Other stores and malls are taking advantage of what e-commerce has to offer. Now, when consumers visit malls, they are looking for experiences that go far beyond traditional shopping. As consumers return to brick-and-mortar stores, malls and malls are looking to remain an important part of the shopping journey, which has been radically changed.
In RetailSpaces, Trevor Pollard looked at the adaptations and innovations that malls and malls need to implement to secure a place for malls and malls in the future of retail. While successful ideas may not be as easily achievable as they used to be, Trevor Pollard believes malls and malls can make a number of tangible changes to stay relevant for years to come. Trevor Pollard, Westfield’s senior vice president of design and innovation, is working to reinvent malls and malls as they work to meet changing consumer preferences and create their own future in the retail world.
Malls and mixed-use malls will offer shopping, food, and the opportunity to create unique customer experiences. Shopping malls will change from being a place to shop to being more than just a place to shop. As the physical retail landscape evolves, malls will focus on experience per square foot.
Looking ahead, it’s clear that shopping centers will still have a place in the retail ecosystem. Assume that the future of malls is micro-retail and experiential shopping. Instead, shopping centers need to move in a different direction, from the commercialization of shopping to a broader consumer value proposition.
It is imperative that malls take a more active role in shaping the shopping experience by acting more like or partnering with retailers. Like retailers, malls must offer their customers personalized offers, gift ideas, and other targeted advertising based on real-time analytics and location-based marketing. Customers will travel to malls looking for experiences and amenities such as retail that comes straight to them or products tailored to their needs.
To compete with malls and online retailers, they need to think about what experiences they can offer that can’t be found online and that will give visitors a great experience that will make them come back again and bring their friends. Thinking of shopping malls as public places where people gather not only to shop, but also for other purposes, experience design becomes the most important strategy for both retailers and mall operators. Able to evoke a sense of adventure and a welcoming atmosphere, mall operators are discovering that their malls are becoming public places to shop, relax and connect with friends and family.
When we think about the future of designing malls and similar spaces, these two elements can be tightly integrated into the experience. Hangouts like malls are part of the fabric of society, they bring us together and give us something to do. Now it’s about turning the mall into a place where you can shop as well as have a unique experience in person, like attending an event or a concert.
Physical malls are still important in China, but shopping malls of the future will be very different from the malls of the past. It may seem like malls are dying, but in fact, many of them are in various stages of change. For malls to die, one thing has to happen: people have to stop shopping in stores.
Karande said malls are facing changes in consumer shopping habits, including value-conscious shoppers who want more than just retail options. Retailers opening new traditional stores understand they need to offer something new.
Brookfield Properties, one of the largest retail property managers in the United States, has launched the Curbside Pickup Program to meet the needs of Brookfield Properties mall tenants and create a safe and comfortable shopping experience for shoppers. Miami-based Bal Harbor Shops has launched its own website where consumers can view and purchase merchandise from any of their retail tenants. Placewise, a retail technology company, surveyed 594 adult respondents about their attitudes towards malls and 594 adult respondents in malls.
Placewise’s unique finding is that 60% of shoppers would be “extremely interested” or “interested” if their local mall could offer all of the mall’s products for online shopping where they could buy more. pay for all purchases and receive goods delivered, or you can pick them up at a central location in the mall. The survey also showed that 57% are “very likely” or “probably” shopping at malls in five years, indicating demand for malls, at least in the short term.
In mainland China, the per capita mall count is surprisingly only 10% of the total malls in the United States, as the lack of malls, especially in prime locations, has been a constant handicap for luxury brands in China. Thus, many luxury brands have benefited from such malls that offer charming retail locations.
The mall offers luxury brands a dedicated space for their first physical and psychological interaction with consumers. Shopping centers are the first point of contact for many first-time luxury buyers, especially the post-1990s generation looking for a brick-and-mortar brand experience.
The themed mall trend will define the future of shopping experiences while creating positive brand synergies. A recent sale run by mall owner Macerichs may signal that the days of department stores and chain stores lining the mall’s runways are over as shopping habits have shifted during the pandemic.