Did you know that China has built the world’s largest shopping mall? I had no idea that this 7 million square foot mall even existed. Yes it exists, but it has not been nearly as successful as they had hoped.
Due to poor planning and lack of market research, the South China Mall sits nearly empty. Anita Campbell, an American Express Open Forum small business expert, discusses the importance of planning in the article titled “The World’s Largest Mall Offers A Lesson“.
It really is necessary to establish that there is a demand for your product or service before you make that leap. Afterall, you really wouldn’t want your business to fail as badly as the South China Mall has.