There are various innovative technological breakthroughs in the 21 century that promote the growth of online retailing, and as such, define the future of the shopping center landscape. This section will highlight some of these innovative breakthroughs and continuities.
To begin with, there are transformations in the way retails businesses run. Arguably, retail businesses are inclined towards providing more point-of-sale to customers through the provision of services that are convenient to customers. In this case, a customer does not need to go to a brick-and-mortar shop to make purchases. On the contrary, the online shopping through tablets, smartphones and PCs are becoming point-of-sales through which customers and retailers connect. With this in mind, customers can make their purchases from any place across the globe or from store itself. In other words, retailing is rapidly moving away from brick-and-mortar shops to online shopping via the internet.
New Retail Strategies
The floor-space has found totally new use in the retail sector. In this case, most retailers have in the recent past focused on setting up pop-up stores in factories, institutions of higher learning, beaches, trade fairs, or in factories, where they are open for a limited period of time such a day, a week, a month or a few months. Most of these retailers go to places where they believe there is a high demand for their products and services at a particular time, and in some cases, they create events that gives them the opportunity create their pop-up stores.
– The brick and mortar retail businesses are witnessing increase predatory competition with a decline in the floor-space yield.
– The Center Management continues to experience new challenges due to the decreasing foot traffic to different types of commercial real estate.
– The statistics point to the fact that the turnover of online shares is between approximately 4 per cent and 13 per cent, depending on the market or rather country in question. Therefore, it is necessary to examine how to make the 20 per cent of floor-space that is available productive.
– There are various reforms in the retail landscape due to the evolving consumer behavior – it is not the internet alone.