Are malls going to be obsolete?

More than half of all mall-based department stores will close by the end of 2021, according to estimates by Green Street Advisors, a commercial property research firm. And that will have a massive impact on malls; as of January, department stores accounted for nearly one out of every three square feet in malls.

How many malls are in USA?

In 2017, there were approximately 116,000 shopping malls spread across the United States. Back in 1970, there were only 30,000 shopping malls in the United States.

Why is Starbucks closing in malls?

Closing mall kiosks is part of Starbucks’ strategy of investing more in drive-thru and pickup locations. Last summer, Starbucks announced it would close 400 US stores to “strategically optimize” its portfolio, with the greatest changes in urban markets.

Why are malls still considered a shopping destination?

The days of meeting friends at the mall and shopping all day are gone. Malls are still considered a destination, but it’s because they now offer amenities, experiences and entertainment to enhance the shopping experience. They are now not only anchored by department stores but with popular restaurants, bars, salons, cinemas, and fitness centers.

Can shopping malls survive the generational changes?

The answer: shopping malls must continue to transform to survive the generational changes. As with so many other areas of retail and beyond, it’s evolve or die. Early on, Greg Petro realized there was a better way for companies to make decisions with high degrees of variability or uncertainty. He devoted himself to …

What is the history of the shopping mall?

With the explosion of suburban population by 43\% between 1947 and 1952, commercial developers began constructing shopping centers. The shopping mall was initially created as a destination community center where people could come together to shop and interact socially.

Is the future of shopping in malls based on experiential experiences?

Although these two generations have grown up digitally, they still value and enjoy the experience of shopping in the in-store physical environment. Wisely, the re-invention of malls is relying heavily on experiential and entertainment environments.