Table of Contents
Executive Summary
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- The market
- The market is threatened by e-commerce but still driven by growing consumption power
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- Figure 1: Short, medium and long term impact of COVID-19 on shopping malls, November 2020
- Companies and brands
- Key players continue enriching business models
- Reclaim the mall with non-shopping services
- Use novelty to attract consumers
- The consumer
- Shopping mall visits bounce back after COVID-19 recedes
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- Figure 2: Comparison of shopping mall visiting frequency before and after COVID-19, January and July 2020
- Convenient locations are vital and family-oriented activities are popular in lower tier cities
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- Figure 3: purchase drivers in shopping malls, January 2020
- Shopping mall is the priori channel to buy food and drinks
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- Figure 4: Purchased Products in selected channels, January 2020
- Aftersales service and in-store experience vital for multi-brand stores
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- Figure 5: Purchase factors for multi-brand stores, January 2020
- Novelty providers make shopping malls more charming
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- Figure 6: Attitudes and behaviours towards shopping malls, January 2020
- What we think
Issues and Insights
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- Community centres with integrated functions drive traffic
- The facts
- The implications
- Getting involved in New Retail formats to increase novelty
- The facts
- The implications
- Establishing malls’ personalities via phased theme events
- The facts
- The implications
The Market – What You Need to Know
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- Better-off consumption power is still the engine
- E-commerce is a lurking threat to shopping malls
Market Factors
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- Growing consumption confidence after COVID-19
- Upgraded lifestyle pursuits
- Preferential policy led by government
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- Figure 7: Information about “5th May Shopping Festival” in a shopping mall in Shanghai, China, 2020
- Enhance experience pushed by online press
Key Players – What You Need to Know
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- Keep upgrading portfolios and bet on the debut store economy
- Innovation: multi-functional community-oriented malls
Competitive Strategies
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- More comprehensive business models
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- Figure 8: Joy Breeze in Beijing, 2020
- Themed street stalls campaigns
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- Figure 9: Examples of various themed night markets at shopping malls, 2020
- Figure 10: League of Legends S10 Finals themed night market in Shanghai SUN MOON LIGHT CENTER (日月光购物中心), 2020
- The debut store appeal
Who’s Innovating?
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- Less commercially-focused, more service-oriented
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- Figure 11: The Forum Complex, The Netherlands, 2020
- Leverage the power of technology
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- Figure 12: Animatronic sheep in SKP, December 2019
- Figure 13: T#E TRENDING STORE, UK, 2020
- Focus on caring during COVID times
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- Figure 14: Bicycle repair station at SM Mall, Philippines, 2020
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- Figure 15: Blood donation station at Aventura Mall, Peru, 2020
The Consumer – What You Need to Know
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- COVID-19’s impact on shopping mall visiting frequency is low
- Convenient location is the key driver for visiting more
- Better aftersales service is most important for multi-brand stores
- Consumers demand novelty not just shopping
Frequency of Shopping Mall Visits
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- Increasing offline shopping footfall after COVID-19
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- Figure 16: Grocery shopping channels used in last month, February – November 2020
- Non-essential consumption drives fast recovery for shopping malls
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- Figure 17: Comparison of shopping mall visiting frequency before and after COVID-19, January and July 2020
- Target post-90s and high household income consumers for shopping mall marketing after COVID-19
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- Figure 18: High-frequency consumers in shopping mall visits, by generation, January and July 2020
- Figure 19: High-frequency consumers in shopping mall visits, by monthly household income, January and July 2020
Drivers for Visiting Shopping Malls
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- Convenient location is most important
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- Figure 20: Drivers of visiting shopping malls, January 2020
- Diverse visit drivers across different city tiers
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- Figure 21: Selected drivers of visiting shopping malls, by city tier, January 2020
- High-frequency consumers welcome technology in designs and services
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- Figure 22: Drivers of visiting shopping malls, by visiting frequency, January 2020
Purchased Products in Shopping Malls
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- Take advantage of foodservice and drinks to maximise shopping mall traffic
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- Figure 23: Purchased products in selected channels, January 2020
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- Figure 24: Consumers line up for drinks in front of CHA YAN YUE SE’s debut store at Wuhan Tian Di in Wuhan (武汉天地), China, 2020.
Purchase Factors of Multi-brands Stores
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- Better service and uniqueness are the killer drivers
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- Figure 25: Purchase factors in multi-brand stores, January 2020
- Females in their 30s favour alternative brands and styles most
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- Figure 26: Purchase factors in multi-brand stores, by gender and age, January 2020
- Additional in-store services help to attract families with kids
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- Figure 27: Purchase factors in multi-brand stores, January 2020
Attitudes and Behaviours towards Shopping Malls
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- Focus on experience in shopping malls given online channels’ threat
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- Figure 28: Attitudes and behaviours towards shopping malls, January 2020
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- Figure 29: % of preferring shopping online to offline, by city tier and monthly household income and marital status, January 2020
- Novelty and incentives need to be enhanced
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- Figure 30: Typical attitudes and behaviours towards shopping malls, by generations, January 2020
Meet the Mintropolitans
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- Mintropolitans tend to be shopping mall influencers
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- Figure 31: % who post about special events of shopping malls on WeChat Moments, by consumers segmentation, January 2020
- Mintropolitans show off lifestyle with appealing restaurants and premium brands
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- Figure 32: Typical purchasing driver, by consumer segmentation, January 2020
Appendix – Methodology and Abbreviations
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- Methodology
- Abbreviations
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