Mall Developers Try to Survive by Reinventing

By
Real Estate Agent with Keller Williams Realty

Many of the nations’ retail malls are experiencing difficult time surviving in today’s brick and mortar stores.  This is due to increase sales resulting from on-line orders and quickly delivered to your front door.  In addition, creates convenience to the consumer by allowing them to save time and money.  Many malls are trying to reinvent themselves by adding entertainment and restaurants to anchor their business.  Their intent is to reinvent themselves as theater district for entertainment and socialization while supporting shopping.  They are trying to accomplish that by converting anchor stores into indoor entertainment areas, such as, go-karts, ice rings, and arcade games, etc.  Today is about socialization, and malls need to adjust to new consumer habits.   Per the U.S. Department of Labor, between 2000 to 2017 out-of-home entertainment spending fell 3%.  This means Americans are staying home and spending less outside of their home.  Not all analysts believe family entertainment venues will rescue malls.  Some of these analysts believe the top-rated malls will survive while others may become Amazon distribution centers or converted to another use.  While other analysts are questioning whether increasing entertainment will drive-up retail sales.  Nevertheless, there is an increasing number of developers who are betting that family-oriented entertainment venues will provide long-term security to mails.  This may redefine malls and their role as a social gathering place and retail outlet.     

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Tags:
sales
shopping
entertainment
business
money
retail
malls
amazon
stores
theater
restuarants
family

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