Strategies and tactics for revitalising a struggling mall
The strategy to revitalise a struggling mall focuses on strengthening the management team, optimising leasing performance, and revamping marketing and operations. To fortify management, actions include conducting skills assessments, offering leadership training, and establishing cross-functional teams. For example, engaging in team-building activities and hiring experienced consultants ensures the team aligns with corporate goals.
Optimising leasing involves analysing tenant mix, conducting market research, and developing friendly leasing agreements. Utilizing data analytics and organising tenant feedback meetings can attract and retain businesses. Revamping marketing includes enhancing digital presence, organising regular events, and improving mall aesthetics, which target different customer demographics for increased foot traffic.
The strategies
⛳️ Strategy 1: Strengthen the management team
- Conduct a skills assessment for current management team members
- Provide leadership and management training workshops
- Implement clear performance metrics and regular reviews
- Establish cross-functional teams for better communication
- Introduce team-building activities to improve morale
- Hire experienced consultants to guide management
- Regularly gather feedback from staff at all levels
- Ensure management team is aligned with corporate goals
- Encourage innovative problem-solving sessions
- Offer incentives for achieving key performance targets
⛳️ Strategy 2: Optimise the leasing team's performance
- Analyse current tenant mix and identify gaps
- Conduct market research to target potential tenants
- Revamp leasing agreements to be more customer-friendly
- Organise regular meetings with existing tenants for feedback
- Introduce a tenant referral program to attract new businesses
- Utilise data analytics to enhance leasing strategies
- Develop a marketing package for prospective tenants
- Ensure competitive but fair leasing rates
- Create a tenant advisory board for cooperative input
- Implement a tenant satisfaction survey for continuous improvement
⛳️ Strategy 3: Revamp marketing and mall operations
- Conduct a comprehensive market analysis of customer demographics
- Develop targeted marketing campaigns for different audience segments
- Enhance digital presence through social media and online engagement
- Schedule regular events and activities to attract foot traffic
- Improve mall aesthetics to create an inviting environment
- Assess and upgrade mall facilities and services
- Introduce a loyalty program to retain customers
- Collaborate with local businesses for joint promotions
- Implement energy-saving and sustainable practices
- Review and streamline mall security and safety protocols
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
