Saturday, July 08, 2017

How To Compete In The age of Amazon

The retail industry is struggling. Many brick-and-mortar stores have been defeated by fast fashion brands such as Zara or Amazon’s involvement in all kinds of business, from daily supply to clothing and now even to grocery. Affected by that, Macy’s and Sears’ known failure in maintaining profits have forced them to close many stores. Sears is very likely to be on the edge of going bankruptcy soon. Such fact has alerted other retailers to take actions to minimize the loss.

Yes, here we are not even talking about profit, we say survival. Even the owner of the Newgate Mall is not stingy about pouring $500,000 to inject new energy to the food court and make it stay current for the sake of driving traffic to the mall, according to this article.

From my own personal experience in different shopping malls, I have sensed that food court’s development model is very fast-food driven since it doesn’t focus on healthy food. Therefore, it’s a great idea that many companies are moving restaurants, bars and even mini-golf courses or rock-climbing gyms to shopping malls. It’s saying something here: millennials are becoming the largest consumption group and they are more inclined to healthy focused food and fitness. Shopping malls need to use a new model to keep themselves relevant to these customers. 

Click the link below to view the original article:

No comments: