make 1 to 2% and hires a lot of people, those people are forced to… we’re going to put them out of business by controlling pricing.”

Former President Trump took aim at Harris for her economic proposal at a rally in Pennsylvania, saying her plans would cause “rationing, hunger and skyrocketing prices.”

“Comrade Kamala announced that she wants to institute socialist price controls. You saw that never worked before. Never ever worked,” he said.

In a post on his Truth Social platform Sunday, Trump said Harris is a “communist.”

“Comrade Kamala Harris is terrible for our Country. She is a Communist, has always been a Communist, and will always be a Communist,” he wrote. “Under her ‘leadership,’ the USA will fail, and fail quickly. We will not let that happen!!!”