Christina Nelson on July 1, Older consumers may value price over quality, but younger generations are increasingly willing to pay premiums for higher-end products. Some foreign companies are hesitant to enter the market, however, because they do not understand Chinese consumers and their shopping habits. Understanding the preferences and mindset of consumer groups is the key to successfully expanding a retail business in China. Consumer habits continue to evolve today, and examining generations of consumers can reveal certain shopping trends.
But why is this? We can point to competition and demographics for some clues as to what happened to Northwest Plaza, the largest mall in the St. US 67 and also very close to the intersection of I and I Louis area, and was also the first to feature four anchors: Ina large two-story mall opened in west-suburban Chesterfield.
Inthe massively popular and upscale St. Louis Galleria opened in centrally located Richmond Heights. And ina large shiny new center opened along I about 10 miles past Northwest Plaza in St. In response to this area competition, Northwest Plaza was sold in to Paramount Group, who enclosed and expanded the mall in This expansion added aboutsquare feet of in-line retail space, as well as a new food court with a new cinema stacked on top of it and a family entertainment center beneath it.
The total square footage in Northwest Plaza after the enclosure and expansion was 1.
Kids R Us was added soon after the enclosure, and the large two-level Woolworths closed and was replaced by Phar-Mor and smaller in-line store space. Apparently the enclosure and expansion had not stood up to the test of competition from other more dominant centers, which surround Northwest Plaza.
In Westfield America purchased Northwest Plaza, adding it to its growing portfolio of malls across the nation. Office Max even opened in the mall, which was one of the first Office Max stores in an enclosed mall. Northwest Plaza enjoyed a great deal of success, bringing occupancy up to a maximum of 96 percent during the late 90s and through the turn of the century.
The slowdown of the economy, ever-increasing competition, and some failed renovation efforts have sent the mall into a downward spiral, and today it is a hulking shell of its former self with an alarming vacancy rate.
Several planned renovations failed, including one which was to feature St.
Also inWest County Center was rebuilt as an upscale enclosed mall just 10 minutes to the south along I Louis Mills mall which is about 10 minutes away in Bridgeton and opened the same year.
Inthe vacancy rate was just over 20 percent, and in the movie theatre above the food court closed. It replaced the vacant JCPenney inand at the time was the largest store in the chain. Today, Northwest Plaza is alarmingly vacant. Several corridors are completely without stores.
The food court, which in was nearly full, has only three outlets.The retail industry has undergone a massive transformation with the advent of technology. Beyond the rapid rise of online shopping, retailers are spying innovative ways to hang on to traditional shoppers while diversifying both their channels and their wares.
Larry Reply: May 31st, at pm @Mike, I can remember when the mall first opened, it was awesome. During the birth of the N.W. Plaza there were 2 other fair sized malls in north St. Louis county, Northland and River Roads, and the inner city shoppers expanded out beings everything they had was closed due to crime and thief and soon the other 2 malls in the early 70’s became un safe.
A RESEARCH PROJECT REPORT ON “A Study on the effective promotional strategy influencing customer for The products of “ In Partial fulfillment of the subject MC&QA in semester 1 In MBA program at LDRP-ITR KADI .
Yahoo Lifestyle is your source for style, beauty, and wellness, including health, inspiring stories, and the latest fashion trends. For example Evans et al () used Fishbein model to measure attitude of consumer towards mall and Jones and Vijayasarathy () used multi-attitude model to measure the attitude towards online shopping.
is getting organized and consumers are seeking a one-stop shopping place with convenience market as general perceptions that women are more avid shoppers compared to men folk. The objective of this research is to know the consumer perception towards organized retail and.
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