A shopping mall is a place where people come to buy various goods, commodities, consumables, luxury items along with other functions such as dining and entertainment. Today, considering the stiff competition in the market, it is essential to analyze the success factors that would be needed to build a perfect shopping mall. If I was going to build a ‘perfect’ shopping mall, I would include the following factors:
- Create a ‘Lifestyle Center’. A lifestyle center is a shopping mall that has an interesting and diverse combination of restaurants, entertainment zones, movie theaters, grocery stores, fountains, general stores and lifestyle stores (Hardwick, 2015). Building a shopping mall in a form of a lifestyle store would ensure that it would cater to a broad group of customers who belong to different age, social class and preferences along with getting the required number of footfalls.
- A strong marketing and sales team. Marketing is nothing but identifying and meeting the needs and aspirations of the customers (Kotler, 2012). It would be vital to create a strong sales and marketing team that can identify and analyze the requirements of the local people staying near the shopping mall’s vicinity. Once the requirement is identified and measured, it becomes easy to create a ‘long term success plan’ for the shopping mall.
- Create a blue print and success plan for the mall. Once the customer requirement and market trend has been analyzed, it would be vital to create a detailed plan for the shopping mall. This plan would include factors such as space rentals, franchising options, brand marketing, marketing communication strategy, public relation function and publicity.
If I was going to build a perfect shopping mall, I would finalize the above success factors into my strategy. In today’s world, it is absolutely essential to understand the customer’s needs and wants. Any plan is incomplete without the analysis of the existing market trends and requirements of the people.