Are malls going out of fashion? The number of vacant units in your local shopping center might indicate that this is the case. Retailers must change to keep up with consumer trends.
Aggregating several dozen stores in one place and adding a cinema and a food court just isn’t going to cut it anymore. Now, the goal is to provide consumers with the best retail experience possible. The “mall within a store” concept might be the key.
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Maurizio Scrofani, CCSP, LPC, contributing writer, takes a closer look at the benefits of a mall within a store in a feature article for the September—October 2017 issue of LP Magazine. From the article:
People are spending more on themselves. A busy work life and the stresses of balancing the work-life person they want to be means that there is a desire to keep fit, feel great, and follow a better lifestyle. As more baby boomers leave the workplace, they have a lot of disposable income and heaps of time to spend on anything they like. They are conscious of their health and are looking for sound advice.
This is where the mall within a store comes in. It appeals to people who want that experience. While they are in-store, they more often than not will spend money there too. It is a win-win for the retailer that can make the most of their space (so many traditional retailers have large stores that are underutilized) while attracting a loyal audience. In Seth Godin Purple Cow speak, these are the sneezers that will let the rest of the world know what you are all about.
We are looking at making a mall a safe haven for the right audience. People will flock to a location that can provide protection from the weather, a reason to visit, and a variety of experiences. Imagine the whole family of several generations arriving at a mall and all having a reason to spend time there. Now the mall must move to within the confines of the shop. But the next question is what to do with all the space that has been generated in this move.
The challenge of creating the best retail experience possible, whether that is the mall-within-a-store concept or not, will likely create additional issues for security and loss prevention. Read the full article, “A Mall Within a Store?” to learn more about how the model may work and what skills and technologies are needed for its success.
You can also read the other articles in the September–October 2017 issue of LP Magazine by going to the Table of Contents. Not yet subscribed? No problem – register here for a free subscription!