Simon Property Group Fights To Reinvent The Shopping Mall
There are many advantages to shopping online, but probably the most notable one is convenience. But despite the surge in e-commerce capabilities, mobile applications and other technology advancements — including voice-activated shopping and the proliferation of Amazon Dash buttons — the majority of American consumers still want the tactile experiences offered by physical stores.
But a shopping center also has to do with very special retail-dynamics which also has requirements. These malls are not just competing with online retail—they are blowing it out of the water. Unleased spaces are being repurposed as temporary incubators and pop-ups for food, local retailers and even national brands.
Maybe, but it will happen only if shopping center owners continue to diversify and give people a reason to visit. The same goes for online shoppers, particularly when they're buying something for the first time, like an e-cigarette or cigars. Shoppers should also be skeptical of promotional gift cards given to them by shopping malls as part of promotion because they aren't subject to the new rules, says Kuadey.
The future mall is walkable, accessible by car, bike, and train, and we will see an even bigger increase in retail around airports, bridging the gap between the retail, food and travel industries. Research shows that physical stores boost online purchases: One European retailer, for instance, reports that it captures nearly 5% of online sales in areas near its physical stores, but only 3% outside those areas.
Of course, every shopping center developer and every shopkeeper is eager to attract lots of customers. Tesco , which is experimenting with ways for consumers to use Google Glass to scan barcodes on in-home grocery products and add them to their virtual shopping carts, is also looking at ways to innovate the in-store experience.
And department stores, which analysts say are still the biggest draw for consumers, have a lot of control on where the rest of the stores are placed, says Maureen Boyer, an architect with Gensler, a global design and cannon central architecture firm. In most nonshopping center locations, rent is a fixed amount that has no relationship to sales volume.
Check out the following accommodation options and remember to mention your visit to the shopping center for special Shop & Stay Packages: Best Western, Breakers Hotel, Clarion Hotel, The Courtyard Marriott of Tinton Falls, Doubletree Tinton Falls, Hampton Inn & Suites and White Lilac Inn, Bed & Breakfast.