Why Malls Need to Change
By
Staten Island, NY Posted: 5/5/2017 1:00:00 AM
If malls want to survive, they need to change.
The Internet has changed the way people shop. In the same period of time that Amazon has seen over 1000% growth, traditional retail shopping has declined. Even well established companies like Sears and K-Mart have lost so much business that they risk total collapse.
At the center of the decline are local shopping malls, which struggle to get people in the door.
While you can blame Amazon and other online retailers, part of the blame has to do with the malls themselves. They need to find new ways to bring customers back, or they're doomed to fail.
One thing I'd love to see is the return of local merchants. As it stands now, many malls don't even offer space to local merchants and restaurants. In fact, in the mall near me, they've systematically eliminated every local merchant in favor of national chains, which they assume are a bigger attraction. I don't see it that way. I think local merchants, and especially local restaurants are exactly what malls need to survive.
Malls should allocate a small percentage of their space specifically for local merchants because local merchants have a stronger connection to the community, which leads to greater loyalty. This is the opposite of the way things were before the Internet, when larger chains served as anchors for bringing in customers.
If malls want to compete against the Internet, they need to offer things you can't get online and that means a greater focus on local, and especially local restaurants.
Joe Crescenzi, Founder
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