Abstract

Due to the recent development of distribution and logistics-related technologies, the shopping environment and consumption patterns are changing, and at the same time, offline retail stores are experiencing unprecedented environmental difficulties due to the unexpected global pandemic of COVID-19. In addition, in order to protect and strengthen the competitiveness of conventional small business retailers, the last government was trying to expand regulations on business hours and compulsory closure of complex shopping malls following the regulation of large discount stores. However, despite these consumption trends and changes in the environment, research has been mainly limited to marts, department stores, or the retail industry in general, and studies on psychological and behavioral factors from the consumer side of complex shopping malls are insignificant. Accordingly, in this study, as part of the research on the revitalization of complex shopping malls and consumer aspects, the purpose of this study was to identify the value that complex shopping malls provide to consumers. Specifically, we empirically analyzed what the value provided by the complex shopping mall is, how the perceived value of such a complex shopping mall affects consumer happiness using the complex shopping mall, and how consumer happiness ultimately affects their happiness in life. For empirical analysis, survey data were collected from 1,000 consumers who had experience using the complex shopping mall, and the structural causal relationship between perceived value → consumption happiness → life happiness was analyzed and verified by a structural equation model. As a result of the analysis, it was found that except for the social value of the complex shopping mall, the emotional value and the experiential value had a positive effect on the consumption happiness felt while using the complex shopping mall. Among them, emotional value had a relatively greater effect on consumption happiness than experiential value. However, through further analysis, it was found that social values had a direct effect on the happiness of consumers’ lives. In addition, it was found that consumption happiness felt while using the complex shopping mall ultimately had a positive effect on the overall happiness of consumers’ lives. Taken together, this study will help establish revitalization measures for companies that operate complex shopping malls and the value to be provided to consumers. At the same time, empirical results are being presented to local governments that want to attract complex shopping malls to gauge what value they bring to local residents. Table 1 Structural equation modeling results Hypothesis β t-value Effect Result H1 Social value → consumption happiness –0.06 –1.07(p=.28) + Not supported H2 Emotional value → consumption happiness 0.68 12.30(p<0.01) + Supported H3 Experiential value → consumption happiness 0.29 8.04(p<0.01) + Supported H4 Consumption happiness → subjective happiness 0.58 17.13(p<0.01) + Supported Social value → subjective happiness 0.14 2.90(p=0.04) +

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