The first shopping malls were Paris Arcades in the 19th century. They became very popular with buyers instantly. Since then, shopping malls have evolved to suit people’s tastes. Shopping malls are the preferred shopping areas in our times among shoppers from all over the world.
Earlier stores in malls catered to the elite. But it is no longer the case. Now, there are stores in the malls that suit different budgets.
Shoppers prefer malls to independent stores for several reasons:
1. They have their own parking.
2. There is a wide variety of products available.
3. There are products from competing producers available under one roof. Thus, they can compare and shop.
4. They have facilities like toilets.
5. They have play areas.
6. There are food courts with a wide variety of cuisine.
7. There are movie theaters in malls.
All of these features make shopping a fun and satisfying experience.
Since malls are the most sought after shopping destinations, it is beneficial for an entrepreneur to set up shop in a mall. Typically, retail store owners rent store space in a shopping center. The rental of commercial premises benefits the entrepreneur in many ways.
• Shopping centers are usually located in privileged places that are easily accessible. If a retailer sets up a store in a mall, he can have the store in a prime location with minimal investment. On the other hand, if he tries to buy a store in such a location, he may not be able to afford it. A rented property implies a low initial investment. This allows the entrepreneur to use the amount saved in his business.
• You can attract customers from competitors who have stores in the mall. This allows you to easily build a clientele.
• You don’t have to spend your time and efforts to maintain the store. This helps you focus on your business.
• Generally, utility charges are included in the rent. Therefore, you do not have to get involved in these matters.
• Many times, entrepreneurs set up pop-up stores in malls to attract customers for new products. This is a popular location for a pop-up store, as it is a high-traffic area.
With so many benefits of shopping centers for shoppers and business owners, we can conclude that shopping centers will only increase in popularity over time.