We hope everyone has been enjoying the hotter than typical summer! The hotter weather is probably driving more and more people to the nicely air conditioned malls in their areas. Most of you have probably noticed that malls and traditional retail is not really what it used to be. So, it begs the question, is retail dead?
Over the past few years we have all seen headlines regarding the demise of retail, but the truth is, retail is just changing. Many purchases are still made at brick and mortar stores. As shoppers go out to find items they want, they are also in search of an experience that not only includes touching and feeling merchandise before they buy, but also experiencing that product in an atmosphere that is exciting.
With the need to make the entire shopping routine a full-on experience for the shopper, malls are beginning to transform themselves into a place not only to shop, but a place to be seen, to eat, to have fun and to experience life. Next time you are out shopping at the mall see if you are picking up on the changes that are in the air. While this will continue to be a challenging time for retail stores and landlords, it should be an exciting time for the consumer and the shops and property owners that can make the change successfully will prosper.
You may notice some of the older strip malls in your area getting knocked down. They are then being rebuilt with a mixture of restaurants and retail space. This offers a better experience and adds value to living in the area.