According to the text, Basic Marketing by William Perreault, et al, the retail life cycle consists of the Introduction, Growth, Maturity, and Sales Decline Stages. As suggested by the text, management would need to find that niche that would draw customers locally, and in the neighboring communities. Catering to the appetites of different and diverse cultures of people, thus attracting the consumer from every walk of life increasing their buying power, would catapult suburban regional shopping mall experiences. If I were the manager I want to create a positive reputation that the city would enjoy. The consumer would be able to find needed products and services in one place (one stop shop) without hassles. I believe what is missing is a distribution of the right mix of stores, and the process to attract them.
This is an opportunity that most cities want but few realistically achieve. 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? I would analyze existing retail patterns and development trends to determine where to focus the initial recruiting and development effort. Realizing that time must be spent, money also is involved in order to be successful. Filling the vacancies with specialty shops, anchor stores, and department stores offering much needed and wanted products and services that all containing intent to compel business. Coffee shops and pastry shops that have a wait staff to cater to its customers’ needs giving them that personable feel.
Incorporating entertainment around holidays such as Christmas and Thanksgiving, Gyms or play areas for the children, and an area where the customers may utilize for rest and relaxation. I find that as our culture is becoming more and more health conscience, the local malls have become a walking track especially for the elderly, because they would not have to be out in the elements of the ever changing weather. What Shopping Trends Do You Foresee Over the Next 10 Years? How Might These Trends Affect Suburban Regional Shopping Malls?
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