Retail Chapter 7 retail-vocab

theme/festival centers

shopping centers that typically employ a unifying theme carried by the individual shops in their architectural design and to an extent in their merchandise, biggest appeal to tourists.

specialty shopping

they know what they want and will not accept a substitute. brand and or retailers loyal and will pay a premium or expend extra effort. buying organic, adopting a dog

central business district (CBD)

traditional downtown business area in a city or town. high level of pedestrian traffic, large number of residents. limited parking and longer driving times. weekends are slow, shoplifting, suffer from a lack of planning.

city or town locations

urban locations have lower occupancy costs, high pedestrian traffic. parking problems reduce customer convenience.

neighborhood/community strip shopping centers

attached rows of non-enclosed stores, with on-site parking usually located in front of the store. Advantages- convenient locations, easy parking, low occupancy costs. disadvantage- smaller centers have limited trade area du to their size, lack entertainment and restaurants. no protection from weather

mixed-use developments (MXDs)

combine several different uses into one complex including retail, office, residential, hotel, recreation, or other functions. pedestrian-oriented and therefore facilitate a live, work, play environment

convenience shopping

concerned with minimizing their effort to get the product or service they want. insensitive to price and indifferent about which brands to buy. don't spend much time evaluating

zoning

determines how a particular site can be used.

shopping malls

enclosed, climate-controlled, lighted shopping centers with retail stores on one or both sides of an enclosed walkaway. parking is usually provided. classified as either regional malls (less than 800,000 square feet) or super regional malls (tourist attractions, more than 800,000 square feet)

comparison shopping

general idea about the type of product or service they want but they do not have a well developed preference for a brand or model. seek info willing to expend effort to compare alternatives. buying furniture, appliances, apparel, electronics. Category specialists offer the same benefit of comparison shopping as a collection of collocated specialty stores like those described previously.

shopping center

group of retail and other commercial establishments that are planned, developed, owned, and managed as a single property. combining many stores at one location. attracts more consumers

airports

high-pedestrian area, sales per square foot are higher than regular stores, rent is higher, hours are longer, have to pay higher wages. best locations are where there are many connecting flights.

anchors

most shopping centers have at least one or two major retailers. ex.Macy's Walmart.

omnicenters

new shopping center developments are combining enclosed malls, lifestyle centers, and power centers.

destination stores

places where consumers will go even if it is inconvenient, just like enclosed malls are destination locations for fashionable apparel comparison shopping.

main street

refers to the traditional shopping area in smaller towns or to a secondary business district in a suburb or within a larger city. share most of the characteristics of primary CBD but their occupancy costs are generally lower. Do not draw as many people as the primary CBD. don't offer the range of entertainment and recreational activities. organization for the town or redevelopment imposes restrictions on operations.

common area maintenance (CAM)

responsible for providing security, parking lot lighting, outdoor signage for the center, advertising and special events to attract consumers, and so on.

freestanding sites

retail locations for an individual, isolated store unconnected to other retailers, typically in shopping centers; however they might be near other freestanding retailers or a shopping center. Advantages- convenience, easy access and parking, high car traffic and visibility, most costs, fewer restrictions on signs, hours or merchandise. Disadvantages; limited trade areas, no other nearby retailers to attract customers, higher occupancy costs than strip centers, little pedestrian traffic.

power center

shopping centers consist primarily of collections of big-box retail stores, such as full-line discount stores, off-price stores, warehouse clubs, and category specialists. often include several freestanding anchors and only a minimum number of small specialty store tenants. growth in power centers reflects the growth of category specialists. low occupancy costs and modest levels of consumer convenience and vehicular and pedestrian traffic.

outlet centers

shopping centers that contain mostly manufacturer's and retailers outlet stores. rent rates are lower, some have strong entertainment, tourisms represents 50%, very popular outside the US.

lifestyle centers

shopping centers that have an open-air configuration of specialty stores, entertainment, and restaurants, with design ambience and amenities such as fountains and street furnitures. attractive to specialty retailers. some are anchored by department stores. restaurants, concerts, face painters... bad weather will affect life centers. its very convenient cause of parking, occupancy costs are lower than for enclosed malls attract fewer customers than enclosed malls.

building codes

similar legal restrictions that specify the type of buildings, signs, size and type of parking lot, and so forth, that can be used at a particular locations.

merchandise kiosks

small selling spaces, typically located in the walkways of enclosed malls, airports, college campuses or office building lobbies. mini store, carts, 21st century vending machines.

pop-up stores

stores in temporary locations that focus on new products or a limited group of products. becoming more popular; pop-up stores, store within stores, kiosks, and airports are other location alternatives for many retailers.

out parcels

stores that are not connected to other stores in a shopping center but located on the premises, typically in a parking area. Drive through window, parking, clear visibility from street.

inner city

the US refers to high density urban area that has higher unemployment and low median income than surrounding metropolitan area. some retailers avoid opening stores in this area because believe it is risky and achieves lower returns. have high sales volume and higher margins, resulting in higher profits. opening retailers provides needed services and jobs, so local governments like this and are increasing their focuses on opportunities in the inner city; eminent domain to buy buildings. offering of grocery stores are unattractive in inner-city.

trade area

the geographic area that encompasses most of the customer who would patronize a specific retail site

gentrification

the renewal and rebuilding of offices, housing, and retailers in deteriorating areas; many urban areas are going through this process.