Thursday, September 10, 2015

Malls Market the Experience

Shopping centers are evolving in this age of retail consolidation and online browsing and buying.
  • Many malls had a high number of empty stores during the recent recession and the industry is still recuperating from the glut of retail space. 
  • An ongoing trend is toward mixed-use centers that combine retailing with multiple destination restaurants, some business or industrial tenants, and hotel or residential space. 
  • Shopping centers and downtown shopping districts are being redeveloped with entertainment anchors (movies/theaters), restaurants, and other consumer attractions that bring the area alive day and night with customers.
  • To compete, existing malls are getting face-lifts and adding amusement centers and other out-of-the-ordinary retail concepts that will bring people in to browse and have fun. 
  • Increasingly, malls are differentiating themselves with distinctive experiences (splash parks and farmers' markets, for instance) that make the shopping center a destination for targeted segments such as families and Millennials.

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