Shopping malls are a great asset to local communities, providing a range of advantages that can help to promote development and create jobs. They can serve as a hub for local businesses, create employment and support the local economy, as well as providing tax revenues to local treasuries which fund community institutions such as schools, local sports and infrastructure. Shopping malls also provide community services such as health clinics, libraries and government offices. A good location is essential for the success of most small businesses, and shopping malls have been considered one of the best places to open a business.
Studies on existing shopping centers focus on the valuation of leases, the placement of tenants, the economies of retail agglomeration, the externalities of retail demand and the value of intangible assets. To a large extent, the overlooked areas of research are the community and economic contributions of shopping malls. These are critical issues given the age of shopping malls around the world, the need to redevelop adjacent areas and the need for large public subsidies for the construction of infrastructure. Research by the American Independent Business Alliance has revealed that up to 48 percent of every purchase made by small local businesses is recirculated to the community, while only 14 percent of purchases in chain stores are recirculated in the local community.
This highlights how important it is to shop locally in order to maintain funds in your community. The fact that a small business is still alive in the community provides fruitful opportunities for entrepreneurs and start-ups, offering a unique set of variety not far from your door. When you shop locally, your money will eventually flow to better schools, libraries and parks in your own neighborhood. In addition, malls can be places for community gatherings, where events and activities that bring people together are held.
Over the past 30 years, expert developers have changed their offerings from traditional shopping, focusing on department and specialty stores, to new shopping experiences which include native digital technology brands, interesting gastronomic concepts and larger and more sophisticated forms of entertainment from state-of-the-art movie theaters to water parks and attractions. It's not that nothing happens in malls - if you want full action and adventure, malls are the best option. Compared to malls, malls aren't so much a place where people stay for entertainment. Shopping mall establishments also offer more job opportunities for community members.
In conclusion, shopping malls play an important role in communities by providing a central location for people to shop, socialize and access services. They can benefit a community by providing jobs and generating economic activity, as well as offering a convenient location for people to purchase goods and services. I/O modeling is an effective tool for evaluating publicly supported infrastructure to accompany the remodeling of shopping centers and retail stores.
