Who does not like to go for an ice cream trip to the nearest shopping mall? Or maybe browsing through the latest spring-summer apparel collection is more suited to your liking? Whatever the reasons, trips to the shopping malls are always fun. Catching up with old friends over a coffee at the malls can be one of our favourite things to do, but not many of us know about the story of shopping malls.
Writing an assignment may not be fun, but having all the facts you need right at your fingertips sure helps to ease the burden. Whether it is for your economics, sociology or marketing course, this blog can help you get around the basics of what shopping malls are, and how they have influenced our lives and economies at large.
Shopping malls are urban shopping areas with a variety of shops and a surrounding open-air concourse for pedestrians. The term shopping mall can also be used to define a large suburban building with a variety of shops connected by pathways.
A shopping mall is an agglomeration or group of stores that offer brands, products and services at the same place. Everything under one roof or variety is one of the key characteristic features of a shopping mall. Shopping malls are present in almost every urban sphere days with products and services like clothing, restaurants, departmental stores, movie theatres, and foreign exchange.
Shopping Malls |
Shopping Centres |
Shopping malls can include shopping buildings, strip malls, pedestrian streets and walkways. |
Shopping centres are single or groups of buildings housing various retail outlets. |
Shopping malls might contain open spaces. |
Shopping centres are usually enclosed spaces. |
Examples: West Edmonton Mall (Canada), Dubai Mall (UAE), Champs-Elysees (France) |
Examples: Outlet Shops Atlanta (USA), Grays Shopping Centre (UK), Bahn of Kyoto (Japan) |
Local shops have had to face the music with shopping malls making their way around the world. Here are a few ways that they have had a massive impact on the local economy and shops.
Over the years, the wide range of amenities and price factors drove consumers by the hordes to the nearest shopping malls. Here are a few reasons that they have picked shopping malls over any other mode of shopping over time.
Not only local shops but malls have come about to change buyer persona and choices over the years too. A typical Saturday market in an English town was once all about meeting with the people of the community amid the hustle and bustle of the rows of shops.
Here are a few of the effects of shopping malls on buyers that have made their presence felt throughout the communities all over the world.
Outlet stores (or factory outlets, as we know them) are brick and mortar or online shops that sell the manufacturer’s products directly to the consumers. In the earlier days, these stores were located adjacent to the factories or manufacturing plants.
However, they can now be located anywhere in the world or even online. Consumers can get hold of the manufacturer’s products directly through an outlet store. Often sold at a discounted rate than retail stores, outlet stores for apparel and technology products have the highest footfalls over the globe.
New-age logistics, seamless communication on digital platforms and the era of the Internet have made it possible for shopping malls to become the contemporary version of retail stores. The Harvard Business Review reports that a successful amalgamation of the brick and mortar retail stores inside shopping malls and online sales channels can ring in the new dawn of shopping.
The e-commerce industry accounts for $200 billion in annual revenue from the United States alone. While Amazon is coming up with a stand-alone store, Walmart and Target have launched their respective apps. Shopping malls have thus merged into a multi-channel system enabling both offline and online retail in the current era.
Traditionally, factory outlets used to be located close to the manufacturing plants – literally in or around the factory premises. Primarily used for selling off bulk or excess products at a throwaway discount, factory outlets gradually came to be popular through the employees of the factories itself.
With time, factory outlets started cropping up in the form of separate retail stores. However, the pricing factor remained the X-factor that brought customers by the hordes. You will now find plenty of factory outlets that sell the following.
Brands like Bose, Nike, Armani Exchange, and Forever 21 have their factory outlets for selling products at cheaper rates, catering to a more extensive consumer base.
Retail outlets, on the other hand, signify those traditional stores that buyers can walk in to take their pick of the array of products a brand produces. Retail outlets organise discount sales as well. But the bulk products from clearance sales end up at the factory outlets for yet another round of discounted sales.
While retail outlets are the primary source of revenue generation for the top brands, their factory outlets have helped them bring about a wide variety of consumers to their foray. Mid-ranged products at factory outlets have become more appealing to the urban elite, and their desires to be associated with top brands now have a way of fulfilment. Factory outlets have come to bridge the gap between the classes, and this goes on to show a restructuring of the economy within the consumerist structures.
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