Outlet malls have become an integral part of the retail industry in the United States, providing shoppers with discounted branded products. This article aims to shed light on the prospects of starting an outlet mall business in Wichita, KS by analyzing the city’s resident distribution, prominent residential and commercial areas, potential investment, return on investment, and suitable locations for outlet mall stores.
Resident Distribution in Wichita, KS:
Wichita, the largest city in Kansas, has a diverse population with a total population of approximately 390,591 residents. The city’s population is relatively spread out, with several key neighborhoods acting as residential hubs for residents. Some notable residential areas in Wichita include College Hill, Riverside, and Eastborough, where residents have a higher disposable income and seek quality shopping experiences.
Commercial Districts in Wichita, KS:
Wichita boasts several commercial districts that attract both locals and tourists, making them ideal locations for an outlet mall business. The most prominent commercial areas include Old Town, Douglas Design District, Downtown Wichita, and Bradley Fair. These areas offer a mix of retail, dining, entertainment, and cultural experiences, attracting a diverse customer base.
Outlet Mall Investment and Return on Investment:
The capital investment required to establish an outlet mall business in Wichita, KS can vary based on factors such as the mall’s size, location, and amenities. On average, an outlet mall with a sizeable retail space can require an initial investment ranging from $10 million to $30 million. However, these costs can be influenced by factors such as rent, store fixtures, and marketing expenses.
When it comes to the return on investment, the outlet mall industry has witnessed steady growth over the years. Typically, outlet malls offer a lower rental rate for retailers compared to traditional shopping malls, enticing wellknown brands to set up stores. With careful planning, effective marketing strategies, and a strong tenant mix, an outlet mall in Wichita, KS can generate substantial revenue and an attractive return on investment.
Suitable Outlet Mall Locations in Wichita, KS:
- Hightraffic commercial areas: Setting up an outlet mall in Downtown Wichita or Old Town can leverage the existing foot traffic and attract both residents and tourists.
- Suburban shopping centers: Locating an outlet mall near established suburban shopping centers like Bradley Fair can draw customers seeking a more relaxed shopping experience.
- Near residential hubs: Considering the presence of affluent residential areas like College Hill and Riverside, establishing an outlet mall nearby can cater to the shopping needs and preferences of residents.
Starting an outlet mall business in Wichita, KS presents a promising opportunity in the retail industry. The city’s diverse population, prominent residential and commercial areas, and growing preference for discounted branded products create a favorable market for an outlet mall business. With an initial investment, careful planning, and strategic location selection, entrepreneurs can expect a satisfying return on investment in Wichita’s vibrant retail landscape.