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Selling antiques and collectibles can be profitable, but the overhead of maintaining a shop is prohibitive for some people. One solution is to rent space at an antique mall where individual dealers have separate spaces in a shared building to offset costs. To find the ideal antique mall space for you, follow some basic steps.
Steps
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Find out booth rates. Before renting a space in an antique mall, it is important to establish both how much you are willing to spend per month for rental fees, and how much per transaction you are willing to fork over for overhead expenses. For example, the most common size for a rental booth is 10 foot by 10 foot and the rate is $2-$3 per square foot, or $200 to $300 per month. [1] X Research source
- Usually, a 2 to 8 percent cut is taken out of each transaction your merchandise receives to pay for bank fees and administration of the mall.
- You may want to save up some capital before renting a booth so that you can afford a few monthly payments in case your merchandise doesn’t sell well at first.
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Learn what standards your booth needs. Some antique malls have rules for how your booth should appear, such as how your merchandise is arranged and décor that can be used to enhance the aesthetic appeal to draw customers. For example, a mall might require that your booth fit a specific aesthetic or theme, such as looking like an interior designer took over, or that your booth must have a classic theme.
- If you don’t feel you have the creativity to master an aesthetic that a mall requires, but you feel that this mall is your best option, you may want to consider hiring a designer or recruiting a relative who has a knack for design.
- You may have to submit plans for your booth to the mall before opening, so be prepared by drawing up blueprints just in case an application requires it.
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Find it out if you have to manage the booth. Every antique mall has different rules for booth renters. Some malls allow you to in essence place your product and walk away, coming back only to collect your earnings or to pack up. Other malls require someone to be present a particular number of hours each week.
- Decide how hands-off you want to be with your booth, and what the trade-off is for you. If you think a mall with strict rules about renter presence will have the best sales, it may be worth it to sit in your spot every week.
- If you have strict time restraints and bringing in money isn’t your top priority, you may want to shop around until you find a mall that doesn’t require a booth sitter.
- If you recruit others to preside over the booth, make sure you can trust them.
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Decide what criteria you want a mall to meet. Many cities have quite a few antique malls to choose from. To narrow it down and find a mall to suit your antique booth needs, make a list of things you are looking for. Knowing what you need will help you quickly choose a mall.
- Decide your stance on things like booth presence, presentation requirements, rent price and transaction fees, customer volume, location, and so on.
- A big thing to consider is how far you want to drive to maintain the booth. Figure gas cost into this consideration.
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See if you need to sign a lease. Every antique mall is different. Some let you start off on a month-to-month rental basis, only requiring 30 days’ notice if you want to leave, while others require you to sign a 6-month contract promising to remain that long before going to a month-to-month policy. [2] X Research source
- For example, some 30-day notices require that your last day be the last day of the next month. [3] X Research source
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Observe how many customers shop there. Before settling on an antique mall, you need to check out the market, i.e. see how many customers they get on average. In order to come up with this, you will need to spend time at the mall to determine their peak weekday and weekend hours. Notice how many people walk in, how long they spend in each booth, and where they tend to go first.
- Observing customer behavior will tell you not only if you want this mall, but where you want your booth to be located.
- You may be able to use analytics services like Euclid (which uses wifi), or ask the mall owner if they have Nomi, which counts foot traffic through a sensor box installed in the store. [4] X Research source
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Investigate the booths at the mall. You also want to make sure that your booth is a good fit for a mall. If you sell Harley Davidson collectibles, for example, you might not get a lot of business at a mall where most of the booths sell 19th century antiques. Every mall is different, and not all of them sell antiques. Find one that fits your product.
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Talk to other dealers. While doing your research, stop to talk to other booth dealers. Most of them will give you an honest review of the mall, which can help you decide if it is worth the money they will charge. Dealers can also tell you what kind of customers frequent the place, and how much money they tend to make.
- This is also a good chance to size up your competition. Observe how much money other dealers transact by standing by the front counter, where all customers go to purchase items.
