Online shopping provides consumers with ultimate levels of convenience. Differentiating the consumer offering, with a focus on experience and convenience. We see successful players investing along three key fronts.ġ. In the face of these considerable challenges, malls are seeking to stay relevant, drive growth and boost efficiency. Websites such as collect pictures of weedy parking lots and barren food courts, and try to explain how once-thriving shopping centers began to spiral downward. mall industry is retracting and facing high vacancy levels. Thanks to a continued economic slowdown and rapid advance of the digital revolution, the U.S. This identity crisis is most intense in the U.S., the country that pioneered malls and has the most malls per inhabitant. And finally, the e-commerce revolution and the rise of digital technologies are fundamentally reshaping consumer expectations and shifting the function of stores toward useful and entertaining customer experiences.Īs these trends advance across the global stage, they are forcing mall operators to rethink how they conceive and operate their properties. The growing middle classes in Latin America and Asia maintain a strong association between consumption and pleasure, driving the need for more engaging shopping experiences. Sustainability concerns are causing some consumers to prefer mixed use developments where they can live, shop and work all within walking distance – instead of having to get into a car and drive to a crowded suburban mall. In this environment, malls offer a welcome watering hole, especially in cities where other public spaces are not safe. The trends helping to create this change include changing demographics, such as an aging population and increased urbanization, which means more people living in smaller spaces and a greater need for public spaces in which to socialize and congregate. Now, when consumers visit malls, they are looking for experiences that go well beyond traditional shopping. No longer are they primarily about shopping. A storm of global trends are coming together at the same time to cause malls to change the role they play in people’s lives. China’s New South China Mall in Dongguan stands at the top of the heap with 2.9 million square meters of space.ĭespite its ubiquity, the mall as it’s been conceived for the last half century is at a critical inflection point. The five largest malls in the world now reside in Asia. and became a full-blown modern retail trend there in the post-WWII years, has proliferated across the globe. In recent decades, the concept of the shopping mall, which has its origins in the U.S. Officially shopping malls are defined as “one or more buildings forming a complex of shops representing merchandisers, with interconnected walkways enabling visitors to walk from unit to unit.” 1 Wikipedia Unofficially, they are the heart and soul of communities, the foundation of retail economies, and a social sanctuary for teenagers everywhere.
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