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.
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.
Shopping malls in the US have been in a mode of tailspin ever since the ecommerce industry started booming. People prefer to sit in the comfort of their homes and shop for their favorite products at even more affordable prices. This has led to widespread vacancies in the shopping malls in the country. Over 9.1% of the mall spaces were vacant in 2018’s third quarter and now, only 1,211 malls remain in the US.
Topics: Shopping Centers
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.
The success of your shopping mall entirely depends on how well your tenants perform. For this, you need to maximize foot traffic to your mall. However, high footfall isn’t enough. You need to lure people into the shops of your tenants and get them to purchase from them. This requires some foresight and planning for your indoor mall advertising strategy.