What is a Shopping Centre?

<aside> 🌱 A shopping centre is an area built specifically for a lot of different types of shops.

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Why are there shopping centres?

<aside> 🌱 Shopping centres play a role in providing a better location for businesses and retailers. Its accessibility, parking facilities, and quality of the shopping environment as a whole are ideal for retailers.

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The benefits:

• Rent is lower in shopping centres compared to high streets
• There’s a wide variety of products available
• Saves time for customers
• They have a parking facility
• There are products from competing producers under one roof
• Facilities such as restrooms and held desks
• Some may have arcade rooms
• Some may have a food court with a variety of fast-food chains
• Cinemas and other entertainment facilities

Shopping centres vs High Streets

<aside> 🌱 Shopping malls are typically located in ideal locations which are easily accessible. It is very beneficial for a retailer to open a store in a shopping centre as there are many opportunities to introduce new customers to their products. They are also able to compete with their competition and create opportunities for customers to save money. In high street stores, there are very few opportunities to open a retail store. This is largely due to the fact that there is less space available, making it more expensive to rent and even more difficult to find. Shopping centres fix this problem, by providing a multi-level building with plenty of space for stores, making it cheaper and easily accessible for businesses. However, even after this, shopping centres are becoming more and more obsolete due to the increase of online shopping.

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https://www.youtube.com/watch?v=ad-GuV6YIMI&ab_channel=TheEconomist