- It is legal to shop around and watch how many customers go to specific booths. [5] X Research source
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Look at their sales statistics. Ask the antique mall to show you their sales and advertising statistics so you can get a better idea of their market and the value of their costs versus profit. If the margin is too close, you may want to consider a different mall.
- Another way to tell how the mall is doing financially is to observe booth discount signs. If you see a lot of 50% off signage, chances are the mall is struggling. [6] X Research source
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Find out what you can sell besides antiques. Be aware that not all booths in antique malls sell antiques. Many of them sell other things, including hand crafted items, collectibles, junk from their houses (making the booth into a long-term yard sale), and as advertising space for small businesses (such as cabinet makers or flooring companies).
- Consider what things you want to sell, recognizing that it doesn’t have to be antiques.
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Price your items with discernment. Once you have selected a mall and signed a contract, you want to price your items so that you are able to pay the booth rent and still have some profit. But be careful not to inflate prices to cover your rent. Visit other booths to see what the average price is for your type of product.
- If you are selling items that are popular in the internet, such as antiques and collectibles, you may want to research prices online first in order to price items so that they sell.
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Decorate the booth to attract customers. Although some antique malls require a specific appearance for your booth, other malls give you complete freedom. No matter your requirements, decorate and lay out your booth to attract customers. Use Christmas lights to give it a comfortable feel or strips of burlap and linen to make it feel beachy and fun.
- You will need to provide your own tables, shelves, merchandise, advertising, and store signage. However, glass cases with locks are usually available for rent at the antique mall should you wish to display your wares this way. [7] X Research source
- There are as many ways to decorate a booth as there are a room. Get creative, centering your theme around your type of product. Is it antiques? Use old suitcases, door knobs, and classic items to decorate.
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Use every inch of space. You want to ensure that your booth always looks full so that customers feel like you are taking good care of your products. Starting off with a small booth is a good idea so that it is easier to cover every surface, but you don’t want it so full that customers are afraid of knocking something over.
- Keep the setup clean and inviting by making walkways through products and preserving the appearance your booth had on day one.
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Use a locked display case for high-value items. Many antique malls will have glass display cases for rent, which is helpful if you have a lot of high-value inventory. In antique malls, where booths are largely left to themselves, you don’t want anything getting stolen. Lock the case when you are not there and customers will ask mall staff to open it for purchases.
- You can also use glass cases as decoration, inserting lights and other attractive features.
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Community Q&A
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QuestionCan the owners of an antiques center remove items from my cabinet without my knowledge?Upnorth HereTop AnswererYou can certainly have a working agreement under which they may be authorized to help you sell things in your absence by removing items that a customer has requested for evaluation or purchase. Some booth owners may prefer to restrict or prohibit such things unless present or at least authorized over the phone. Each center and vendor can decide how they want to handle it.
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QuestionWhat kind of taxes are there if I rent and sell items?Upnorth HereTop AnswererThere are over 12,000 different sales tax jurisdictions in the USA alone. You would need to know what, if any, apply to your situation. For income taxes on your profits, state and federal laws would determine what you need to report and whether you owe any taxes on such income.
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Tips
- Before you decide to rent space at an antique mall, ask the management how often it has space available. If the mall experiences a steady turn over, then it may be an indicator of a management problem.Thanks
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Warnings
- Remember that antique booths are a small business, and you should treat them as such. Ask your accountant what this might mean for your taxes.Thanks
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Expert Interview
Thanks for reading our article! If you’d like to learn more about commercial real estate, check out our in-depth interview with Arun Ghosh Aravindakshan .
References
- ↑ https://www.star-telegram.com/entertainment/living/family/moms/article3829497.html
- ↑ https://www.star-telegram.com/entertainment/living/family/moms/article3829497.html
- ↑ http://www.bloomingtonantiquemall.com/guidelines.htm
- ↑ http://www.nomi.com/
- ↑ https://www.entrepreneur.com/answer/221135
- ↑ https://toughnickel.com/self-employment/Making-Money-at-an-Antique-Mall
- ↑ https://www.star-telegram.com/entertainment/living/family/moms/article3829497.html
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