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
Shopping can and should be about more than just price or convenience. Moreover, for high street and main street retailer, concentrating only on price means losing the opportunity to build genuine brand loyalty or give shoppers a reason to enjoy their visit.
David Guterson’s, Enclosed. Encyclopedic. Endured: One Week at the Mall of America, offers a commentary revolving around modern American malls and their effects on society. Guterson claims that while American malls offer a look into American culture, they have altered society to become more shallow and materialistic through his observations of the Mall of America. Guterson also predicts that in future times, the traditional marketplace will be replaced by the desolate megamalls of tomorrow. Guterson asserts that while malls provide a window into American culture, what he observes is cause for alarm. Every year, Americans spend their hard earned money in malls. Sales for the Mall of America jumped from 650 million dollars in 1993, to 1 billion
From its vast security systems, to the indoor theme park, and over 520 stores the mall is like a city within itself; closed off from the rest of the world. Guterson writes that the quality and impressiveness of the mall is not comparable to any other. The mall is “the best of the best” and people visit it because of its modernism. The modernism of the mall is displayed through features like an arcade, the gardens, trees and flowers. The argument of the essay is reasonable in the way people go to spend in the mall. It is true that people are sometimes
According to the textbook, the retail life cycle consists of the introduction, growth, maturity, and decline. (Perreault, Jr., Cannon, & McCarthy, 2011) To keep a local suburban regional shopping mall from reaching its decline, one must spend time and money during the maturity phase to keep with today’s trends.
Target Corporation is the 6th largest American retailer and mass merchandiser offering every day essentials, fashionable merchandise, and supermarket necessities at discounted prices. As the company is one of the largest retail industry leaders it faces many industry trends such as competition, economics, and community and government requirements. Within Target locations, they provide licensed departments such as Target Optical, Pizza Hut, Portrait Studio, and the major license of Starbucks. Dayton was not the only realizing the opportunity for growth in the discount retail industry, in that same year, Target’s biggest competitor, Sam Walton found Walmart. This right away creates the vision of Targets growth path. Target expanded from the Midwest. Opening in urban markets, Target placed itself as an upscale discounter offering a wider selection of higher quality designer products and as well as a better shopping experience. In 1995, Target enters the grocery business launching the first Super Target location (Yue, Qingyuan, Rao, and Ingram). The idea of Super Target was modeled after the Walmart supercenters with a slightly different aspect of actual locations providing grocery products. By 2002, Target jumped to the second largest discount retail in the
When you start looking at the larger selections a Supercenter has to offer, Target would not be the one to offer them all. Target offers the basic departments that all supercenters provide which are, clothing, electronics, entertainment, furniture, home, etc. Some of the largest selections that one would find in a Supercenter that Target does not
Is the death of American malls avoidable? Based on the article “Amazon.com is a 21st Century deal with the devil” written by Amy Koss of the Los Angeles Times, websites that sell clothing and other merchandise may impact American malls and other stores but it could be avoidable. Modern day stores rarely have up to fashion clothing or accessories that sooth the teen of this era. Malls have to step up the game against online stores by getting up to date fashion styles. Most stores like Rolex, GUCCI, Supreme, and other famous brands should be in more local stores to attract people. Most Designer brands are not in most local areas. A more common kid friendly brand such as Supreme would be the easiest one way ticket to coolsville. Another important
In the world of commerce and retail today, there are a variety of retail stores that are all geared toward the customers who are interested in saving money and finding bargains on their daily purchases, as well as on some of their major purchases. Some of the retail stores that are in this category of low prices and discount prices are Big K-Mart, Wal-Mart, Inc., Fred’s Dollar Store, Family Dollar Store, and Ollie’s Bargain. Due to the increase in e-commerce and online purchases, several of these retail stores, such as Big K-Mart and Fred’s Dollar stores are closing in many areas of the country. Since there has been an increase in the demand for more sales and discounts by customers and there are less discounts stores available, retail stores
Ever wonder what your favorite mall will look like if it was replaced by an empty lot? How would you feel? Approximately 60 years ago when shopping malls were first built, it was expected to be “the gleaming symbols of America’s future.” Shopping malls were created to lure customers from the city into the suburbs; thus allowing shopping be done under one roof.
A distinguished structure that is present in today’s retail environment is a shopping centre. A shopping centre is where multiple stores presenting different merchandisers are formed under a building and allocated through a leasing agency. Shopping centers are aimed towards middle income suburban residents who are mobile. A shopping centre has controlled walkways which enable consumers to walk from store to store. Plenty of effort is put into developing the design of a shopping centre, thus increasing the amount of time people spend shopping. The
Target have a lots of product in the store such as incorporate garments, shoes, adornments, wellbeing and excellence items, gadgets, conservatives circle, DVDs, bedding, kitchen supplies, donning merchandise, toys, pet s
In “Enclosed. Encyclopedic. Endured: The Mall of America” David Gueterson spoke about the idea behind the creation of the Mall and his journey as a reporter inside it. For instance, he talked about how the mall not only intended to attract Minnesotan, but also to appeal to tourist from everywhere. Because of it enormous size and diverse activities, the mall is like the mecca of shoppers. He also mentioned that, Some people got engaged and some even got their marriage ceremony at the mall. After all he described the mall as a success, and the companies behind the mall are even thinking about building similar malls around the world. (161-72). Such marketing strategies stated above are embodied in many businesses today, with the intention not only to bring people in, but also to make them spend money and come back again.
My original insight on this article is that New England’s second largest city was not doing the right research that they needed to come up with a good strategic plan for the community. I believe that the city was more concerned on making a profit when I think they should have been more concerned with the locals needs and wants. In recent years, many malls have been struggling to keep their doors open and have even reconstructed them into a different kind of mall by offering fitness centers and even adding grocery stores to replace the failing department stores. At first, I thought that the city should be considered adding some new features to the malls rather than demolishing these malls all together and replacing them with new buildings. I
Brick and mortar shopping still exists due to consumer demand and desires. Consumers still enjoy the shopping experience of seeing and touching the merchandise before making a purchase. Also, consumers like mingling and communicating with other shoppers. One can conclude that shopping at a brick and mortar business on the weekends or holidays remains part of the American past time. Nontraditional channels have given marketers multiple ways to sale and advertise several products at once (Ferrell & Hartline, 2014, p. 178). What seems to hurt most brick and mortar businesses in small towns is mega stores like a Super Walmart. These types of stores immediately dominate and take a market share of a small town’s business by offering multiple products for less value.
Sheer foot traffic is one of the most important aspects of any retail business (Brown, 2004), especially in Americas larger cities where walkability is key and many customers will arrive to a store through public transportation or simple foot travel (Leinberger & Lynch, 2015). The American retail market has seen a declining amount of foot traffic over the past few years, even though retail sales have increased (Dixon, 2014; Team, 2014). This loss in foot traffic first occurred through a transition to shopping malls and is now a symptom of the rise of e-commerce (Banjo & Fitzgerald, 2014; Scharoun, 2012). Also of consequence to many retailers in the suburbs is the rise of downtown revitalization, pulling many potential customers to the many boutiques, restaurants, and pedestrian malls that are prevalent in these efforts to save the American downtown (Robertson, 1997).