How do you evaluate your center’s space?
You probably know your profit margins on product lines, but have you ever thought about how much each physical space makes you?
If you’re like most centers, space is a limited quantity. So it makes sense to know what areas of your center are making you money and which ones are holding you back. Yet when I ask them, few proprietors know their numbers.
Here’s a quick real life example to get you thinking.
You just got back from the Bowl Expo and the guys at the axe throwing booth got your attention. However, you’re a little tight on space so do you…
a) Take out a few seats from your bar
b) Remove some arcade machines or
c) Take out a bowling lane
Not an easy decision, but much easier if you know your profit/sqft. Compare the profit/square foot of each to the axe throwing and you’ll know pretty quickly what you should do. (The bar will likely be the highest, followed by ax throwing, followed by bowling)
Larger retailers like Walmart and Target have know and obsessed over this metric for decades. Give it a try in your center!
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