Explain the causes behind the rise of market complexes and shopping malls.
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Shopping malls contribute to business more significantly than traditional markets, which are viewed as a simple convergence of supply and demand. Shopping malls attract buyers and sellers, and attract customers, providing enough time to make choices as well as a recreational means of shopping. However, competition between malls, congestion of markets and traditional shopping centres has led mall developers and management to consider alternative methods to build excitement in customers. This study examines the impact of growing congestion of shopping malls in urban areas on shopping convenience and shopping behaviour. Based on the survey of urban shoppers, the study analyses the cognitive attributes of the shoppers towards attractiveness of shopping malls and intensity of shopping. The results of the study reveal that the ambience of shopping malls, assortment of stores, sales promotions and comparative economic gains in the malls attract higher customer traffic to the malls.
Marketplaces in urban demographic settings attract a large number of buyers and sellers, which can be termed as market thickness. The co-existence of many shopping malls with traditional markets in a marketplace causes market congestion. This problem may be resolved by developing small kiosks for transactions and allowing consumers to test out customised products and services from the main stores. The growth of market share for specialised retailers and large departmental stores depends on the size of the consumer segment in a given urban population. It is observed that consumers’ buying preferences become more diversified as the extent of retail stores increases within a confined area. Thus, the market size reaches a threshold and the consumers’ shopping preferences are jeopardised owing to indecisiveness in shopping. However, shopping centres and hypermarkets have become important elements in the urban landscape, though lack of planning and vision has led to chaotic development and congestion of marketplaces, affecting the growth of the retailers . A larger shopping centre can facilitate a greater variety of shops, and can create a more pleasant environment for shoppers, thus enticing them to visit more often and stay longer. This proposition leads to one of the challenges faced by managers of shopping malls located outside the traditional shopping belt, that is, how to attract shoppers to patronise their malls.