Why do people rent stores in the mall?
Although malls are not as popular as they once were, the shopping centers are still a hub for shoppers to peruse their favorite stores and discover new ones. There are many reasons why someone would want to rent a store in the mall — whether it be to open a boutique, provide services, or entertain.
Pop-up shops and retail experiences are other growing areas for malls and rental spaces. Companies want to create unique experiences that aren’t like a traditional brick-and-mortar store. These short-term events can give brands of all sizes and budgets a chance to launch. Doing so, they enter a physical market in a city or country they haven’t had a presence in yet.
Small businesses that specialize in local, artisanal products benefit from introducing their products in an established setting. The temporary shops can create exciting buzz on social media and draw new customers to your company.
Other factors to consider when looking to rent a store in a mall
Although cost is a major factor in choosing a rental, you should also consider your audience. Different people prefer a mall setting vs. other types of retail locations. For example, a shop that’s near popular bars, restaurants, and things to do could fare better among your target market than in a dusty mall.
Lots of consumers also prefer supporting small local businesses as opposed to mega brands. If you want to appeal to this type of shopper, setting up shop in the mall may not serve you well.
Also, most malls do not disclose their pricing and just provide square footage and other popular surrounding businesses near one of their rental spaces. This, understandably, can be a red flag to a lot of small business owners. It may behoove you to book a space that offers a cleaner, more boutique setting to attract and delight your customers.
But are more modern, stylish, and less distracting venues for your retail experience than a renting a store in a mall? You bet! You can use a platform like Peerspace to rent any type of venue you can dream of in cities across the globe.
Mall alternatives
Besides mall spaces, why not try other unique rental spaces like cafes, art galleries, renovated warehouses, or modern storefronts to give your retail event a special flare?
How you choose the type of space best suited to your needs depends on several factors. It’s especially crucial to consider the type of space in relation to your brand, your products, and your ideal shopper.
For instance, if you own a high-end self-care brand that caters to customers who want natural products, setting up shop in an area of your city where there are lots of spas and boutique shops is wise. Conversely, if your product is hip and geared towards people in their early twenties, renting a renovated warehouse that is gritty yet exciting can be fruitful.
We’ll include some fun suggestions later in the article to give you an idea of what’s out there besides space in a mall. But next, we’ll continue answering the primary question: “How much does it cost to rent a store in the mall?”
How much does it cost to rent a store in the mall?
It’s difficult to give an exact answer when answering, “How much does it cost to rent a store in a mall?” Rent prices typically vary based on location and the size of the space.
Many malls charge by square foot with a range of $18 to $30 and up per square foot. You’ll have to first inquire about shorter-term leases and then figure out what each mall charges in terms of fees, insurance, and deposits.
For example, the Mall of America — one of the largest malls in the world and located in Bloomington, Minnesota — charges a base rent of $2,500 to $9,000 per month.
Factors that affect pricing
The amount a mall charges for rental space depends largely on the time of year. Due to the holiday season, November and December are the most expensive time of year to rent a store in most malls.
Keep in mind that many malls will charge higher rents to be near popular department stores or retail stores, like Apple. Of course, you want the highest amount of foot traffic, but it’s definitely going to cost you in a mall setting.
Some estimates say that the cost of hosting a pop-up shop is around $15,000 to $30,000. Then, you need to add in the cost of renting or buying furniture, utilities, and other miscellaneous costs. Interestingly, experts note that temporary retail spaces are expected to cost the least from 2021. So if you’re thinking of renting a temporary space as a mall store alternative, now is your time!
Ahead, we’ll share how Peerspace is the best way to do so.
Rent a store in the mall with Peerspace
Finding a retail space for your pop-up can be super challenging. Don’t you ever wish there was a place that listed every option in your city?
Well, luckily something just like that already exists! Instead of renting through a large mall, go local and rent from one of the many hosts on Peerspace. As we mentioned, Peerspace is the world’s largest online marketplace for hourly production, meeting, and event spaces.
Types of spaces available to rent
Peerspace has so many retail storefronts, restaurants, and shops available to rent in thousands of cities across the country and globally. Plus, prices and amenities are upfront, so you won’t have to go through phone call after phone call with different salespeople. It’s a true time-saver, which is exactly what you need as a business owner.
In addition, Peerspace can help you narrow down what you’re looking for with location and amenity search filters. Look through the assortment of photos, see what kind of equipment is included in the rental, and get direct contact with the host of the property.
For example, check out this renovated loft-like storefront and kitchen in Chicago’s Lincoln Park neighborhood. It is a popular rental for those looking to host art shows or pop-up experiences. The space comes with high ceilings, plenty of natural light, hip neighboring bars and restaurants, and a kitchen.
With more than 1,000 square feet of space at your disposal and a $125 per hour price tag, you can hold the retail experience of your dreams without busting the bank on rent and overhead charges.
Peerspace perks
Along with upfront pricing, Peerspace listings also include real, honest reviews from professionals just like you. Such reviews can provide a clearer picture of if the venue is as great as it reads or if another place may suit your needs better.
For instance, check out this shining review on the aforementioned Chicago space, one of the hundreds of five-star reviews:
“Hosts were great communicators. Space was exactly as advertised. Great space for casual meeting with space to get up and move around. Having the kitchen area was extremely convenient. Would definitely recommend!”
– Gabi H.
Since each Peerspace is owned and operated by a local host who is just a quick message away, you can consult them with any requests or questions. They want your time in their spaces to be perfect and can often help you secure event extras, like catering, equipment, staffing, and more.
Also check out: How much does it cost to rent space in a mall food court?
