Final answer:
The title 'Araby' symbolizes the protagonist's longing for love and represents his failed quest for a perfect experience. It creates a sense of mystery and explores themes of disillusionment and loss of innocence.
Step-by-step explanation:
The title "Araby" is important in the story as it symbolizes the protagonist's romantic longing and idealization of love. It represents his pursuit of a perfect, magical experience that he hopes to find at the bazaar called Araby. James Joyce uses the title to create a sense of mystery and allure, drawing the reader into the protagonist's world and his failed quest for love. Through the title, Joyce also explores themes of disillusionment, unfulfilled desires, and the loss of innocence.