Smaller, faster, local — the retail projects of today are starting to resemble the small towns of yesteryear. As centers and downtowns seek to fill vacant spaces, they’re turning to new uses, new concepts and entrepreneurs to reinvent their experiences.
Malls and shopping centers are real, physical places. That’s their advantage versus the internet. Shopping centers can at least aspire to be the third place. Websites cannot.
Top retail center developers and executives are all too aware of how the internet has redrawn the playing field, but all are equally convinced that centers fill needs digital experiences can’t begin to address.
It’s a turbulent time for many American malls, and several owners and operators have had success reversing the fortunes of underperforming malls by transforming them into mixed-use destinations.
When Toys "R" Us announced last month that it would be closing all of its U.S. stores, some observers immediately jumped to the conclusion that online retail had claimed another legendary brick and mortar brand.