A lot of small businesses have been closing down due to their incapability to compete with large shopping malls.

A lot of small businesses have been closing down due to their incapability to compete with large shopping malls. While some people argue that they prefer a large shopping centre rather than a local shop, from my perspective, shopping malls can severely impact the local businesses as well as people. First and foremost, it is nearly impossible to purchase an item at a knock-down price in vast stores. In fact, since being different in sizes, more money is required to be invested in malls to pay for the electricity fee or transportation fee. Therefore, the price of each good they sell is considerably higher than a local shop. Nevertheless, with the bankruptcy of local small shops, monopoly practices have emerged that affects the prices of commodities. According to the recent Competition Commission report, when a giant super mall has no local competitors, the price will be 20% higher than average. Consequently, supermarkets tend to run the business in a hasty manner to gain unfair advantages. Secondly, the local authority needs to put a cap on the prices of the fundamental products and control them strictly. This will concuss the price dictation of supermarket chains and eventually helps local shops to sustain themselves. Moreover, small businesses can use e-commerce as a new medium of shopping by letting customers do internet shopping which will help those in a remote location and benefit the owner itself. To conclude, even though the large shops tend to benefit the community more than local shops and crush small shops to the point of bankruptcy, but small shops can improve the businesses by using a strategic plan adapted to the current market trend and make it on par with the large supermarkets.