Malls - They're Not Only Not Dead, They've Come Back Better!

Malls have had a rough couple of years during the pandemic, but if you’ve been to one lately you’d never know it. Stores are open and busy, cinnamon buns and pretzels are back, and the food courts are packed with old, familiar sounds and smells. However, it was touch-and-go for a while, not only for the brands that leased space in malls, but also for mall operators and owners.

A 21-page white paper from Placer.ai covers specific ways some malls have found to thrive in the new normal. According to the report, “After 2 years of isolation and a new, pandemic-induced wave of suburban relocation, malls’ potential to bring people together is more prized than ever.”

From the white paper: “The ‘death of the American mall’ has been predicted for years. The reality, however, is much more nuanced than that – like many other sectors, malls are undergoing a shift to help them better serve evolving customer needs and survive and thrive in an ever-shifting retail landscape.

“The malls featured in this white paper have found ways to consistently attract visitors despite the various obstacles faced by the category over the past 2 years. By understanding that the American mall must evolve along with the consumers, mall owners can successfully revitalize their retail spaces.”

5 key takeaways

The report highlights successful practices at malls that have recovered and are showing the way to future retail success. Key takeaways include the following, with details and examples in the full white paper.

1. Entertainment can draw the crowds – and keep them there.

2. Embracing omnichannel shopping is the way forward.

3. Strategically repurposing empty space can positively affect shopping behavior

4. Unusual tenants can help malls grow clientele.

5. Understanding local demographics can optimize tenant selection.