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Shopping Mall
A shopping Mall is a single large building or collection of buildings which
contain retails units. The retail units are often accessible via large
corridors or interconnecting walkways.
Income Streams for Property Owners
Malls are often owned and managed by large companies which specialize in such
fields. Some malls are constructed through REITs (Real Estate Investment
Trusts) which pools peoples money together to create these large and expensive
complexes.
Rent is usually collected from the retail establishments. In addition,
a percentage of the establishment's income might go to the property owners.
In some cases, a combination of these is implemented.
Food Court
Most malls include a food court and plaza equipped with a dining area.
Food courts are normally located in a central area of the mall to serve as a
landmark or lobby for guests.
Department Stores
Malls often have "anchors" or large department stores with serve as end caps
for the malls large corridors. When leasing out space to retailers,
finding anchors is essential, as they often determine whether or not smaller
retailers will rent space.
Anchors usually have discounted rent and cash incentives to stay, as they
heavily affect other retailers in the mall. Anchors are usually placed far
from each other to maximize walking traffic throughout the mall. Anchors
usually draw in the most visitors and and provide traffic for the smaller
retailers.
Outparcel
A store that is not connected a plaza or mall, but is located on the
premises.
Types of Malls
Many larger malls are now being integrated with office buildings and
residential space to create huge, connected complexes with millions of
interconnected square-feet.
The following labels were assigned by the International Council of Shopping
Centers in 1999.
Regional Malls
A regional Mall is typical larger than 400,000 square feet to 800,000 square
feet leasable area with at least 2 anchors. Regional malls serve a larger
area than typical malls and are often tourist attractions. Regional Malls
usually have higher-end stores which require the larger service area to be
profitable.
Super-Regional Malls
Super-Regional Malls are more than 800,000 square feet leasable area are the
dominant shopping venues in their region.
Outlet Malls
Outlet malls are where manufacturers sell their products directly to the
consumer. Stores in Outlet malls usually provide discounted or used items.
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