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The right retailer or experience can boost the whole mall provided it is fit for the mall context.
- High-End Malls benefit from art galleries, activewear shops and salons/barber shops.
- Mid-Range Malls can profit from sports bars, movie theatres and arcades.
- Budget Malls do best with gyms/fitness centres and burger shops.
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The Mall of the Future: Shopping trends
The malls are often viewed as failing because chains expanded too fast, malls are overbuilt, or eCommerce is replacing brick & mortar shopping.
This cause mall operators, developers, retail brands, restaurants, analysts, and commercial real estate brokers to want to know what the data says about the "Mall of the Future."
The trick to saving a mall is opening venues that attract people by complementing the existing ecosystem.
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Know your audience
Consumers visit malls with certain expectations. Therefore, a new tenant should invite similar expectations of the existing consumer set.
For example, a mid-range mall usually will not succeed by adding discount stores or luxury experiences.
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Add the right food options
Restaurant categories matter.
- A mid-range mall with typical retail stores do well with dining options like seafood restaurants and quick lunch spots. The aim is to attract repeat visitors.
- In high-end malls, foot traffic increases when trendy food establishments are added, such as salad places, Mediterranean restaurants, juice bars, and sushi restaurants.
- Burger joints attract shoppers in all mall categories.
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Avoid hobby shops
Comic shops, toy/game stores, automotive shops, and arts & crafts stores universally correlate with lower foot traffic. It could be because these categories are more affected by e-commerce.
Mobile phone shops also have a negative effect on foot traffic.
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IDEAS CURATED BY
Dustin Spencer's ideas are part of this journey:
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