Definition
A shopping center is a group of architecturally unified commercial establishments 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.
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.
See Also
References
- American Marketing Association, AMA Dictionary.