Good Speech-“Shopping malls versus small markets”

Big shopping malls are becoming popular day by day, still small markets are surviving. Do you think that they will be able to survive for long?

Commercialization has grown rapidly in the modern era. Consequently, the shopping facilities have increased and cities are flooded with hi-fi shopping complexes. This has affected the small markets and broken their monopoly of many years.

The shopkeepers and vendors in small markets are flexible on price. It is a blessing to the regular customers as they have a wider scope to bargain. Shopkeepers themselves give special attention, relaxation in price and privileges like credits to regular customers. Due to frequent visits, often good customer-owner relations are developed and comfort level rises. However, investment and profit margin of such shopkeepers and vendors is quite lower compared to the big shopping malls, and therefore, their stocks are limited and hence the business. They are easily affected by the fluctuating market conditions.

Nowadays, big shopping malls are pulling the customers through attractive displays and schemes. Due to bulk purchase from the companies directly, they can afford to sell the products at a lower price than the other small retailers and the customers are benefited. They sell mostly the branded products, and hence, the quality is assured and chances of cheating on price are negligible. They are one-stop destinations for shopping with luxuries like central air-conditioning, escalators etc. Credit card payments provide us the convenience of shopping without any cash. Iscon Megamall, the biggest mall in Gujarat, provides all the above benefits and so is highly popular.

Big shopping malls are opened with a huge investment. They can survive under adverse market conditions for a pretty long time. It is becoming very difficult for small retailers and vendors to compete with them. Still I think small markets have  a place in people’s heart as they are very much used to the traditional way of shopping, and it will take some time for them to adapt to the new concept.