“Prospekt” Shopping Mall: From Modeling to Conversion to a Social Ecosystem

In December, “Prospekt” shopping mall managed by Arricano Real Estate Plc, celebrated its fifth anniversary. The opening of the mall coincided with one of the most difficult and unpredictable periods in the history of the country: in the fall of 2014, it was difficult to model not only the business environment, but also to predict the vector of the country's development. A lot has changed in the last 5 years. The main transformation of the mall is the change in the degree of attraction and magnetism. “Prospekt” has become a comfortable place for brand development, a space for transformation of buyers’ lifestyle. The shopping mall has been transformed into a social ecosystem.

Some history
In the Annual Corporate Financial and Analytical Report of Arricano for International Investors “Annual Report – 2014” the following facts about “Prospekt” shopping mall were disclosed, “The occupancy of retail space was 78%, the traffic for the three months of 2014 made 3.1 million of visitors.” These were the key business parameters of the largest shopping mall on the left bank of the capital at the very beginning.

Annually, more than 50 agreements about cooperation, opening of new stores, reconception, restyling, relocation of brands of tenant partners are concluded at “Prospekt” shopping mall. Interaction, development of positive customer experience and management for performance have become key trends in the development of tenant relationships. Among the key tasks of Arricano’s management are development of partnerships, assistance to retailers at different stages of development of their objects, involvement in different marketing and communication activities that influence the attention of visitors and the choice of the end buyer. The increase of tenants’ turnover is the strategic parameter of the development of  partnership in Arricano.

Marketing Orientation
Summarizing the three communication seasons of 2019, it should be mentioned that in “Prospekt” shopping mall more than 10 multichannel marketing projects, integrating the values of tenants’ brands and updating them for the needs of visitors have been tested. Among the most famous are:
•    digital product catalogs on social networks and promotion of sales hits
•    study of fashion cyclicality and contemporary fashion trends
•    enhancing blogging culture and collaboration with opinion leaders in the fashion industry
•    development of the tradition to pass time out-of-home  and making a mall’s space the third most important place in a person's life (after home and work)
•    enhancing of food & mood and formation of the best food court
Investigation of visitors' opinion
In order to understand what “Prospekt” visitors think, how they change their lifestyles and behavior, social and marketing investigations are conducted in Arricano quarterly. Thus, according to the information of the investigation carried out in October 2019, the following data has been obtained: 44.5% of respondents find special applications and promotions of “Prospekt” shopping mall interesting, 17.5% are interested in the information about fashion and trends, another 13.7% are interested in announcements and discoveries, 9.6% of participants have no interest to any content on social networks.

Sources of information
46.8% of respondents find information about the events and activities that take place in Prospekt shopping mall on the media sites of the mall - on the site, on Facebook and Instagram pages. Only 0.8% of respondents read media, including newspapers and magazines. This means that “Prospekt's” own media have a stronger effect on informing and influencing the loyal audience of visitors and subscribers.

Changes in business parameters during 5 years
The published financial and investment business report “Annual Report-2018” on “Prospekt” shopping mall recorded the following business parameters, “The vacancy rate at the end of 2018 was 0.7%, the average monthly traffic made 1.7 million visitors”. The information for 2019 with the results and new business achievements will be announced in the near future.