Internet-based cyber shopping mall has recently become the focus of interest among many researchers in the field of information systems. It is because of the widespread use of Internee and of the novelty of the cyber mall as a new business practice. This research attempted to provide grounded guidelines for this business style based on a qualitative indepth analysis of the experience of two cyber malls. The two research sites had different company backgrounds, one as a retailer and ther other as an IT service provider. Implications of the analysis were drawn in terms of the business strategy and operating tactics.