5 Ways Renovations Can Improve Your Shopping Mall

Any real estate investment, especially commercial retail properties like shopping malls, must eventually undergo remodeling. While a large remodel may seem costly, when done right, it can lead to new tenants, more foot traffic, and even increased profits. 

Below are five detailed ways a renovation can improve the overall value of your shopping mall.

How Renovations Help Plan for the Future

The retail world is all about trends and forecasting to stay ahead of the competition. This principle applies not just to products and services sold, but also to the overall aesthetics of a storefront. Renovating your shopping mall creates the opportunity to build a solid, market-based foundation for your investment. Shopping malls depend on their tenants’ success in order to stay in business. Offering a space that can adapt to trends and changes in demand opens up endless opportunities.

Improve Retail Space With Renovations

One of the biggest benefits of a commercial retail remodel is the option to increase retail space. If a large storefront is not utilized, a remodel can help turn the space into multiple smaller spaces increasing your rental availability. On the other hand, if a larger retailer or restaurant is interested in multiple spaces, remodeling to create larger spaces can help attract more lucrative businesses.

More retail space can also attract advertising opportunities. New trends in mall advertising include video kiosks with interactive ad displays. This new and innovative form of reaching customers helps bring mall owners more revenue as companies pay big bucks to rent kiosks and floor space in thriving malls.

Renovations Increase Public Interest

A recent study from Monash University found that remodeling stores and shopping centers saw an average of 43% increase in sales. The study also found that remodeling increases interest and brings in new customers while helping to retain existing customers.

Investing in your property helps tenants and the public show you are here to stay and want to be a part of the community. Using great marketing tactics, like storytelling through social media, can help your renovation. Giving the public a “sneak peek” will build anticipation, which helps support the earlier claim of renovations increasing sales.

Creating a New Floor Plan with Renovations

Many larger shopping and strip malls were built years ago, which means they are most likely outdated. Colors and aesthetics go out of style, but did you know that customer experience can too? A store or mall’s layout significantly impacts the customer experience. Have you ever heard of product placement? Store placement works in the same way. A mall will want higher valued and more popular stores at the forefront to help attract customers. Higher-valued stores seek in-demand markets that are also keeping up with trends. 

Changing layouts can also open the opportunity for creating a more inviting ambiance. By adding features such as improved lighting, foundations and greenery, and lounge areas, the updated space can help shoppers to stay longer and thus spend more. They also may seek your mall specifically if you offer amenities that competing malls do not.

Sustainability and Remodeling Commercial Properties

Older buildings tend to cost more to run. Not only were they built much differently than buildings today, but they use building materials, HVAC, and lighting that have vastly improved over the last several years. Most of today’s buildings are built to meet green building standards. Renovations can follow suit by using energy efficient upgrades with products and more sustainable materials. Much of today’s products cost less to run and help reduce the carbon footprint, which is a double win for shopping malls.

If your shopping mall is ready for an upgrade, Division 9 Commercial Construction has the expertise to help bring new life to your property. Contact us today to begin turning your vision into reality.