It’s no secret that traditional shopping malls have struggled in recent years. eCommerce giants like Amazon have taken a huge chunk out of their business. And retail stores just can’t compete price-wise. But there is something that malls can provide that online stores really can’t. And they’re starting to take advantage of it.
That secret ingredient for malls and retail stores is the actual shopping experience. If you can’t compete with online stores based on price alone, then you need to add value in some way to make it worth consumers’ time and money.
So some malls across the country have started to add more experience elements to their shopping centers. Instead of trying to fill every square inch with merchandise, they’ve added more restaurants, theaters, photo opportunities, kids’ activities and more. It makes a day at the mall more of a fun experience and less of a simple shopping errand.
Some malls are still struggling to make this transition. But the ones that have are already seeing some bounce-back.
To Compete, Add Value to the Retail Experience
And small retail stores can draw on some of those same lessons to increase business as well. Instead of trying to compete with eCommerce stores on price — a contest you’ll likely lose — host some fun events at your store or offer up coffee and baked goods to shoppers. If you can add value through experience, customers might just be willing to pay a little extra to shop with you.
Mall Photo via Shutterstock
This article, “What Can Small Retailers Learn From Big Changes at the Mall?” was first published on Small Business Trends