In this article, I will be revealing How to get a store in Shoprite and guide you on how to set it up from start to finish. Shoprite is the biggest grocery store & supermarket in Nigeria. This is why some people refer to a shopping mall as ShopRite.
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Why are malls the best place to open a store?
Owning a store in a shopping mall is a great idea because they are easily accessible, contains state of the art facilities and structures, a neat and conducive environment and attracts consumers from all around especially on weekends and holiday periods.
Shopping mall attracts customers from all over the state, especially on weekends and holidays. Now that you’re interested, let’s see how you can get your store in a shopping mall.
How do I get a store in the shopping mall?
Before you run into paying and setting up a shop, I would like to guild you through the process of setting up a store in a shopping mall. If you follow this simple checklist, success in easier in any shopping mall of your choice.
Meet The Management
Once you’ve selected the mall that you 9 see if you meet their requirements. A lot of malls have codes of conduct, rules, and regulations that prevent certain business types from operating. Once you meet the requirement (qualified to own a shop there, having a registered business, own some operating shops in other places, etc), you’re all set to pay and resume your operation.
You should also use this medium to survey the mall, see the best spots, the traffic & demographics, and what businesses work best in that mall. Take your time to analyze all these factors, so you know your customers even better.
You should also know that there is always a waiting list when it comes to handing out stores. So, you should expect some kind of delay before you are given a store.
Draw a Solid Business Plan
As always, you should always have a plan. Planning your store, so the day you launch you will have smooth sailing and be ready for anything. Your business plan should have these variables considered:
Determine what you want to sell
Identifying the need, service or a specific product needed in the mall
The local market or demographic group
Tip: When setting up a store in a mall, try to avoid setting up a supermarket or selling groceries and household wares. Shoprite is already a dominant brand and a household name, competing with them won’t turn out well.
The best and most profitable wares to sell in a mall includes prepared decent meals and snacks, clothing and accessories, gadgets and electronics, sporting equipment, household equipment, and health products.
Give your store a catchy name. A name that describes your store and brand like Identity for a clothing store, Essense for perfumes, Active for sporting equipment, etc. Try to make up something that relates to what your business does or sells. Make sure that your name is clear, inoffensive, and spelled properly.
Get a business bank account, business card, banners, phone lines, and website. This information helps create awareness and acknowledge your brand’s existence. This information should help you open your store in the mall.
The rest of the business plan should focus on your finance, like inventory costs, startup budget, insurances, taxes, wages, and rent. Examine your business plan and scale your chances of success and worst-case scenarios.
Make sure you get an in-depth analysis of every part of the business plan is reviewed. Research the niche you plan to operate. Update yourself with new business trends, read publications, and study your competition.
Payment and Set-up
This is one part that will surely give you a headache. Payment and set-up are not just time-consuming but will sure swallow a lot of money.
How much does it cost to rent a store in a Mall as well as design and decorate it?
Quite frankly it takes about $3,000 to $5,000. We’re talking about millions of Naira. Securing a store and setting one up in Malls is very very expensive. You’ll also have to pay for lightings, internal decor, furniture, flooring, etc.
How Much Is A Shoprite Store Rental In Nigeria
The price varies in locations but is charged an average of 50k to 100k per month for square meters in certain segments of the mall. Those close to the entrance are charged higher per square meter.
You best call the mall leasing agent or rental agent, Find out all the required qualifications from the agent and inform the agent that you want to open a store in the mall.
After proper negotiations, get the contract, pay for the store, and Get everything in writing. Show the agreement to your lawyer before signing it to make sure nothing has been changed. This process is much smoother than you think.
You’ll need to find a space within the mall that will meet your needs. And also site your store close to the entrance or your competitor. This makes it easy to locate.
Then Get ready for business. Purchase all the store office furniture or equipment that you will need. Buy the products, merchandise, or the goods that you will be selling and arrange them in an orderly, neat, and attractive fashion. If you are providing a service, get a crew or employees to help you.
Open for Business
If you’ve completed the 3 steps above, then you’re all set to go. Just do a grand opening or a launching party to officially make it a date. Then congratulations, you’ve opened a store in a Shopping Mall.
A Storeowner in malls can make more sales due to high human traffic at shopping malls. This is no bad idea.