The Market Trends Observation Report
A Report Carried Out At Rundle Mall Australia
This report was conducted with a lot of intensive observational skills to ensure the right results are given out for the good analysis. Rundle Mall is one of the best malls in Australia and has the best technology advancement in the region.
This final report tries to inspect through the above observation of the current market trends in the malls particularly in the Rundle mall in Australia. The report will move through the open shops in the mall, the customers, the general mall and the parking lot to find out what is the developments in this sectors. The report will apparently access the trends in the technology, the current changes in the behavior of the customers in their sudden shifts to other products in the mall, the products that are going fasts in the market, the change in the parking lots to ensure the security of the client’s vehicles is secure. Most of the findings were on the product side of the mall, and it was found that customer shifted to buy more of the takeaway food stuff (McGreal, 2014).
The Market Trends
1. The shops, it was observed that the stores in the malls were small retail shops managed by individuals. These shops inside the Rundle Mall are dealing with the customers using online services. They make most of their sales on the laptops and the mostly through the advanced phones, this enables them to carry out the transactions and delivery easily and without any problem observed. This is an improvement to the existing direct dealing with the customers. For example before the customers had to come to the mall to get whatever they wanted and also to bargain over there (McGreal, 2014). This sometimes will be tiresome and lead to delay in customer services.
2. The customers, most of the customers have shifted from buying the household staff like the utensils and the entire kitchenware to buying the takeaway food stuff. This was observed through the decline in the purchase of the household stuff compared to the increase in the demand for the takeaway food stuff in the mall. This has led to the fall of the industries related to the making of the office wares and hence a decline in the economy. The possible solution to this problem is to encourage the industry to come up with the right marketing strategies (McGreal, 2014).
3. The parking, the parking the mall is small, but the mall has organized with other parks around them to enhance customer services. The closest multi-storey car parking can be found at the Myer Centre car park with an online booking facilities to officiate their business and fasten their operation. This medium has helped the customers to have easy access to the parks and also to assist the minimal space at the main mall. This adjustment has boosted the number of people coming into the mall.
The possible solution to the problem brought about by the market trends in the mall like the decline in the purchase of the household goods is to educate the customers that in as much as buying the takeaway is also good they also need to cook on their own at times because you can be visited anytime. On the other hand, we can also raise the price of the take-away food stuff and reduce the cost of the household goods.
Sources of information and the business opportunities
In carrying out this observation, I went to the Rundle Mall and did a questionnaire sampling to the household selling shops in the mall and also the takeaway foods retail services. I also went online and checked how to book for parking at Rundle Mall, and I got the information. The business opportunity is to open up various takeaway food service in most malls and am sure with this findings your business will thrive.
McGreal, S., & Kupke, V. (2014). The Spatial Dynamic of Retail Planning and Retail Investment: Evidence from Australian Cities. Urban Policy and Research, 32(3), 253-269.