What is the role and the future of a "shopping center" and a "lifestyle center"? What is "retail convergence" and why is it so highly competitive?
-A shopping center is a group of retail business built on a site that is planned, developed, owned, and managed as a unit.
-Lifestyle centers are smaller, open-air malls with upscale stores, convenient locations, and non retail activities such as playground, hotel, movie theatre, etc.
-Retail convergence is the merging of consumers, products prices, and retailers. This means great competition between places that were mutually exclusive before like sears and Best Buy, which makes it hard to differentiate a certain company.
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Principles of Marketing
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