In the case of the typical American Mall, large spaces can be used by fitness centers, medical facilities, apartments, specialty housing or even governmental agencies with public access requirements such as DMV’s. Smaller spaces are becoming local shops serving local walk-in traffic, while food courts are becoming clusters of upscale restaurants. Atriums that once provided display space as approaches for larger stores are being converted into event centers with fashion shows, car sales and even weekend dance halls.
New life is replacing a dying model.
As this metamorphosis in America’s malls takes place, accounting practitioners have an opportunity for growth as many of the retail establishments are local ventures.
Each small enterprise that slides in to fill the void created by the exiting establishments is an opportunity for practice growth.As this metamorphosis in America's malls takes place, accounting practitioners have an opportunity for growth as many of the retail establishments are local ventures. Click To Tweet
And, as mall management is usually not bound by the same strictures as governmental agencies, networking and referral opportunities abound, possibly with the encouragement of mall management.
In addition, as most American malls were built in the 50’s, 60’s and 70’s, the communities around them grew up in the same era, have matured and are being revitalized as transitional neighborhoods. Transitional neighborhoods attract upwardly mobile consumers, and a growth opportunity for local, mall based, tax preparation services.
I should know, I built my most successful accounting practice as a tenant of a local mall that was undergoing a transition in the late 80’s. As the chains slowly came and went, the small businesses on the periphery came and went, and as the new enterprises entered, I was there to position myself as the practitioner of choice for mall tenants.
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