Definition
A shopping center is a group of architecturally unified retail stores built on a site that is planned, developed, owned, and managed as an operating unit related in its location, size, and type of shops to the trade area it serves.
Macy’s is a common mall anchor store.
An anchor store is a large and well-known retail operation located in a shopping center, serving as an attracting force to draw consumers to the center.
A neighborhood shopping center is the smallest type of shopping center, typically with about 50,000 square feet of store area but ranging from about 30,000 square feet to 100,000 square feet. It provides for the sale of convenience goods (food, drugs, and sundries) and personal services that meet the daily needs of an immediate neighborhood trade area. A supermarket is the principal tenant. This is one of several standard classes of shopping centers recognized by the Urban Land Institute.
An off-price shopping center is one specializing in off-price retail tenants such as T.J. Maxx or Burlington Coat Factory.
A shopping mall is a grouping of commercial establishments near the middle of a shopping center plot with parking area surrounding the store concentration on all sides. All or most of the stores face a mall or pedestrian shopping area.
See Also
Mall intercept
Retailing
Retail store
References
- American Marketing Association, AMA Dictionary.