Featured New Antique Mall Opening In Town

I looked at some photos I took at the time. Looks like it was in October 2018. So, just missed your booth!

 

I spoke to a small antique,collectable ,junk consignment store manager last week (she has been in business for about 9 years) The store consists of about 6 dealers each renting a small section. The ‘house’ takes 15% commission on all sales. Dealers are obligated to ‘come-in’ a few times a month to check,pack and refresh’ their space. They are also obligated to replace items that really doesn't sell with other items. Or place these items in the discounted or bargain space.

The lady told me that an important factor is that each of the dealers sells different types of things so that helps to draw-in a wider and more sustainable client base. She also belongs to a small network of other antique shop owners and they move specialise items around between themselves so they ‘help’ maximise profit and help each other rather than compete.

I think one of the most important factors is that the shop’s prices are very reasonable and there’s still a few good deals to be had. They also have a wide price range so cater for more people. The They also give discounts. The manager told me that they are happy to have smaller profit margins along as things keep selling and going out the door (they can’t afford any ‘dead’ space)

 

I have been in a few different antique malls over the years. The best ones were the most expensive, actively managed, and had professional sales staff. Too large is a detriment, as there is too much competion.... IMHO. Too small does not provide enough draw. A hundred (or more) dealers seems overly large to me. I know that there are some huge successful malls but think that the owner and a few dealers are the only ones making any good money.

The very best one I was in has about 25 dealers. It was $1.25/ sq. ft. per month, plus 10% comission. Space was let on a yr. contract but sometimes a 6 month trial was given to start. The owner has a background in business/marketing and, in some respects, is a micro-manager. He is picky about who he lets in, makes sure that booths are serviced regularly, and that merchandise is sold or rotated out in a timely manner. It was not unusual for him to call weekly (or more) to make sure I was on top of things.

This management style did not work well for some dealers and heads were butted on many occasions. Some dealers were not successful as a result and rarely stayed more than a year. I am very much a go-with-the flow type and was able to work this way. After a couple years, I started working there. Though I no longer have a booth, I sell on consignment there now with a very favorable rate. I am the only dealer there selling under this arrangement.

Pricing makes a difference. If you can not sell off-retail, you probably will not be successfull in most places. I always tried to match or beat ebay prices. I also have no problem in selling anything with a 20% discount if necessary. This has never been a problem, as I am able to buy quite reasonably. In general, If I can not mark something at least 3X purchase price, it is not worth buying. Quite often, I can hit 5X or more. The bread and butter price point is under $25.00. I can easily sell 20-30 $10.00 items in the time I could possibly sell a $100.00 item. The higher price point items are worth having but, quite often, they become the window dressing for all the less expensive items.

 

I only do flea markets and antique shows, no shop space, but I agree with you on this. I know my $800 gold jewelry won't sell quickly, but if I have it people will look at the $40-$75 silver jewelry more seriously.

For other items like glass and pottery, having something special to draw people into my booth is a huge help. Plus it be something on the expensive side seems to give a legitimacy to my set up as a whole.

 

What Brad says is in line with what I hear from online-only dealers. You have to be making 3x or better on your investment or there's no point selling an item. For some things, if they can't hit 5-10x they keep walking. People complain that resellers are Cheap, but they have to be unless they own the building and have another income stream.

 

The antique mall I was referencing in my opening post seems to have done fairly well in the past 6 months it has been open. Turns out I know quite a few of the vendors from going to antique auctions. They seem to be pretty happy with their sales. Put in an application, got through their screening process, and I am on a waitlist for a booth and locked showcase. Seems like antiques are doing fairly well in the area since in this metro area of about 1 million we have had 3 new vendor malls open in the last year. I want to eventually own my own building, but I will try out being a vendor and work my way up from there if everything goes well.

 

Owning the building is the only way to go. The owner makes money. Renting is iffy.

 

Of the 3 new malls, all of them are renting former big box tenant space from big corporate holding companies. You really not only need to own the mall but also own the building too.

Don't even want to think about how much the mall owner had to spend to get the building presentable after being vacant for a long while. Getting permits/make improvements for a building you don't own isn't fun.

Also have to get it up to current code and ADA regulations to make sure you aren't exposing yourself to liability.

Would love to buy a property adjacent to a highway where I could rent out the parking lot to weekend vendors/farmer's market types and have my mall further into the lot.

 

ADA and code stuff is a nightmare. No way would I pay for that if I didn't own the place, and that's speaking as someone who needs handicapped access. Buying next to highway access is the dream. You get free visibility and easy access.