Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/122387
Advertisement Three reasons to add a laundromat to your shopping center You spend a lot of time considering the best use and selecting the right tenants for your shopping center. If adding a laundromat is not on your radar, it should be. Here are three reasons why. 1. Laundromats are stable and proftable. Part of identifying the right tenants for your space is fnding ones that will be long-term, profitable businesses. Laundromats are ideal candidates because their customers pay them in advance, and operating expenses are predictable. The laundry business is also virtually recessionproof. Consumers still clean their clothes while cutting back on things like restaurant meals and new clothes. 2. Laundromats are customer destinations. Think about it. Consumers don't want to do laundry, they need to. And after they load their clothes and start the machine, they have time on their hands – the average stay in a laundromat is 90 minutes. This offers you and your other tenants many cross-marketing opportunities to entice customers to extend their purchasing experience at your center, whether grabbing a sandwich or shopping for sundries. 3. Laundromats are more modern, customer-friendly and safe than ever. Today's laundromat is nothing like yesterday's stereotype. Enter and you'll immediately notice highend machines, concierge-style amenities, and a clean, bright interior, a children's play zone, Wi-Fi and big-screen TVs. Many are open 24 hours to accommodate customers' busy schedules. Some offer a drop-off service attendant. "We work with potential laundromat investors to fnd the right retail location, with good demographics in the surrounding neighborhoods and one that offers a 10-year lease with two or three fve-year options, then help them design and build an exceptional space for customers to do laundry," said Dan Bowe, national sales manager for Speed Queen. Speed Queen is expanding its network of laundromats in select markets and is interested in partnering with shopping center developers and owners to open new store locations. Planning, design and fnancing programs are available. Find out more about proftable business investment opportunities with Speed Queen by calling 800-590-8272, or visit us at Speed Queen.com/invest. M AY 2 013 / SCT 265