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With this, retailers are designing storelayouts with dedicated areas to showcase new and different products for varying tastes and trends, creating an ever-changing experience for shoppers. The concept of personalization is not limited to individual stores but also extends to the overall mall experience.
This transformation can be dissected into several distinct stages, often referred to as disruptions, in which retailers competed on multiple fronts: for physical space, consumer attention, and innovative storelayouts and designs. These departmentstores were typically found in major cities, catering to urban consumers’ needs.
The 4Ps of retail management are: product, place, price and promotion. Product The product must fulfill a need or desire for your customer, making it the foundation of your retail operations. For small retail outlets, this might mean offering goods that aren’t available in big departmentstores, giving you an edge in the market.
We have continuously worked with all our tenants to come up with robust marketing strategies to encourage customer traffic and spending, including creating promotional areas at high traffic areas, assisting with shopping and dining vouchers, and continuing with our shopper rewards and redemption programs. You can download it here.
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