There are so many different things that one can do to his or her store to increase sales. Advertising is an obvious way to attract customers. Buying new inventory is also a necessity that will keep your business going. Some business owners, however, look towards renovating their establishments to keep up with the times and give their client base something new.
Renovations help to convey that your place of business is “with it”. Remaining or becoming a leader in your marketplace means that you are always thinking of ways to stay fresh. There’s no better way to do that than to spruce up your surroundings every now and again.
Quite often, renovations are what our clients put their merchant cash advances towards. No company is too big or too small to begin the renovating process. Clearly, this process takes a lot of time and requires a lot of money.
This is why our funding specialists often find that business owners do not think of renovating as a method of increasing sales. However, with additional working capital, the dreams of many an entrepreneur may come true as renovations make significant improvements in their stores.
In today’ edition of The Toronto Star, business reporter Dana Flavelle explains that one of Toronto’s most popular shopping malls is experiencing their renovation period at present. Scarborough Town Centre, reports Flavelle, will be unveiling it $62 million makeover next month.
The mall’s general manager, Kathy Meyers feels that one of the benefits of the new renovations is to give the local community a greater sense of pride. She notes that upon moving to Scarborough – in the east side of Toronto – 18 months ago, she quickly noticed how much pride the local residents took in their community.
Meyers made sure to point out that Scarborough’s crime rates are, in fact, lower than the rest of the Greater Toronto Area, contrary to popular belief. More residents are remaining in the area, rather than moving to other locations in the city, she says. Therefore, the major shopping mall needed to reflect the needs of the local residents.
Says Meyers about the young families filling Scarborough: “They’re educated, urban. They want fashion and they want brands.” Of course, the increase of business in the mall is also one of the primary objectives of the renovations.
Writes Flavelle: “By refreshing the mall, making it lighter, brighter and more modern looking, the Scarborough Town Centre can compete more effectively for new retailers and also attract customers outside its primary trading area.”