What will Malls look like in 10 years….
What will Malls look like in 10 years?
Just like all other types of markets, the retail market is also subject to rapid changes. When the shopping habits and preferences of the consumers change from time to time, the shops also have to bring changes accordingly. Those mall owners who have a flexible attitude and are always ready to bring changes in their shopping malls so as to enable the shopping centers to cater to the needs of customers according to their way of shopping that goes on changing will be able to sustain and run their business successfully. The impact of the following factors will be comparatively more on the retail businesses in the next ten years and hence mall owners have to find the solutions to make the shops unaffected by those impacts and run the business smoothly.
Growth of E-commerce business
The physical retail shops are likely to face the challenge from the online marketers. The pressure from online sellers will be more in the apparel business. In the next 10 years mall owners will be compelled to reduce the number of clothing and footwear stores and the owners of the leading malls have already started to move in that direction. The malls in the coming years should accommodate more number of retail shops for products other than apparels – grocery, food, entertainment, digital equipments, pop-up stores and more. The mall should not be a hub of apparel shops anymore and it should accommodate more retail shops that are under the non-apparel category.
Innovation Centers to provide real-time feedback to the retail shop owners
In the coming years beta testing will become a flourishing business in the malls and a considerable portion of the space in the mall will be occupied by test stores. These test stores will provide real-time data to the retail shop owners after observing and analyzing the movements and activities of shoppers and also collecting their feedbacks regarding the shops, the quality of customer service they receive inside the shop and quality of the products they used to buy. The shoppers also will start using the service of the test stores to identify new products and also to gather more information regarding special offers and cash discounts.
Some of the leading malls in Portland, Netherlands and China are now providing their space to Value Centers which are not retail outlets but places that are based on either shared values of consumers or on the identity of a community or an ethnic group. These Value Centers provide the opportunity to the local businessmen to showcase their products or services in rotation and also in this place the local producers, designers and artisans can interact with potential customers to understand their actual needs and accordingly design and make new products or improve their existing products.
Make the mall a common meeting place of the local community
The mall owners will bring a lot of innovations in the coming years so as to convert the retail shopping hub into a new downtown. They will prefer tenants who are really able to increase the traffic into the mall. The malls in future will have a mix of selected small shops that can provide an entirely new and innovative shopping experience to the consumers. When the shoppers find that the mall is an ideal place to meet a lot of people from the local community, they start visiting the mall more frequently and spend some time with their friends, old friends and family people. Hence the mall owners will start to give importance to fine dining and arranging special events in the malls. When there are kiosks, pop up stores and innovative showrooms in the mall, more people start to visit the mall frequently.
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