What is power centre retail?

Power Centre Retail refers to a large-scale retail development that typically consists of several anchor stores such as department stores, supermarkets, and big-box retailers, accompanied by a variety of other retail stores, restaurants, and services that surround a large parking lot. These centres usually range in size from 250,000 to 800,000 square feet and are strategically located near high trafficked areas like major highways, busy intersections, and public transit routes.

Power Centres usually offer a wide variety of merchandise at discounted prices, often with a focus on home improvement, electronics, and apparel. These centres offer a unique experience of convenience and accessibility, as customers can easily park and access stores without worrying about navigating through the mall or walking long distances.

Some of the significant benefits of power centres include greater visibility, easy accessibility, lower operating costs, and higher sales productivity. Power centres attract a large number of shoppers and generate high sales volumes, which can help drive the sales for the entire retail development.

However, there are also some challenges faced by power centres, such as the competition with online retailers, growing concerns about sustainability and the environment, and shifting consumer preferences towards experiential retail. As a result, many power centres are trying to reinvent themselves by incorporating more experiential offerings like entertainment, fitness centres, and restaurants.