Prospects for retail stores are not exactly rosy for 2018. A consumer report predicts that this new year there would be a lot of store closures. The gaining popularity of online shopping is being seen as the greatest challenge to retail stores. Shoppers are finding it easier and more convenient to shop online.
Anchor stores, or better known as large department stores, are also expected to suffer for 2018. Anchor stores traditionally attract the majority of customers. The foot traffic there also provides a boost in the process to the smaller businesses nearby. Business Insider says 310 out of 1,300 malls are at risk of losing an anchor tenant.
Dean of the College of Business Administration ar Stanislaus State University Tomas Gomez-Arias says that many mall operators are now seeing new anchors, as opposed to the conventional retail stores, in the form of movie theaters, bowling alleys or restaurants.
Gomez-Arias also says the shift is also determined by the fact that shoppers want more than just a shirt, but they want an experience. He said shoppers are looking for more reason to come to the store. Online shopping, on the other hand, is convenient to those who have little time on their hands to shop but would want to buy something new like stay-at-home or work-from-home mothers.
The Sun Valley Mall in Concord opened up Round 1 that boasts of a large video arcade with games, karaoke, and bowling to attract more families.
A shopper named Beau Crowley interviewed by local media typifies what shoppers are looking for these days- the ability to multi-task even when malling, or be able to do more tasks as compared to the singular shopping experience. Crowley brought his three sons to the mall to bowl, shop and eat, with shopping being last on their list. He shared: “We’re planning on picking up some Vans shoes at the Vans store after we’re done. But we’re also going to eat.”
Source:
http://abc7news.com/shopping/thousands-of-retail-store-closures-predicted-for-2018/2852151/
