LORETTA'S CHANNEL

Posted on Jun 26 2018

A New Model for Shopping Malls

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Why are some malls succeeding while others are declining precipitously?

Because some mall owners are aggressively changing their mindset from property owners to strategic players.  More importantly, they are evolving their product mix, heightening the consumer experience, and filtering their decisions through the lens of the customer.

 

While most malls need a massive overhaul, many could significantly benefit from addresseing at least one of the following points:

 

1.  Reduce reliance and leasing to traditional apparel brands in order to decrease notion of “sameness” throughout the mall

2. Consistently add new brands, experiences, store concepts, and a range of food and beverage options in order to drive traffic 

3. Create social spaces within common areas in order to increase customer time in the mall which directly increases conversion

4. Cultivate a community center with family oriented cultural events in order to become a destination for families with kids 

5. Add services such as hair, nails, fitness, alterations, consignment, dry cleaning, etc. in order to increase visits to the mall 

 

Consumers need the physical outlet of the shopping mall for socialization, experience, and convenience, and most malls are not delivering a positive product.  They need to rethink all aspects of the mall through the lens of the consumer, their expectations and preferences.  There are so many opportunities to re-invent.

 

https://www.businessoffashion.com/articles/intelligence/a-new-model-for-shopping-malls

 

 

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Loretta Soffe - Principal

lorettasoffe@live.com