Malls have had a tough run for the past few
years. Once the wave of mass store closures that caused the ‘retail apocalypse’
scare hit, shopping malls took the brunt of it.
In the blink of an eye, mall assets became
empty and vacancy rates were on the rise. Many of us have been thinking that
the shopping mall model was ‘dead’ and didn’t have much hope to be revived.
However, in the latter half of 2019 things
began to change. Brands announced their return to the mall scene after
reconfiguring their strategies to accommodate the new era of retail. But what
does this mean for malls?
The biggest question on everyone's mind is
about the value proposition that malls have to offer contemporary shoppers.
What exactly will draw consumers into shopping malls this year? Whatever it is,
it would have to be incredibly appealing - and so far, the developments are
gearing up to be just that.
Here are 6 trending things that will be driving
shoppers back into malls in 2020:
Brand-Specific
Storefronts
Successful brands are evacuating big
department stores and taking their own stand as small, independent storefronts.
Retail companies are using these smaller
locations to boost brand identity and establish a greater culture around their
services. It’s chic, exclusive, and very attractive. The store’s aesthetics are
concise, harmonious, and sleek - which is everything that today’s shoppers
love.
These smaller spaces also give brands the chance
to boost consumer engagements and interact with shoppers on a one-on-one level.
It’s providing a customized retail experience that is all the rage in today’s
market.
Pop-Up
Events
Specialty events will be another big perk for
shopping malls. Pop-up shops and events will be a main strategy to attract
people back to malls. Whether it’s a brand-specific event or a mall-wide
occasion, these pop-ups can be broadcasted across social media with enticing
graphics that are sure to spark the interest of shoppers.
BOPIS
Options
Online shopping will be collaborating with
physical retail through BOPIS - buy online
pickup in store.
The option to get online purchases instantly
via a pick-up counter in a brick-and-mortar location is appealing to shoppers.
And, once they are in the mall, it’s likely that they will make additional
purchases. It’s a great tactic to drive traffic into shopping centers.
Experiences
Galore
There’s one thing that can never be delivered
through the online-shopping module, and that’s an in-person experience. Malls
are adopting experiential amenities anywhere they can. This trend is all about
harnessing the tactile, social, and leisurely aspects of shopping.
Tech
Integrations
Technology will also be playing a big role in
boosting malls this year and beyond.
AI and automation can be applied in many
different ways to improve the shopping experience. Plus, technology is
cutting-edge and cool. Investing in tech tools, such as increased security or
augmented-reality dressing rooms, will be key additions to today’s malls.
Going
Beyond Retail
Finally, malls will be extending far beyond
mere retail in 2020. Expect to see gaming centers, spas, fitness boutiques,
entertainment options, high-class dining, and other attractions popping up
within malls. These locations have more to offer than just shopping - making it
fun for everyone.
These 6 trends will be reshaping malls in 2020
and beyond.
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