A Review on Key Determinants Factors of Successful Shopping Malls

Abstract

Revitalizing traditional shopping malls in the omnichannel era necessitates the implementation of several best practices that prioritize innovation, customer-centricity, and sustainability. Embracing digital transformation is paramount, as malls need to seamlessly integrate online and offline channels to provide a cohesive and convenient shopping experience. This entails establishing a robust online presence through engaging websites and mobile apps that enable customers to browse, purchase, and access personalized offers and recommendations. Incorporating features such as click-and-collect, digital payment options, and virtual shopping experiences further enhance convenience and attract tech-savvy consumers. The problem at hand revolves around understanding the intricate dynamics that contribute to the achievement and continued profitability of shopping malls, considering the evolving consumer preferences, emerging market trends, and competitive challenges they face. In order to identify the key determinants for successful shopping malls, a desktop analysis was done to see how far the narrative of the study could be strengthened. The findings suggest that the crucial elements encompass location, tenant mix, customer experience, marketing strategies, innovation, facilities in the buildings and its surrounding, Safety and security, sustainability practices, and adaptation strategy are all factors for successful shopping malls. Through an in-depth examination of these factors, the study will offer valuable insights and practical recommendations for stakeholders in the retail today's dynamic retail environment industry to effectively navigate the evolving landscape and ensure the long-term viability and success of shopping malls.