As social distancing and self-isolation become the new normal, many shopping centers are running at limited capacity or have been forced to close down entirely.
Traditional shopping malls are facing an identity crisis. Changing consumer preferences and shopping habits have resulted in diminished foot traffic and reduced sales. Technology has made it possible for consumers to order products of any kind from any corner of the world. If you want such people to step out of their homes, you have to lure them with a compelling reason.
The retail industry has been experiencing quite a bit of turbulence for quite a few years. The emergence of online stores like Amazon has has had an impact on the profitability of brick and mortar businesses. Consequently, the shopping mall industry has also entered a state of frenzy. Dwindling foot traffic and plummeting revenue have forced many shopping centers to shut their doors.
The COVID-19 pandemic has been causing widespread panic and trepidation. It has already infected over 240,000 people and killed more than 10,000 across more than 160 countries. Health care facilities across the globe are getting overwhelmed by the rising number of patients. Moreover, many countries have commenced national lockdowns, which, in turn, is taking a toll on the global economy.
Pandemics have the power to disrupt life across the globe. The raging COVID-19 pandemic has claimed more than 15,000 lives in a span of a few months. It has also taken a toll on the global economy forcing many organizations to shut down temporarily. Several small businesses have had to lay off their employees and now face the threat of permanent closure.
A pandemic isn’t just a public health crisis. It has a significant impact on the global economy, as well. The ongoing COVID-19 pandemic is already taking a toll on businesses across the globe. While many organizations face temporary closure, small businesses may have to shut their doors permanently.
The world is facing an environmental crisis that is worsening every day. The rising global temperatures and increasing sea-levels have caught the attention of many consumers. This, in turn, has caused a shift in the mind of today’s shoppers. They are becoming increasingly conscious of the environmental impact of their actions.
The steady decline of foot traffic has been plaguing shopping mall operators and real estate developers for over a decade. As online stores continue to give brick-and-mortar businesses a run for their money, shopping malls are facing the urgent need to reinvent themselves. It is no longer enough for a mall to offer an assortment of stores. Even fancy food courts and fine-dining eateries aren’t as effective when it comes to attracting foot traffic.
The rise of the internet and advanced communication systems has transformed the world into a close-knit global village. Irrespective of the size and nature of your business, you are likely operating as part of a global economy. This means your business could face the repercussions of something that happens on the opposite side of the world. A pandemic outbreak, for instance, could disrupt normal business operations and take a toll on your revenue.
The coronavirus outbreak, which originated in the Chinese city of Wuhan in December 2019, has been causing widespread panic. Despite continued efforts to contain the Coronavirus, also known as COVID-19, epidemic, it has already claimed thousands of lives in various countries. Even though the outbreak has slowed in China, it is gaining momentum in other countries including the U.S. According to the World Health Organization, there are now more new cases of coronavirus infections outside of China than inside.