by Kristen Acimovic
WHAT’S HAPPENING
- Not every shopping center is a shadow of its former self. Ethnic malls — targeted retail communities that cater to specific ethnicities and cultural communities — are bucking economic trends and thriving despite the downturn.
- Bustling bazaars like Seattle’s Great Wall Mall, which delivers an authentic Pan-Asian experience, and Fort Worth’s La Gran Plaza, a Mexican-themed hub that serves the local Latino community, aren’t just surviving the recession … they’re actually growing (CSMonitor.com, 8.31.09).
- While the success of ethnic malls is at least partly due to booming minority populations in the American ’burbs, other contributing factors include intangibles like familiarity and loyalty as well as concentrated access to culturally tailored products, services and entertainment.
WHAT THIS MEANS TO BUSINESS
- Even in a recession, price isn’t always the bottom line. Softer-seeming values like service, experience, comfort and authenticity deliver the deep connection consumers crave, especially when times get tough.
- Niche markets aren’t only thriving online; people seek community in real life, too. Ethnically targeted retailers are more than mere stores. They’re cultural nerve centers, social hubs and a place to call home.
- Minority markets won’t be “niche markets” for long. Appealing to the typical American means recognizing diversity … and diversifying the marketplace.
RESOURCES
- The Great Wall Shopping Mall: 18230 East Valley Highway; Kent, WA. 425-251-1600.
- La Gran Plaza: 4200 South Freeway; Fort Worth, TX. 817-922-8888.
