Lego Going Global: Coming to a Mall Near You?

Calling all Lego fans! Have you heard the news? The famous toy company is broadening their global presence as they open stores in big metros around the world. Here’s what you should know:

Lego’s Big Plans

Lego has been making moves on a global scale. The brand announced that it is planning to open 70 stores before 2019 comes to a close. Their new locations will be hitting shopping malls around the world, excluding China.

These new store openings will mark a total of nearly 600 stores around the world.

Hitting US Markets

When it comes to their US expansion, their target location is malls.

With all the developments going on in retail, brick-and-mortar has seen the most changes. In particular, malls have had a hard time keeping their heads above water. Vacancies have been a huge problem threatening the traditional shopping mall, but there’s been a new wave of interest as more and more brands make the move towards malls.

This influx of interest has the potential to re-envision the American mall.

Delivering Experiences

One element of the contemporary mall module is experiential retail. The new Lego stores will feature tons of hands-on interactions that today’s consumers cannot resist. This contemporary strategy is delivering what shoppers want - something fun, exciting, new, and interactive.

Just because they’re a toy company doesn’t mean that they’re playing around. It’s all apart of Lego’s expansion plans.

Lego CEO Niels B. Christiansen stated: “We are satisfied with our performance given the transformative shifts which continue to reshape the global toy industry… Against this backdrop, we continue to grow consumer sales and market share in our largest markets.”

What Does This Say for Retail?

We can learn a lot about retail’s current state by examining the Lego company.

First of all, don’t listen to the news that says ‘retail is done’. Retail is far from dead, and CRE’s commercial sector is also alive and well. 

Faced with many challenges in technology, automation, and changing consumer cultures; retail is forced to adapt to its new environment. While it’s true that stores are closing, others are opening. It’s a time of great change - but not necessarily destruction.

Next, physical retail is going to grow bigger and better than ever before. AI, cutting-edge technology, mixed-attractions, and experiences are all apart of tomorrow’s typical shopping scene. 

Brick and mortar offers the industry things that can never be achieved online. Commercial real estate and retail will need to work together to reach the apex of this industry.

On a global scale, physical retail thrives in big cities around the world. Shopping is a social pastime, a tourist attraction, and a leisurely activity.

Finally, don’t count American malls out just yet. These shopping hubs are being reinvented by brands that are coming in with all of their best resources. Companies such as Lego that are driving shoppers back into the malls can revive the US mall industry.

Is Lego opening in a location near you?