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 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.
Today’s cutting-edge technology has changed the way new-age consumers socialize and entertain themselves. From food and groceries to clothes and gadgets - everything can be ordered in just a few clicks. It is becoming increasingly challenging to motivate such consumers to step out of the comfort of their homes. This, in turn, has compelled shopping mall operators to devise new strategies for attracting foot traffic.
Has your shopping mall experienced dwindling foot traffic? While you can’t compete with the comfort and convenience of online shopping, you can use innovative tactics to lure crowds. The key is to entice your audience with an exclusive experience that will compel them to visit your mall. It is high time you take retail therapy to a new level by creating an immersive shopping experience.
When the first mall in the U.S. was built in 1956, it was perceived as a revolutionary concept. The ability to access a plethora of brands under one roof was both a novelty and a luxury. However, in recent years, the fervor and excitement surrounding shopping malls have fizzled out. The comfort of online shopping has given mall operators a run for their money.
Malls in America are facing a retail apocalypse. Mall vacancies stood at a seven-year high of 9.1% in 2018’s third quarter. These large vacancies have led to the collapse of many shopping malls in the country, and about 1211 remain in the nation.
When was the last time you went to a shopping mall with the sole intent of buying something? Once perceived as the face of modern retail, many shopping malls are dying a slow death. Today, people often go to malls to hang out with their friends or spend quality time with their family. If your mall fails to engage your audience and provide a memorable experience, they will likely never come back.
The advent of online retail stores and e-commerce businesses have stolen the limelight from brick and mortar businesses. Shopping mall operators now have to work harder to attract customers and increase foot traffic forcing you to devise unique and innovative strategies to grab the attention of your audience. This becomes particularly crucial during peak sales periods and important holidays like Christmas, Valentines’ Day, etc.
Events are great-crowd pullers, and by organizing them in your shopping mall, you can increase your footfall with ease. They are great marketing tactics through which you can increase the sales of your store tenants as well. This is perhaps the reason why it’s so common to see shopping centers organize events regularly.
Every business needs to remain relevant to its customers to survive. The only way of doing so is by matching up to their interests and by keeping up with the latest trends. Shopping malls are no exception to this. They need to evolve based on the interests of shoppers continuously. The stores in the malls keep changing regularly based on these interests, as well.