This paper empirically tests a moderated mediated model of the effect of hedonic shopping value on the relationship between mall image dimensions and mall equity. The data was collected through a questionnaire from a sample of malls’ shoppers in Amman, Jordan. Structural equation model was used to estimate the path relationship in our model. The findings suggest that utilitarian value, awareness, and mall environment all directly affect perceived quality which in turn leads to higher perceptions of mall equity. The findings also support the moderating role of hedonic value on these relationships.