Malls are Changing with the Times
In the 80s and 90s, going to the mall was the hip thing to do. It was very common to see teens meeting up with their friends at the mall to shop and meet new friends. However, with the massive amount of entertainment available to teens today, the mall just isn’t as fun as it used to be. Looking at clothes is something that can be done on your smartphone. Meeting new friends can be done with the click of a button on social media sites. The old mall that only focuses on retail stores is now a thing of the past.
Old malls are now being converted into shopping centers that bring a whole new sense of entertainment to an individual. These new shopping centers are including office spaces, outdoor parks, restaurants, movie theaters, and apartments. Malls are now becoming centers in cities for all different types of commerce. These destinations are being revamped to offer much more than just the purchase of clothing. New businesses are popping up in malls that are integrating concerts, virtual reality arcades, gathering places, and learning annexes for universities. No longer will you just go to the mall in order to simply buy clothing.
Take the Westfield Corporation’s recent news about renovating their Century City mall with a $950 million investment. It plans to include the first Eataly on the West Coast, lots of outdoor shopping entertainment options like a music / fashion venue and some of the most innovative digital technology to enhance the customer experience. ““When this project is complete, we will have redefined the very nature of shopping on the Westside of L.A.,” stated Peter Lowy – CEO of Westfield earlier this year.
It is exciting to see a whole new type of shopping center being created for all different types of people. In order to survive, malls must now become a destination. Picnicking near lush fountains is now more appealing to individuals than department stores used to be. Food courts are now a thing of the past. More luxurious eating options must be present at these new shopping malls in order to entice individuals to come and have an eating experience that does not remind them of sitting in their old high school cafeteria.
Real estate developers are now taking advantage of the low price per square foot at failing malls. Over the next few years, many of these old malls are going to be transformed into shopping centers that incorporate more entertainment options than shopping options. This will give shoppers more of an incentive to visit these previous malls and enter stores where they may find items which are appealing to them. The new transformation of these malls will hopefully breathe life into the outdated model that malls used to rely on in the 80s and 90s. It will be exciting to see many malls around the country be transformed into entertaining shopping centers over the coming years.