What new retail concepts can you identify?
Watch the video Suburban Regional Shopping Malls: https://www.viddler.com/embed/1a9d2038/?f=1&autoplay=0&player=full&disablebranding=0
According to Perreault, Cannon, & McCarthy (2021) from the course textbook’s Video Instructor’s Manual, “this video focuses on the current problems of suburban regional and superregional shopping centers. Southdale Center located in suburban Minneapolis is considered to be the prototype for most of the suburban regional and superregional shopping malls built during the second half of the twentieth century. Southdale opened in 1956 and featured 70 retail tenants in an 800,000 square foot enclosed, climate-controlled mall, anchored by two department stores.
The suburban regional shopping mall and their department store anchors enjoyed great success for almost 50 years. However, in the final decade of the twentieth century, they began to experience problems: competition (direct and indirect), industry overcapacity (retail space), a decline of the department store, and changes in shopping behavior. Strategies for turning around regional and superregional shopping centers include renovation, re-tenanting, entertainment, and zonal merchandising. The need to create an appealing, exciting shopping center that stimulates social activity is the key to revitalizing traditional malls. However, some suburban regional shopping centers will not survive. In fact, some have already been “decommissioned.” At the end of the segment, Rolling Acres Mall in Akron, OH, is shown as an example of a shopping center in trouble.
The video features interviews with several shopping center developers: Yaromir Steiner, CEO of Steiner & Associates, Bob Gorman, CSM, Area Manager of Greenwood Park Mall, Simon Property Group, Les Morris, Manager, Corporate Public Relations, Simon Property Group, Mike Leonard, COO. The Hogan Group, and Glen Hogan, President/CEO, The Hogan Group” (Perreault, Cannon, & McCarthy, 2021).
For this case study, you will need to address the following:
Imagine yourself as the manager of a struggling local suburban regional shopping mall (select a struggling regional mall that you are familiar with). What do you think the mall should do to improve its performance? (Hint: Firmly establish the problem before recommending treatments.)
What shopping trends do you foresee over the next 10 years? How might these trends affect suburban regional shopping malls?
What new retail concepts can you identify? How might you learn about more? What strategies do you suggest for learning about new retail concepts? (Perreault, Cannon, & McCarthy, 2021)
For each prompt, please include evidence to support your position. Marketing decisions and strategies should be evidence-based. You may find it helpful to review Module 1 when you complete this assignment. (Hint: Allow the concept of value to direct your thinking. Marketers should not recommend strategies without first understanding the problem and the value the target market seeks.)
**** VERY IMPORTANT: This assignment involves more than summarizing the case or video presentation. Remember, effective marketing strategies must be designed to add value to the target market. When completing this assignment, students should demonstrate the needs of the target market and craft strategies that will satisfy the target market’s needs. Major marketing decisions should not be based on assumptions, instincts, or guesswork. Major marketing decisions should be rooted in evidence and facts. Therefore, it is critically important that students include a wealth of evidence to support how the target market derives value and how student-generated recommendations will provide the benefits sought by the target market. Students may find it helpful to identify and focus on one specific regional mall instead of regional malls in general. DO NOT simply repeat the information presented in the accompanying video. Conduct your own research to determine the problems regional malls are experiencing, and your solutions should be based on satisfying consumers’ needs.
The body of your APA-formatted case study must be 2 to 5 pages double-spaced. The page count does not include the cover page, reference page, or any other charts, graphs, or tables. Body content in excess of 5 pages will not be considered for grading purposes. An abstract is not required. Do not use first or second person pronouns in your paper. Your report should include a cover page, cited references, and must include the following:
Introduction: The introduction should introduce the topic to readers or provide enough background information so readers can understand the context of the paper. Although introductions should be included, do not use the heading, “Introduction.” The beginning is assumed to be the introduction.
Content: The content should address each question with thoughtful, in-depth consideration reflecting both proper use of course terminology and additional original thought. Include a descriptive heading for each of the three primary questions. Do not use the questions themselves as headings.
Conclusion: The conclusion should revisit key points or perhaps discuss future implications of the topics discussed in the paper. Using the heading “Conclusion” signals to readers that the document is ending.
Perreault, W. D. Jr., Cannon, J. P., & McCarthy, E. J. (2021). Instructor’s manual to accompany Essentials of marketing: A marketing strategy planning approach 17th edition. McGraw-Hill