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 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.
Shopping malls have been struggling to survive. The surge of e-commerce has compelled millennials to shop from the comfort of their home. It is becoming increasingly difficult for brick and mortar businesses to compete with the convenience, variety, and affordability of online shopping. Consequently, shopping mall operators are trying to devise new ways to attract paying customers.
Topics: Shopping Centers
Modern technology is becoming increasingly focused on creating the best customer experiences. Consumers can buy the latest smartphone while sitting on their couch and get their favorite burger delivered at their doorstep. It is fair to say that today’s consumers literally have the power to fulfill all their needs at their fingertips. This has made it difficult for brick-and-mortar businesses to attract paying customers.
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.
Gone are the days when shopping malls were just places to shop. Changing consumer preferences have forced mall owners into thinking out of the box to come up with new ways of increasing their foot traffic.
Topics: Shopping Centers
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.