What are the key challenges you face in repositioning malls today?
Embracing the fact that the focus at big retail centers now is more experiential than it is retail. Small, suburban towns with side-street restaurants, entertainment, and retail that you can walk to are becoming more popular. You have to find different reasons for people to get in a car and drive to a mall.
If you could give one piece of advice to enclosed mall owners and operators during these challenging times, what would you say?
There’s certainly been a shift in the industry to understand consumer traffic patterns and other consumer data. There are a number of different data and software packages that we are using to understand who our consumer is. Some mall owners have not made a shift to that technology, but leasing has become a challenge and they need that data.
What qualities should mall owners look for when looking for a repositioning expert?
A full-service firm that has experience with regional malls including receivership, property management, leasing, construction and disposition services. You should be sure that they’ll provide cost efficiencies, accountability, and, most importantly, results.