What should I check before buying an antique mall?

An antique mall is not a shop with one owner’s stock. It rents booths to independent dealers and sells their goods on their behalf. The income depends on keeping dealers happy and booths occupied. That changes what to look at. Start by asking the owner to describe the mall as a landlord and a payments business, not only a retailer.

Dealer agreements and occupancy

Ask for every booth agreement. What are the terms, how long do they run, and can either side end them on short notice? Ask which booths are full, which are empty and how long dealers usually stay. A waiting list suggests demand. Frequent turnover, or many dealers on short arrangements, suggests the mall may need constant work to stay full.

Sales, payouts and who owns the stock

The mall collects customers’ payments and then pays dealers. Ask how each sale is recorded, how often dealers are paid, and how the mall reconciles what it took in against what it owes. Ask who owns the goods on the floor. Your accountant can review the records and tell you whether money held for dealers is clearly separated from the mall’s own.

The head lease

The mall’s whole model rests on its space. Read the lease with your lawyer, including how long it runs, whether the landlord must consent to a new owner, and what happens if you want to renew. Dealers sign up for a place they expect to stay, so an uncertain lease can affect them as much as you.