The public health emergency caused by the coronavirus has plunged megamall survive into dire straits and on the brink of survival. With laws such as social distancing and travel restrictions, consumer travel to megamalls is no longer as frequent and liberal as it once was. This caused many megamalls to struggle to survive during and after the pandemic.
In the article below, we will explain how to help your megamalls during the pandemic.
What is a megamall and example?
A megamall refers to a very large shopping area filled with shops, cinemas and restaurants.
A good example of a megamall is SM Megamall, a very famous megamall in the Philippines and Asia. This megamall covers approximately 10 hectares (25 acres) and has a total floor space of 474,000 square meters (5,100,000 sq ft) with a maximum capacity of 4 million people. The mall currently has 968 stores and is divided into 5 buildings, which are Building A, Building B, Building C; Building D, also known as Mega Fashion Hall; and Mega Atrium.
Impacts of the pandemic on megamalls
When the pandemic was declared an emergency, essential retail businesses that handle food and daily necessities received requests to resume business from the government, but many types of retail businesses were forced to close.
The pandemic has brought a lot of difficulties for the megamalls. With a combination of many types of stores, diverse in products such as beauty products, food and entertainment services, these businesses are not allowed to operate during the lockdown period. The epidemic has lasted for so long that now, as consumers are gradually getting used to staying at home shopping online and focusing only on buying essential products, these products and services of megamalls are declining and gradually forgotten.
Therefore, it is not feasible to rent space in the megamalls of stores that provide such services when they still have to pay a sizable amount of space rent and get nothing. This caused the megamalls’ revenue to be hit hard and brought the megamalls’ operations to a halt.
How to help megamalls survive the pandemic?
Megamall managers now seem to have adapted to the epidemic situation. There are many ways in place to help megamalls survive the pandemic.
First of all, today’s megamalls should be more popular than online sales and online shopping and direct pickup that Starbucks coffee chains or fast-food chains McDonald’s are doing.
Furthermore, megamall managers can also create stores that support new lifestyle models. It means that stores in megamall should add new operating policies in line with the new lifestyle layout and operation. For example, when designing a new layout, supply flows and social distancing between customers and infection prevention measures around the cash register must be considered.
Managers can further set up headquarters operations so that they can ensure that business operations will not be disrupted, even in the event of an emergency. They should also double-check business continuity plans with the involvement of business partners, ensuring seamless coherence.
The negative impact of the pandemic has had many consequences for megamall survive, recover and thrive. But we also have the right to be optimistic about the current situation about the return of megamalls in the future. Contact us for more detailed information.