An Analysis of Niche Malls in Singapore: Competitiveness and Challenges
||An Analysis of Niche Malls in Singapore: Competitiveness and Challenges
||14th Annual European Real Estate Society Conference in London, UK
||The concepts of shopping malls have been evolving in tandem with changes in consumer trends and preferences, as well as demographics. Traditionally, one-stop shop and mega malls such as Raffles City, Suntec City, Ngee Ann City, Great World City and recently, VivoCity, have been planned and developed in Singapore for many years. However, there is a noticeable trend in Singapore’s retail market with the emergence of niche malls. They constitute an innovative shopping mall concept, employing the market segmentation strategy that is based on a customized tenant mix, targeted marketing efforts and promotions. With the aim of focusing on the most profitable niches, such malls are designed to attract specific target shoppers. Niche malls are also known as specialty shopping malls. Such a shopping mall distinguishes itself from a conventional mall in that it utilises restaurants and entertainment facilities, instead of departmental stores as anchor tenants (Maronick and Stiff, 986). Furthermore, a specialty shopping mall also makes use of natural settings, unifying and unique architectural designs to produce an image of entertainment and recreation, which exceeds that of shopping. This study aims to examine the role of smaller-scale niche malls and their marketing strategies in keeping up with the rising competition in the industry. A case studies approach is applied to determine the competitiveness and challenges faced by these malls in attracting target shoppers.
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||Session H1: Asian Retail Markets
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