Part of what makes a shopping center most appealing to customers is the local boutiques that add flavor to the necessary retail basics. Many entrepreneurs have valuable insight about their product/service, but lack sophisticated business experience. These small businesses are poised to build a sustainable business with additional help in areas like merchandising, marketing, sales forecasting, and budgeting. This program aims to ensure best possible success for small business owners as they endeavor to open a bricks and mortar storefront.
Download the brochure, here.
- New concept business entrepreneurs willing to commit to 1-year lease at significantly discounted rental rates, with option for extension at attractive, better-than-market rates
- Extensive review of entrepreneur’s business plan to identify opportunities/challenges
- Owner agrees to be onsite and involved with day-to-day business
Prospect Agrees To:
- Provide unique offerings at fair market value
- Provide business plan, budget and financials for review as part of specific one-year lease app; and be willing to adapt plan as business requires, in cooperation with IRC small business advocate
- Monthly meetings with small business advocate to review sales, promotions, etc.
- Agree to implement bimonthly promotional campaign (eblast, direct marketing or social media) and host grand opening
- Agree to provide monthly sales reports and others, as requested
- Implement system to track sales, customers and KPI*
- Implement customer retention program (customer direct mail, reward program, etc.)
- Join and actively participate in at least one community organization that will support the business goals
- Provide discounted rent for one year (Triple Net fees apply)
- Offer valuable business insight for best success opportunity
- Help review reports, analyze sales data, offer marketing suggestions as needed
- Guide retailer to Strategic Network service discounts, as well as Small Biz Tools
- Meet monthly for lease duration (or as needed)
- Provide networking and business mentoring with like-minded entrepreneurs
- Counsel prospect for site selection and build-out
- Suggest additional online and independent sources for business development counsel
Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving identified business objectives. We can help you learn to use KPIs to evaluate success at reaching your goals.
- Sales by Time of Day
- Sales by Day of Week
- Source of Customer (how did Customer hear about shop)
- Repeat Customer Sales
- New Customers per Week
- Average Sale
- Items per Sale
- Conversion Rate
- Gross Margin (Total Sales, less Total Costs)
- Other TBD pending business type