20-25% of malls are projected to shutter within the next 5 years, according to a new report from Credit Suisse, and mall owners are scrambling to rethink the long-term lease approach while still emphasizing the communal aspect that shopping centers serve.
For mall owners, the solution to keep business afloat has been about embracing a pop-up store and mixed-use concepts to appeal to experience-minded consumers and retailers.
Three key ideas to rethink shopping centers:
1. Rethinking the ‘common area’ to increase revenue
2. Controlling tenant turnover
3. The pop-up approach that’s here to stay
With an increase in sales, excitement and foot traffic, malls owners are using short-term and experiential concepts to give malls the facelift it needs to thrive in this new retail landscape. As retail is turning over more frequently than over before, redeveloping these centers drum up new business not only with added mixed-use attractions, but with short-term concepts that increase the mall’s visibility and keep it top of mind for local consumers.
Full Story: Storefront Magazine