This week we are introducing you to Parkson Core Mall. This mall used to be a traditional Parkson Mall (carrying premium and luxury), but is now mixing it up and experimenting with a new strategy to reach today's Chinese consumers (middle class and millennials). After the mall's transformation Parkson claims their daily traffic is up 800% and daily sales revenue tripled. In their first two days after opening, the mall generated record sales revenue of 23 million RMB.
Parkson Core Mall is a joint venture between Parkson Group (49%) and E.Land Group (51%). Parkson manages operations while Eland is responsible for marketing and business development. The mall is located in TianShan commercial district, Shanghai, next to many well known retailers such as Paris Printemps, Huijin Department Store, and Nanfeng City Mall.
How The Concept Works
• Understanding target consumers: The Mall features many brands that are popular among consumers born in the late 80s and 90s, such as Innisfree, Pandora, Coccinelle, and Stella Luna, and also carries a wide selection of niche brands
• Offering great product value: Outlets from fashion brands and regular retail locations from sports brands such as Adidas, Nike and New Balance are available side-by-side, which matches the needs of their target segments
• Providing Leisure & Entertainment: Parkson has been able to create a welcoming feeling in the mall, providing leasure and entertainment options including a kareoke bar and dedicated children's area
• Offering Consumer-Friendly Eateries: The mall is designed with fast food and casual dining restaurants located in the basement linking to the Metro station and has larger sit-down restaurants on the 4th floor
• Having Places to Hangout: Next to every elevator in the mall is a place to sit and hangout
• Incorporating Chic Design: Each floor is designed to resemble a shopping street, making consumers feel like they're walking in a small town
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