Dual-purpose cash and cheque scanners still a must for for retailers in Canadian malls
A lot has been made in the U.S. of the death of the mall. Picture a modern wasteland - of countless retailers equipped with dual-purpose cash and cheque scanners just milling around as what were throngs of customers shrink to a mere flock of passersby. Once the central place for suburban commerce, many American malls have shrunk in popularity as internet shopping continues to make gains across the world. However, one need only look at the malls of Canada to understand that it's not a blanket effect.
Brick-and-mortar spaces need dual-purpose cash and cheque scanners
Bloomberg started off its article on the strength of Canadian malls by saying: "If you're a retailer who still believes in brick-and-mortar, consider Canada." That's a pretty ringing endorsement for the state of physical retail, especially malls, in Canada. The source cited a report from the Retail Council of Canada that found Canadian malls are more productive on a sales-by-square-foot basis than American malls on average. This is in spite of a weaker dollar.
The high performance was attributed to a less saturated mall market in Canada, but also a lower uptake of online shopping and many malls' close proximity to urban hubs and modes of transportation. Toronto, for instance, is home to two of the five most busy malls in all of North America. Just under half (14) of the 30 most productive malls in Canada call the greater Toronto area home.
Yet Ontario is not the only place where malls continue to demonstrate continued retail strength. According to the same Retail Council of Canada report, British Columbia, specifically Vancouver, was also a hotbed for high-performing malls. The second- and third-ranked top Canadian malls could both be found in the western province, and three of the top 10 were in Vancouver.
The report concluded that while Canadian malls are currently riding a tide of outsized performance, the encroachment of online shopping has changed, and will continue to change, how malls operate and service customers. Increasingly more attention and effort must be given to providing a comprehensive experience complete with entertainment venues, luxury outlets and high-quality eatery choices. None of this is possible, however, without the added efficiency dual-purpose cash and cheque scanners grant individual retailers in the mall.
January 16, 2017