Watch the video Suburban Regional Shopping Malls: Can the Magic Be Restored? (Links to an external site.)from McGraw-Hill. According to our textbook authors, this video "focuses on the current problems of suburban regional and superregional shopping centers. Southdale Center located in suburban Minneapolis is considered to be the prototype for most of the suburban regional and superregional shopping malls built during the second half of the twentieth century. Southdale opened in 1956 and featured 70 retail tenants in an 800,000 square foot enclosed, climate-controlled mall, anchored by two department stores." The suburban regional shopping mall and their department stores enjoyed great success for almost 50 years. However, in the final decade of the twentieth century, they began to experience problems: competition (direct and indirect), retail space overcapacity, decline of the department store concept and changes in consumer shopping behaviors. Strategies that have been used to turn around declining regional and superregional shopping centers have included renovation, re-tenanting, entertainment and zonal merchandising. So far, creating an appealing, exciting shopping center that stimulates social activity has been the key to revitalizing traditional malls. However, some suburban regional shopping centers still will not survive. In fact, some have already been “decommissioned.” At the end of the segment, Rolling Acres Mall in Akron, OH, is shown as an example of a shopping center in trouble. For this case study, imagine yourself as the manager of a struggling local suburban regional shopping mall. Assume normal business operations such as that were being experienced in 2019 -- i.e. no COVID 19 pandemic. Do not blame the mall's failing performance on the pandemic! As you consider new concepts that could revitalize your mall in this assignment, you are instructed to articulate them as SMART goals. SMART is an acronym that helps marketers write goals that are easily understood and measurable. Managers who want motivated employees must provide goals that are unambiguous, realistic with clear deadlines. Such goals should be written in SMART terminology: Specific (simple, clear, significant). Measurable (quantifiable, trackable). Achievable (attainable). Relevant (reasonable, realistic, resourced). Time bound (time-based deadline, timely). Watch the video Suburban Regional Shopping Malls: Can the Magic Be Restored? (https://www.viddler.com/embed/1a9d2038/?f=1&autoplay=0&player=full&disablebranding=0) According to our textbook authors, this video "focuses on the current problems of suburban regional and superregional shopping centers. Southdale Center located in suburban Minneapolis is considered to be the prototype for most of the suburban regional and superregional shopping malls built during the second half of the twentieth century. Southdale opened in 1956 and featured 70 retail tenants in an 800,000 square foot enclosed, climate-controlled mall, anchored by two department stores." The suburban regional shopping mall and their department stores enjoyed great success for almost 50 years. However, in the final decade of the twentieth century, they began to experience problems: competition (direct and indirect), retail space overcapacity, decline of the department store concept and changes in consumer shopping behaviors. Strategies that have been used to turn around declining regional and superregional shopping centers have included renovation, re-tenanting, entertainment and zonal merchandising. So far, creating an appealing, exciting shopping center that stimulates social activity has been the key to revitalizing traditional malls. However, some suburban regional shopping centers still will not survive. In fact, some have already been “decommissioned.” At the end of the segment, Rolling Acres Mall in Akron, OH, is shown as an example of a shopping center in trouble. For this case study, imagine yourself as the manager of a struggling local suburban regional shopping mall. Assume normal business operations such as that were being experienced in 2019 -- i.e. no COVID 19 pandemic. Do not blame the mall's failing performance on the pandemic! As you consider new concepts that could revitalize your mall in this assignment, you are instructed to articulate them as SMART goals. SMART is an acronym that helps marketers write goals that are easily understood and measurable. Managers who want motivated employees must provide goals that are unambiguous, realistic with clear deadlines. Such goals should be written in SMART terminology: Specific (simple, clear, significant). Measurable (quantifiable, trackable). Achievable (attainable). Relevant (reasonable, realistic, resourced). Time bound (time-based deadline, timely). An example of a SMART goal for a hotel marketing plan is: "Implement a customer frequent stay club (with a budget of $500,000) that improves customer loyalty by 10% by the end of 2022." Such a goal is specific (implement loyalty program), measurable (10% improvement), achievable (motivating), relevant (reasonable, resourced) and time bound (end of 2022 deadline). Instructions What new retail concepts can you identify? What strategies do you suggest for learning about new retail concepts? Write SMART goals (see description above) for each of at least three new retail concepts that could revitalize your mall.
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