Sales data – most tenants have to provide centre management with their actual sales figures for the purpose of assessing turnover clause rentals. Finally, malls are overcoming the commoditization problem by focusing on specific consumer segments and/or creating specific zones within the mall that allow consumers to find an area that caters to them.
Differentiating the consumer offering, with a focus on experience and convenience. shopping is very common outside India, its growth in Indian Market, which is a large and strategic consumer market, is still not in line with the global market. shopping, participants are . using gross store area – the total area for which the tenant pays rent, or nett selling area – the area to which shoppers have access. towards online shopping and specifically studying the factors influencing consumers to shop online. 429 0 obj <>/Filter/FlateDecode/ID[<9BAA1DD295E430479DBDB9970029E7BF>]/Index[411 37]/Info 410 0 R/Length 88/Prev 181863/Root 412 0 R/Size 448/Type/XRef/W[1 2 1]>>stream In the case of Cresta ±58% of the market in the primary catchment area live in suburbs well above average, 25% in very affluent suburbs and 17% in average and below average priced suburbs. %PDF-1.5 %���� It is also of utmost importance to track the changes at centres on a regular basis, especially in the new South African market, changes are occurring rapidly and therefore shopping centres need to understand and focus on their markets to identify changes in behaviour, needs and support. It must be clearly decided when is the best time for the fieldwork to be conducted. Innovative malls are incorporating value-added elements that attempt to recast the mall as the new downtown, including concerts, arts centers, spas, fitness clubs, and farmer’s markets. endstream endobj 412 0 obj <>/Metadata 54 0 R/Outlines 110 0 R/PageLayout/OneColumn/Pages 406 0 R/StructTreeRoot 113 0 R/Type/Catalog>> endobj 413 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 414 0 obj <>stream You as a marketer should then be able to base your answers on quantified information obtained through market research. The total responses represent the number of respondents who answered a specific question (204 in the example). ���f3f��-ك/�3ɥ`FJXY���B0�3j�P6:��(��b�^����~�b�|���6�\9�. Secondary data is compiled inside or outside the organisation for some purpose other than the current investigation. Open air malls go a long ways toward lending an atmosphere of a town center, especially when they incorporate mixed use real estate.
The segment approach can easily be implemented.
Once this has been done the market research information can be used in a number of ways. &뺧���|�pR�P����b The trends helping to create this change include changing demographics, such as an aging population and increased urbanization, which means more people living in smaller spaces and a greater need for public spaces in which to socialize and congregate. The information collected is directly related to the specific research problem identified. Please click "Accept" to help us improve its usefulness with additional cookies. Decreasing sales and increasing expenses or decreasing profits are all broad indications of problems associated with a shopping centre. In addition more shopper-tainment stores have appeared along with coffee shops, as well as more browsing types.
There are various ways to write reports. This is statistically 99,9% (+++) higher than the average of the total sample, which is 21%. Nor should they try. Product attributes include usage rates defined as: non-user, ex-user, potential user, first-time user, and regular user groups. The sample size of any market research project is of utmost importance. Geographically, you can segment by region, city size, by population density, or by other geopolitical criteria. This is a very applicable segmentation method for shopping centres.
For larger centres Sundays are also included as part of the research process. The growing middle classes in Latin America and Asia maintain a strong association between consumption and pleasure, driving the need for more engaging shopping experiences. In this environment, malls offer a welcome watering hole, especially in cities where other public spaces are not safe.
our use of cookies, and Diagram 2 clearly distinguishes between primary market research and secondary market research. There is a wide variety of primary market research types that could be used, but for purpose of this lecture the focus will mainly be on shopper intercepts, so-called shopper surveys. The user of desktop mapping programs linked to a well-developed geographic information system (GIS) can clearly indicate the different spatial patterns present in the catchment area of any shopping centre. The questionnaire can be used in a paper format or on a palm top.
The following table is an example of a computer printout for a shopper survey. The reason for that is apparently due to an increase in both the size of the centres and their tenant mix. Mixed used developments offer consumers an attractive, integrated community in which to live, work and shop. They will be managed more like content and media, instead of real estate. All the questions that one asks the respondents must be totally unbiased and formulated so that all the different respondents understand it. This column always adds up to 100. The best way to understand the fundamentals of market research is based on the example: Glenvista Shopping Centre, Southern Suburbs of Johannesburg. The researcher must take a clear objective look at the findings to see how well the gathered facts answer the fundamental research question posed in the beginning. Our flagship business publication has been defining and informing the senior-management agenda since 1964. A variety of other sources may provide centre mangers with some information about their centres or competing centres or the environment they operate in. It is simply the rental expressed as a percentage of sales. Population numbers, population growth, the possibility of new commercial or industrial developments and road changes might have a direct influence on a specific shopping centre. Subscribed to {PRACTICE_NAME} email alerts. In practice, such information is further broken down to distinguish non-users, light, medium and heavy users of the shopping centre. In a small centre like this the support market and the target market is the same. Such elements help malls better blend in with their surroundings.
Wikipedia The most difficult form of segmentation results from the application of psychographic variables, such as life style, personality, and self image. To do this, mall players must first isolate and quantify the consumer touch points that are most responsible for driving satisfaction. Secondly, malls are using technology to transform mall usability as a means of improving customer satisfaction.
The world of retail is changing dramatically, but the mall still can have a central role in urban and suburban societies.
The King of Prussia Mall, located 30 km from Philadelphia, has a Morton’s Steakhouse and Capital Grille. Trading Density – This is total annual sales divided by the space occupied by the store. They must envision themselves no longer as real estate brokers, but instead as customer-facing providers of shoppable entertainment. Although these trends are expressing themselves to varying degrees in different markets around the world, we believe they are relevant globally and should be taken to heart no matter where mall companies operate. The banners on top of the table represent various analyses which refer to information per category (e.g. 0 3) Think surgically about where and how to grow in a way that won’t jeopardize returns. The 7% in the secondary trade area who support the centre on a 2 to 3 times per week basis, is significantly 99,9% (—) lower than the average of 21%. The research should also be conducted during Fridays and Saturdays because of the difference in shopping behaviour on these two days. Reports can be in the following formats: The following is an indication of some findings regarding a shopper survey conducted at Glenvista. For example, it is common to combine the age of the head of the household with the family size and the level of household income. Press enter to select and open the results on a new page. �����v}a�e��H�Y To avoid becoming what one chief executive calls a “historical anachronism – a sixty-year aberration that no longer meets the public’s needs,” mall operators must expand their horizons of what a mall can be. The five largest malls in the world now reside in Asia. From the two graphs it is evident that the smaller centres have lost out both in terms of time spent there and the number of weekly visits by customers; indicating the increasing degree of competition at this level of centre. The problem definition is the first step towards launching a research study. It is so important to understand the geographical distribution of different age groups, life cycle stages or income categories. In the Dubai Mall, for instance, “Fashion Avenue” is an area dedicated to luxury brands and services tailored to the upscale customer, including a separate outside entrance and parking area. In South Africa trading densities vary widely between store types, and their are also big differences between trading precinct types. Rent/Sales Ratio – This is the ratio of rental to sales experienced by a store. By contrast the time spent in regional centres has increased to 108 minutes over the 95 noted in 1998. The first sign that a problem exists in a shopping centre is: The problems and challenges and the importance thereof will vary from centre to centre.
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