These days, the shopping mall industry just can’t seem to shake the doom and gloom headlines. According to Business Insider, a “Retail Apocalypse” has officially hit America. While it’s true that declining in-store sales are forcing some retailers to close stores, those headlines don’t tell the full story. Jumping to the conclusion that it’s “the end of the world” for the modern American mall discounts their potential to adapt and thrive in today’s world. Given the socioeconomic impact that shopping centers have on our communities, we should celebrate and encourage their potential to adapt – not discourage it.
At StreetLight, we know how important shopping malls are for our communities, and we’re committed to building the tools they need to thrive. When malls and shopping centers close their doors, towns and cities don’t just lose a place to shop. People lose a place to connect to face-to-face and communities lose employers. Abandoned shopping malls can even become hotspots for petty crime. But that doesn’t have to be the future of the shopping mall.
The successful malls of the future will be those that recognize the changing desires of today’s consumers, then adapt to meet them. In this blog post, we will share a few ways for real estate and shopping center professionals to turn today’s shopping centers into the malls of the future.