The post-world war II activities fueled the massive shifting of people from urban centers to rural regions. Moreover, the highway constructions in the rural areas, increase in incomes, and increase in car ownerships steered significant developments in rural regions, such as the construction of Suburban Regional Shopping Malls. Therefore, in Suburban, retail stores had a good market to serve, and their endeavors were successful over the next half a century. Notably, the Suburban Regional Shopping Malls was incepted as substitute or replacement for the Central Business District. In the region of Suburban, Minneapolis, the Suburban Regional Shopping Mall was the first to be set. Over the decades, Suburban Regional Shopping Malls have experience market opportunity in the region due to monotony, uniqueness, and convenience. Moreover, the mall has evolved and developed to nurture various branches over the country. In this essay, I will predominantly discuss the Regence Squire Mall and its operation, a Suburban Regional Shopping Mall branch enclosed in Arlington, Jacksonville, Florida, United States.
However, the Regence Squire Mall, after enjoying a competitive advantage for decades, they are now facing severe problems that are mandating some of its branches to the extent of closing (Perreault, Cannon & McCarthy, 2021). Nowadays, the Suburban Regional Shopping Malls are experiencing both direct and indirect completion. For instance, as merchandising has evolved, numerous ventures have located their malls with similar and dissimilar formats near the Regence Square Mall, posing completion directly. Similarly, innovation has also evolved as the field has evolved, allowing consumers to shop online who used to be the mall’s clients, reducing its sales (Perreault, Cannon & McCarthy, 2021). In the United States, more vendors have engaged in setting up malls, igniting industry overcapacity. Previously, the retail space was cheap when only a few retailers existed in the country.
However, overpopulation has caused the space to be inadequate and expensive, making the Regence Squire Mall challenged to expand and cater to contemporary facilities. In the contemporary world, especially in the United States. Most of the merchandise has shifted from department stores to neighborhood and community stores. By offering a wide variety of services, the neighborhood and community stores have attracted more clients who previously used to shop in the department stores. For instance, the neighborhood stores are depicted by leisure services that were not previously installed in the department stores (Perreault, Cannon & McCarthy, 2021). Moreover, the neighborhood stores are designed in current innovation models, which attracts more customers, particularly in their layouts and advertising techniques.
Eventually, the contemporary world will is marked by changes in shopping behavior. Anciently, the department malls were highly depicted with many clients. However, the number of clients in retail stores has reduced enormously nowadays. The market has evolved, and things exhibited in the department stores are now being seen in other business management units in advanced forms that drive sharing of customers. Alternatively, the incidents of direct competition, such as catalogue and online selling, have reduced the number of consumers in the malls (Perreault, Cannon & McCarthy, 2021).
Varied strategies have been deployed to cater to the declining issues of the Regence Squire Malls. For instance, they have undertaken renovation of their premises (Perreault, Cannon & McCarthy, 2021). Notably, the renovation would pose a significant role in ensuring the stores are appealing to the clients. Terminating the old models of the 1960s and adapting current models can drive more attractions to the clients and evade the previous uniqueness of the malls (Jian et al., 2019). Designing quality architecture intentioned for the market perspectives. In addition, fixturing extra amenities to draw new tenants’ attention. The Regence Squire Mall can re-tenant new retailers who seem to be more innovative in advertising and relation to the clients.
They should integrate stores with other services that were previously unavailable to avoid losing available consumers and attract those who had shifted (Jian et al., 2019). To facilitate the clients to find the goods they want from one location or premise. For instance, leisure services like liquors and hotels can attract more contemporary customers. They cater to the issues of higher interest rates and high construction costs; Regence Squire Mall can shift to neighborhood stores because they quickly return the liabilities capitalized. Alternatively, adapt to getting the goods from the goods directly from manufacturers to eliminate the intermediaries, hence lowering the prices of the products. Integrating zonal merchandising can significantly steer more convenience to clients of similar needs. Eventually, maintaining the quality of the products will enable retaining some clients and conducting promotions by asserting new brands and offering after-sale services (Bruskova, 2019).
In conclusion, the contemporary world has been depicted by various issues, particularly in the business sector. For instance, merchants are facing stiff completion from their rivals. Similarly, the evolution of the market has posed challenges to the ancient traders by being mandated to shift from old business models to current ones. The monopoly that used to exist previously is no longer available today. Therefore, traders must adhere to innovative techniques to endure the severe challenges.
References
Bruskova, O. (2019). MARKETING MIX (THE CONCEPT OF 4PS). In Public Relations as a Brand Awareness Booster (pp. 22-27).
Jian, O. Z., Utama, A. G. S., Musa, W. N. A. B. W., Hasly, W. B., Al-Rifae, R. F. B., Hussa, N. S. A. B. M., & Andriawan, N. (2021). Effective Marketing Strategies of McDonald’s in Malaysia and Indonesia. International Journal of Applied Business and International Management (IJABIM), 6(2), 33-46.
Perreault, W. D. Jr., Cannon, J. P., & McCarthy, E. J. (2021). Instructor’s manual to accompany Essentials of marketing: A marketing strategy planning approach 17th edition. McGraw-Hill.
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