Shopping Mall After Covid19
Due to several external factors influencing market forecast (present/future) for shopping malls business activities at shopping malls including buying behavior of consumers & flow of various type of audience at shopping malls is in urgent need of reactive strategies, and drastically changing market environment demands dynamics flexible revised pricing strategies clearly resulted due to Pandemic (Covid19) now already impacting positive business indicators in the market; Evidently efforts for crowd flow & consumer shopping behavior strategies are reviewed and implemented with new pro-active strategies at various shopping malls. Shopping mall penetration towards events is seeing drastic shift in operational & service strategies that use to generate crowd for events using brand image (Shopping mall goodwill), and various other attractive anchors initiated by shopping mall are under question to balance business ecosystem.
Drastic strategic shift adopted by various active shopping malls with respect to their marketing & pricing strategy at present situation have given hope for small business to survive in pandemic waves when sales cycle is seriously declining and directly expected to impacting Business at Shopping Mall & key challenges to echo system at shopping malls demands attention from associate partners. Lowering of space rent is a proactive strategy that needs to be adopted by shopping malls. Present challenge with respect to shopping mall is to anchor strong relationship/bonds with vendors and organizers who are part of strong business ecosystem of modern selling, dynamic strategies needs to be implemented to strengthen strong echo system governing health of crowd flow strategy at shopping malls. Organizers coming up with new events concepts budget friendly to match micro flexible pricing strategy are going to be part of normalcy positive indicators. Not only right changes in pricing strategy impacted old and new popup stores to survive during pandemic wave, but also making sure that market is sustaining itself within natural business friendly strategies for shopping malls by minimizing impacts of injury due to Pandemic (Covid 19).
Some of the shopping malls not receiving market feedback from front line managers dealing with service part have impacted small and mid-size business going bankrupt not able to sustain operational cost and selling cost, while on the other side after effect of Pandemic wave is trying to wash away business ecosystem all at once that needs immediate attention from eco-platform partners (Shopping Malls and Organizers), not good indicators at present for organizers who are trying their best to balance business ecosystem for shopping malls; and all business houses(Shopping Malls) implementing non responsive strategy for pandemic (covid19) is giving injury to organizers, vendors, shopping malls to sustain pandemic wave. Shopping malls adamant with historic forecast & past strategies are not improvising or modifying their present implied strategy based on Pandemic (Covid19) have resulted in disbalance of business ecosystem governing shopping malls, and increased in end cost of organizers (operation and marketing), end cost of sellers on both sides have gone uncontrollable, and chances of survival of business echo system for pop up stores, shopping malls and organizers are on the edge of collapsing.
- Shopping Malls business activity team should be flexible to examine reactive strategies to revise and review eco business model to handle unprecedented wave of pandemic (Covid19) with minimize effect for normal business functioning of events.
- Immediate meeting with platform partners (organizers) for valuable feedback and next steps.