6 Ways Retailers Are Thriving In Malls

Forbes Woman

Geri Stengel ,  WOMEN@FORBESI

write about the success factors of women entrepreneurs.  

Opinions expressed by Forbes Contributors are their own.

The fifth most popular industry for women-owned businesses is retail, according the the 2017 State of Women-Owned Businesses (SWOB)*, commissioned by American Express. One in 10 women-owned businesses are retailers — more than 1.1 million businesses. While overall retail sales were up in 2017 by 4.1% according to the U.S. Census, SWOB finds that the revenues of women-owned retailers were up more than twice as much — 9.2%.

Part of the retail industry is still struggling despite overall growth. Since the mid-2000s, malls have been declining. The decline was accelerated by the Great Recession and online shopping, according to Time. It is also what economists call a market correction — too many malls and some of poor quality, according to The Guardian.  Americans are shifting from spending on stuff to spending on experiences — such as meals out with friends, according to The Atlantic.

Yet, not only do some malls and their retailers survive, they thrive. For tips on how women-owned businesses can succeed in malls, I turned to a company that’s been succeeding  — Auntie Anne’s for 30 years. Auntie Anne’s — fresh hot golden brown soft pretzels — has more than 1,200 domestic locations in 48 states and 500 international locations. Here are six tips for women business owners looking for locations in malls.

  1. Location, location, location

“Reports of the death of malls have been greatly exaggerated,” said Heather Neary, Auntie Anne’s president. American consumers log 1.5 billion visits to shopping centers every month, according to the International Council of Shopping Centers in The Wall Street Journal.

“Malls need to adapt and not all will do this successfully,” Neary continued. “There are roughly 1,200 malls in the U.S. Auntie Anne’s is only in about half. We intentionally choose the best — highly visible locations with high traffic.” These malls are making major and cosmetic upgrades so their locations look relevant, light and airy.”

Successful malls have the right mix of retailers and services. Malls providing extra services, such as restaurants, in-mall entertainment, pop-up shops and child care, drive more frequent visits and more spend, according to GlobalData. Shoppers spend nearly three times more in a mall with strong non-retail offers versus those not making these offers.
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