Mellody Hobson: Become a Savvy Mall Shopper
June 21, 2006 — -- Malls, long a central part of Americans' retail shopping culture, are changing their make-up to keep current with today's shopping trends. But despite the transformation, basic, age-old sales strategies -- from pumping up the air conditioning to creating cushy changing rooms with slimming mirrors -- still lure consumer dollars.
So are there certain details shoppers should be aware of when perusing their local malls? ABC News' personal finance expert Mellody Hobson gives you the lowdown on shopping mall culture and explains how they tap into your impulse to buy. Learning how mall retailers play the game can help you become a savvier shopper.
Malls offer millions of feet of retail space.
According to the International Council of Shopping Centers (ICSC), there are more than 1,130 regional shopping malls in the United States, with a combined 968 million square feet of space. A shopping mall is generally 400,000 or more square feet, while super- or mega-malls command 1 million square feet or more. Generally speaking, a mall is a place where a collection of shops are adjoined in an area where consumers can walk without interference from vehicle traffic. Most malls are located in high-traffic suburban areas and draw in customers from within a 25-mile radius.
What's new with shopping malls?
Historically, shopping malls have been "anchored" by well-known department stores, but with the consolidation and closing of many department store chains, anchor stores have more recently included movie theaters, home stores and bookstores. However, one of the biggest developments in shopping malls is the surge in "lifestyle centers." These new centers are replacing mid-sized shopping malls and resemble commercial village streets. Rather than the traditional enclosed shopping mall surrounded by parking lots, lifestyle centers are open-air shopping venues which are smaller in size -- an average of 50,000 square feet.
Lifestyle centes tend to feature higher-end retailers and allow customers to drive right up and park next to the store of their choice. Although lifestyle centers give all appearances of being a quaint street of shops, they are managed in a way similar to a traditional shopping mall. While there are only about 150 lifestyle centers in the U.S. today, given that there were just 30 in 2002, their growth rate has been tremendous.
What role does air temperature play the world of shopping?
Since the advent of the first modern air conditioner in 1902, climate control has played a critical role in retail. In fact, cold air is often associated with luxury -- with higher-end stores tending to maintain cooler temperatures.
But air temperature is not just an important aspect of ambiance, it is also a sales tactic --
