The first shopping centers 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 most preferred shopping areas in our times among shoppers around the world.
The first stores in the malls were aimed at the elite. But this is no longer the case. Now, there are stores in the malls to suit different budgets.
Shoppers prefer shopping malls to independent stores for several reasons:
1. They have their own parking lot.
2. There is a wide variety of products available.
3. There are products from competing producers available under one roof. Then they can compare and make purchases.
4. They have facilities like bathrooms.
5. They have play areas.
6. There are food courts with a wide variety of cuisine.
7. There are movie theaters in shopping malls.
All these features make shopping a fun and satisfying experience.
Since shopping centers are the most sought after shopping destinations, it is beneficial for an entrepreneur to set up a store in a shopping center. Typically, retail store owners rent commercial space in a mall. Renting space in a store 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 shopping center, they can have the store in a prime location with minimal investment. On the other hand, if you try to buy a store there, you may not be able to afford it. A rented property involves a low initial investment. This allows the entrepreneur to use the amount saved in his business.
• You can attract competitive customers who have stores in the mall. This allows you to easily build a clientele.
• You don’t have to spend your time and effort maintaining 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 open pop-up stores in shopping 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 malls for shoppers and businessmen, we can conclude that malls will only increase in popularity over time.
