K11, a shopping center in Tsim Sha Tsui in Hong Kong, is constructed with almost 4,600 square meters of green walls and a green roof featuring urban farms (Astbury, 2019). Hong Kong is well-known for its shopping paradise, and this huge and beautiful shopping center has provided customers and tourists with more wonderful experiences when visiting this place. To be honest, there are several large-scale shopping malls in Hong Kong and other places, but K11 is famous due to its unique design and functions, as well as its different corporate and business strategies for its enormous profits and financial performance to a larger degree. Based on the background information of this shopping center, this essay mainly discusses its background, structure, functions, differences from other shopping centers, and its corporate and business strategies respectively.
K11 was designed by a prominent architecture team, called Kohn Pedersen Fox, and all the materials used to construct this shopping mall turned out to be Portuguese limestone with the color of green. This shopping mall is unique and among the numerous competitors, K11 combines many elements to create a wonderful experience for visitors and tourists from all over the world. Its functions are various, including amusement, shopping, and other pleasant enjoyment.
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About the structure of this shopping mall, it has almost seven stories underground and five above ground. This shopping mall provides customers with different services, such as cosmetics, clothes, plays, amusement centers, and so on. Its main customers are from mainland China, and by providing some mainland brands of specialty stores,iss an effective way to attract customers from the mainland. Within this shopping center, there are many brands of products, including the New World Development Co. LTD and Chow Tai Fook, and so on. It is considered a modern shopping center that is equipped with numerous brands to give customers a more wonderful experience to a larger degree. This can be regarded as an attractive place in this place.
In addition, K11 is different from other shopping centers. In general, the common shopping center pays more attention to its practical function to attract customers to purchase. But K11 is just a blend of mall and art, willing to help people have and enjoy an excellent experience of shopping. This shopping mall has made Hong Kong become a dream world for their consumption. From another perspective, this shopping center combines the elements of entertainment with retail, which can make this mall stand out from the abundance of other shopping complexes in this place. All of these features are designed to provide an interesting, stimulating experience and increase the dwell time of the customers in this center. In addition, another factor K11 is different from other shopping malls is that it has blurred the retail and leisure experience, which is an inspiring innovation in fact (Goody, 2015).
Until now, K11 has expanded its market to other places for its excellent performance by spreading its inspired conception and ideas to a larger degree. To accomplish its goals, it has adopted some effective corporate and business strategies for its potential development to some extent. First of all, K11 needs to adopt the strategies of differentiation, which can help it obtain its superior value perceived by customers. It means that in the process of enlarging its target market, K11 is suggested to increase the value of goods or services in terms of four competitive advantages, which are unique product features, service, new product, and marketing and promotion to a larger degree. In particular, its unique products or services are a combination of entertainment and retail. The creator of this shopping mall mentions the unique notion of “Museum retail”, which aims to help the younger generation develop their artistic and cultural ecology and bring their combination to its clients. The core value of K11 is to merge art, humans, and nature into an artistic commercial environment to some extent the first K11 shopping center was opened in Hong Kong, and later, it brought this notion to mainland China for its rapid development and financial profits (Wan & Choi, 2016). In essence, this kind of notion has been accepted by more people and it can increase profits but reduce the production costs based on this blending to a larger degree.
Moreover, K11 focuses on the wonderful customer experience. This K11 shopping center has been brought to the prosperous Shanghai, which can drive its financial performance. The consumers of mainland China have put art and culture into their shopping experiences with their full enthusiasm. The leader of this shopping mall believes that he wants to ask his customers to enjoy the thick culture. It expands its market to mainland China, to satisfy the urgent demands of the people in China and respond to their needs from different perspectives. There is fierce competition in the shopping centers, K11 just provides its customers with golden opportunities to experience the local thick cultures (Ren, 2013). This is an effective marketing strategy for its financial performance in the long run.
K11 also uses the innovation strategy for its excellent performance. What it adopts is the renovation by spending almost 200 million HK dollars for its renovation, to provide its customers with different experiences from different perspectives. It aims to create its unique branding strategy by using timbers, plants, and stones rather than steel irons, etc. It can arouse customers’ artistic awareness of beauty, and the renters of some places can redesign and redistribute their interior space for revolution in consideration of its specific condition in essence (Bruinsma, 2018). This strategy is more effective and has helped create a large amount of value for this shopping center.
Above all, K11 is a unique and innovative shopping center, established in Hong Kong, but not it has been expanded to mainland China for its further development and profits. It just combines the artistic elements with the retail to bring more excellent experiences to its customers in many aspects.
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