The earliest malls were Paris Arcades in the 19th century. They became very popular with shoppers instantly. Since then shopping malls have evolved to suit people’s tastes. Shopping malls are the most preferred shopping areas in our times among shoppers across the globe.
Earlier shops in shopping centres catered to the elite. But it is no longer the case. Now, there are shops in shopping malls which cater to different budgets.
Shoppers prefer shopping centres/malls to stand-alone shops for various reasons:
1. They have their own parking facility.
2. There is a wide variety of products available.
3. There are products from competing producers available under one roof. So, they can compare and make purchases.
4. They have facilities such as restrooms.
5. They have gaming zones.
6. There are food courts with a wide variety of cuisine.
7. There are movie theatres in shopping centres.
All these features making shopping a fun-filled and satisfying experience.
Since shopping centres are the most sought-after shopping destinations, it is beneficial for a businessman to set up a store in a shopping mall. Generally, retail store owners rent shop space in a mall. Renting store space benefits the businessman in many ways.
• Shopping malls are usually located in prime locations which are easily accessible. If a retailer sets up a store in a mall, he can have the shop in a prime location with a minimal investment. On the other hand, if he attempts purchasing a shop in such a location, he may not be able to afford it. A rented property implies low initial investment. This enables the businessman to utilize the saved amount on his business.
• He can attract clients of competitors who have shops in the mall. This enables him to build a clientele easily.
• He does not have to direct his time and efforts towards the maintenance of the shop. This helps him to focus on his business.
• Generally, the charges for utilities are included in the rent. Hence, he does not have to involve himself in these matters.
• Many a time, businessmen set up pop-up stores in shopping centres in order to attract customers for new products. This is a popular location for a pop-up store as it is a high traffic area.