The Eight Metrics for Flourishing Shopping Malls

A shopping mall is not just a mere marketplace within closed roofs! It involves the usage of an assiduous approach when it comes to analyzing the overall performance – not only in terms of money but also in terms of customer behavior.

The knowledge about the eight metrics that analyze the performance of a shopping mall is extremely important. After all, no management would like to present a situation like the one given below:

Source: http://bit.ly/1fKabV8

Here are the eight metrics that, if followed honestly, will never lead to mayhem:

1. Heat map: It is a technical term used to describe the process for identifying the hot areas (just the right number of visitors), cold areas (not the right number of visitors) and the crowded areas (too many visitors) within a shopping mall
2. Zone analytics: A comparative analysis that measures the performances of different sections of a mall
3. Conversions: A tracking method for identifying the number of people who walk:
1. From the entry gate to the store
2. From one store to another
3. From one zone to another
4. Traffic: A time-dependent analysis that quantifies the popularity of different parts and retail spaces within a shopping mall
5. Attribution: An impact-based analysis that measures the effectiveness of campaigns, display ads, danglers etc. within a shopping mall
6. Benchmarking: A comparative analysis that compares different stores in terms of their performance
7. Paths: An observation-based analysis for identifying the typical paths within a shopping mall where the maximum number of people are present at any moment of time
8. Loyalty: An identification-based analysis that tracks the number of repeated visits within a store/mall and gauges cross-shopping as well

Segmentation Types for Shopping Malls: A Brief Glance

Shopping centres have been created all over the world and follow a large number of segmentation types for achieving the right tenant mix of stores and entertainment centres. A sample segmentation type has been given below.

1. Community centres: They sell general merchandise and convenience goods
2. Power centres: They feature category dominant anchor brands along with a few, small tenants
3. Lifestyle centres: They feature the following facilities:
1. Upscale
2. Speciality
3. Entertainment
4. Regional centres: They feature an optimum mix of fashion outlets and general merchandise stores
5. Super-regional centres: They feature general merchandise stores along with fashion outlets
6. Value-retail centres: They are shopping malls that comprise manufacturer’s retail outlets exclusively
7. Entertainment centres: They feature the following facilities:
1. Leisure
2. Tourism
3. Retail

Note: This is one of the many segmentation types that are in place today.

The Different Names of a Shopping Mall

Before progressing ahead, the reader should note three things:

1. He will learn the different names of a shopping mall in 10, different countries
2. He will have a snapshot of each country through an image and a caption
3. He will learn one, interesting fact for each of the 10 countries

Here are the different names of the shopping mall in 10, different countries of the world.

1. France – The French call the shopping mall as the Centre Commercial.

                                                       The Eiffel Tower in Dusk

Fact: There is only one STOP sign in Paris.

2. Germany – Germans prefers to call a shopping mall as an Einkaufszentrum.

                                                     Ballack during an Interview

Fact: Michael Ballack is no beer lover.

 

3. Norway – Norwegians love to shop in the Kjøpesenter – that’s their word for a shopping mall.

    

                                                        Skating Skills in Norway

Fact: Norway acquainted the Japanese with the ‘Salmon Sushi’.

4. Denmark – Danish shopaholics can be found in Indkøbscenter, or a shopping mall.

                                                      LEGO – We’ve all played with it.

Fact: LEGO was invented in the country called Denmark.

5. Italy – A day spent in an Italian shopping mall is a day spent in a Centro Commerciale.

                                                    Venice, Italy – Romance and Passion

Fact: The thermometer has been invented by Italy.

6. Hungary – Hungarians call a shopping mall as a Bevásárló Központ.

                                                       The Dapper Aura of Budapest

Fact: Rubik’s Cube was the invention of the famous Hungarian engineer, Ernő Rubik.

7. Switzerland – The Swiss name for a shopping mall is Köpcentrum.

                            

                                                       The Awe-inspiring Swiss Alps

Fact: Wrestling is extremely popular in Switzerland and is known as Schwingen.

8. Spain – A shopping mall in Spanish is Centro Commerciale.

                                                A Gallant Matador Facing an Angry Bull

Fact: People in Spain drive on the right-hand side of the road.

9. Portugal – In Portuguese, a shopping mall becomes a Shopping Center – That’s how they spell it in Portugal!

                                                     The Nostalgic Fountain of Lisbon

Fact: Soccer is the favourite sport of Portugal.

 

10. Ireland – The Irish call a shopping mall as an Ionad siopadóireachta.

                                                          The Dame Street of Dublin

Fact: The Guinness beer originated from Ireland.

Shopping Malls: A Success Story Or Is It?

Shopping malls are becoming things of the past – so say the pundits and that too with an abundance of confidence. In fact, according to Business Insider, the mall scenario in the USA is not a good one at all. Approximately, 15 per cent of the shopping malls present in the USA are predicted to either fail completely or get transformed into non-retail space!

Although, yet to make its appearance in India, the concept of self-checkout is telling a completely different story when it comes to the popularity of shopping malls. Put simply, as the name implies, self-checkout means that a person will scan the purchased goods and pay without a cashier being present.

The grass root reality from the Indian perspective is that the future of shopping malls is absolutely safe in the years to come.

The standpoint of the consumer is one of the primary reasons for the ‘future’ being a safe one! His perception has shifted from purchasing products to purchasing experiences.

As Roberto Fantoni puts it in his write-up, The Future of Shopping Malls:

“When today’s consumers’ visit malls, they are looking for experiences that go well beyond traditional shopping.”

This brings us to the question: What factors are at work behind a mall becoming a success story?

The answer rests in the words of Al Taubman – A builder, real-estate developer, and a marketing impresario – Taubman says that having a good architecture is the first stepping stone to success for any shopping mall. However, what matters the most is a complete ease-of-access for the shopper to the merchandise. Dubbed, the threshold resistance, this philosophy of Al Taubman convincingly answers the question in an interview held at the Taubman Asset Group, Bloomfield Hills, Milwaukee. A transcript of the same has been given here.

In addition of Taubman’s viewpoint, there have been a large number of perceptions and interpretations that have each chalked out an answer each for the question put forth here. According to Live Mint, there are seven considerations that have to be kept in mind while developing a success story. They have been given below.

• A good location
• A comprehensive understanding of the customers present in a neighbourhood
• A consumer- and retailer-friendly design
• A centralised system of mall control
• An optimum tenant mix of the three, primary attributes of any shopping mall: retailers, services and entertainment
• A proper maintenance to ensure a healthy footfall
• A parking space capable of parking a large number of cars

Read the full article here: http://bit.ly/1JsX9cw 

To sum up, the future of a shopping mall is a splendid one, simply because the awareness and corresponding implementation of Taubman’s threshold resistance and many other philosophies.