Abstract

Shopping center operators still have ample opportunities to innovate, transform functionally, benefit and remain relevant to 21st century buyers. This is especially true for emerging markets, where income growth, increased discretionary spending, and urbanization have created opportunities for social and commercial "directions." To improve the experience of both buyers and tenants, operators must constantly offer a variety of new, fast-delivery services and technology-based products. This will require the use of flexible approaches to testing new products, events and services, and then rapid adaptation based on feedback. Shopping center operators will also need to extend this more flexible operating model to their tenants, facilitating close coordination. For all this, operators need people who understand flexible design, process redesign, as well as IT architecture and infrastructure. Achieving this new way of working and maintaining customer focus requires cultural shift operators from shopping center operators. Operators who have long been accustomed to long development cycles and low risk tolerance will need to adopt a mindset based on testing and training in which all employees become accustomed to feeling constantly failing and accepting failures as a necessary harbinger of success. This study examines a number of areas in which retailers should focus their efforts. Namely, rethinking leases, creating new revenue streams and additional services, using technology to increase the value of shopping centers and demand for modern opportunities. In addition, this study conducted a survey of visitors to shopping and entertainment centers and determined the average frequency of visits. As an example, the authors of the study propose to consider the seven most creative models of functional restructuring and reconception of shopping and entertainment centers in France, Japan, USA, China, Germany and Ukraine.

Full Text
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