Op-Ed: What Will the Mall Look Like 10 Years From Now
Malls are becoming multi-use experiential environments...but will people still shop?
According to a recent study from Green Street Advisors, about 15 percent of U.S. malls will fail or be converted to non-retail space. At the same time, online retailers are beginning to understand that simply marketing their brands online is not enough to differentiate them from their competition, and that brick and mortar is key to success. The retail landscape is shifting; a new balance between online, real world, sharing and impermanence is evolving.
The Evolution of the Mall
The mall shopping value to a consumer is largely swayed by what’s located within them; today the mall is not just for buying clothing and eating at traditional food establishments anymore. It is actually evolving into something much more dynamic. We are beginning to find communal areas, space services, premium food, temporary stores and even morning fitness classes.