Sometimes the only way to find good investment real estate is to build your own. There is a lot to think about when you do this because the wrong location could turn your investment into a bad one. Here are some tips explaining how to pick the perfect location for a new strip mall so you can be a success in no time.
Assess The Traffic
Obviously you want to put your strip mall on a street that gets a lot of traffic throughout the day. You should be able to get information about traffic counts from your city’s Department of Transportation office. Learn which parts of town get the most traffic in a day and see if there is any open land in a high traffic area. Just make sure that you take into consideration the other tips listed below.
Look For Growth
It’s always a good idea to see where your town is growing the most. Where are the new neighborhoods being built? What are the biggest developmental areas? Are there any older parts of town that are currently being revamped? If a growing part of town shows promise, it could end up being the perfect location for your new strip mall.
Find Other Strip Malls
Sometimes the best location for a strip mall is right next to another, successful strip mall. This is especially true if there is a high demand for shopping in the area. You will need to make sure that there are enough stores available to move into your new mall, but that should not be difficult. As long as there is consistent traffic going to the other mall, you should be able to build from that with your mall.
Ask Your Audience
When all else fails, you can ask local shoppers where they would like to see more shops in town. You could conduct a few surveys or post an ad asking for suggestions. If you have a strong social media following, you might be able to reach out to people on Twitter, Facebook, and other sites along those lines. You can even ask your friends and family members where they think a good place would be to build a mall. If the numbers add up after that, you could be well on your way to turning a profit.