How Australian Shopping Malls can survive the seismic shift in Retail
On the heels of the Amazon launch, and the Westfield sale, malls in Australia need to turn to shopper data to stay afloat.
As Westfield gets a new French owner, the future of shopping malls is being questioned. Also, with Amazon finally launching in Australia, it seems like it won’t be long before the online retailer starts to have a telling impact on the Australian retailers.
But, mall owners & retailers do have an ace up their sleeves- Shopper Data: Shopping patterns, trends and preferences.
Here are some shopper insights from a study we did on four key shopping malls in Sydney: Macquarie Centre, Broadway Shopping Centre, Narellan Town Centre, Macarthur Square.
Shopper Mix at Shopping Malls:
- Macquarie Centre has the highest composition of High Income Shoppers, which is 2x more than any other shopping centre. These affluent shoppers own their own homes, have an expensive lifestyle and live in the inner suburbs. They spend their money on movies, shopping, travelling and are constantly connected to news updates.
- Broadway’s audience is dominated by the middle-income group, who are young, tech savvy, well educated consumers and are always connected.
- Consumers at Macarthur Square lean toward the medium and lower income groups- and is an audience comprising mainly parents and the older generation looking for deals and bargains; and living in the outer suburbs.
Shopping Mall preferred by the Affluent:
- It’s the preference of the Low Income Shoppers that’s interesting to note, as they throng to Macarthur Square looking for good deals and cheap bargains.
Shopping: Weekdays or Weekends?
- Broadway was popular with shoppers on the weekends, with a 14% jump in footfalls compared to weekdays.
- Visitation dropped in Narellan and Macquarie Centre, especially on Sundays.
The above insights can be used for decisions on promotions, new store locations, merchandising etc., and coupled with retailer data, can be used for decisions on business strategy, contextual marketing and new product development.
To keep the lead and stay afloat, malls and retailers need to join all their data: First-party, Second-party, Third party data; and take action to boost business growth.