Essay Suburban Regional Shopping Malls: Can the Magic Be Restored?

826 WordsFeb 18, 20134 Pages
1. Imagine yourself as the manager of a struggling local suburban regional shopping mall. What do you think the mall should do to improve its performance? To keep a local suburban regional shopping mall from reaching its decline, there are a few things that must be done to keep your mall relevant in today’s society. One must spend time and money during the maturity phase to keep with today’s trends. Getting more or newer department or anchor stores may help to draw in business. Then fill the other empty spaces with specialty stores, offering products that consumers can’t get anywhere else. Another option for managers is to find a niche in the community that will draw consumers in. A suggestion that was used in the book was to…show more content…
Just like before, malls are and will continue to be an entertaining shopping experience. As entertainment changes - so do the entertainment requirements in a mall or outdoor shopping area. Adding more and better forms of entertainment and updating them regularly can keep the shopping experience relevant, and keep shoppers coming back to see what’s new. In a day of, “I want it now and I’m willing to pay for it,” a shopping center has to offer a variety of stores, and also have several options. The shoe shopper will go to the place with 5 shoe stores before they go to the place with only 1. They may not realize that of the 5 available shoe stores; only 1 is in their price range, but satisfying a wider variety of consumers will help the mall broaden the shopper’s experience. But it is important to remember that shoppers are price sensitive, so not only do you need a variety of stores offering a variety of products, but you also need to be able to provide a variety of price points so you don’t limit your shopper demographics. 3. What new retail concepts can you identify? How might you learn about more? What strategies do you suggest for learning about new retail concepts? Supercenters, such as Wal-Mart and Target, offer both experiences of budget-based department store items, drug store items, home goods, office supplies, furniture, and groceries. This enables the store to grab the attention of the shopper with multiple purchases to make, and who

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