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Have you been visiting a shopping mall consistently over the years? If so, you might have noticed that mall traffic isn't like it used to be, and retailers are becoming increasingly promotional to gain the valuable foot traffic.
It might be a mystery to some trying to figure out how shopping malls are still surviving at a time when Amazon.com, Inc. (NASDAQ: AMZN) continues to take market share away from traditional retailers.
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According to Forbes, it might be premature to call the death of the shopping mall. While Amazon may offer consumers the convenience of fast shipping and compelling price points, it can't create an atmosphere and experience like a shopping mall offers.Related Link: Gene Munster Is Happy He Doesn't Have To Cover Retail
Many shopping malls went out of their way to bring new flare to old favorites, such as adding the popular "Shrek" character to their annual take a family picture with Santa event. This draws in the children, which in turn draws in the parents to the mall at the most important shopping season of the year.
Shopping malls can also offer consumers a perfect blend of online shopping and in-store experience through a 'buy online, pick up in store" transaction. This way consumers get the added benefit of online shopping and saving time while receiving their product as soon as a few hours after purchase.
Forbes also cited a survey by the International Council of Shopping Centers, which found that 75 percent of consumers that pick up an online purchase in store ends up buying additional products that wasn't part of their original purchase.
Finally, malls have attracted traffic by offering restaurants and movie theaters for years, but many have expanded into new concepts that online shopping can't duplicate, like grocery stores, medical offices and fitness centers.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.