How do you revive a dying mall?

Here are three actions malls could take today to reclaim their relevance with the American consumer in every town nationwide:

1. Adopt a New Retail, Data-First Mindset. Just as retailers need to know their customers at an individual level, so too do mall operators.
2. Get Hippie with It.
3. Go with the Flow.

Are all malls dying?

About 20\% of 1,000 US malls will close or go through a “major repurposing,” but “the American mall is not, in fact, dead,” according to a new analysis from Moody’s Analytics. Moody’s predicts that one-fifth of American malls will either be renovated, repurposed, or razed to make way for new properties.

Why are there so many dead malls?

The number of dead malls has increased significantly because the economic health of malls across the United States has been in decline, with high vacancy rates in many of these malls. Some retailers have also begun to re-evaluate the mall environment, a positive sign for the industry.

Why are malls disappearing?

Shopping malls in the U.S. were already in decline before the Covid-19 pandemic as consumers shifted away from traditional brick-and-mortar stores to e-commerce. The outbreak has only exacerbated the challenges at malls as social distancing has placed restrictions on stores, movie theaters and restaurants.

Are shopping malls disappearing?

Are US malls are disappearing?

When was the last mall built in the US?

For the American mall mogul, the reality is clear: rethink what it means to be a mall, or die. The last new enclosed mall was built in 2006; 2007 marked the first time since the 1950s that a new mall wasn’t built in the United States.

Why are shopping malls dying?

Malls are dying. The thriving ones are spending millions to reinvent themselves. – The Washington Post In the past decade, as shopping dollars migrated online and a parade of well-known retailers toppled, the malls that didn’t evolve fast enough stumbled into a devastating cycle of dwindling traffic, lower sales and disappearing storefronts.

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 …

Is the American shopping mall on the way out?

And one piece of the classic American landscape that’s on the way out is the shopping mall. Once the hub of most suburban communities, today, many once-thriving shopping malls have since gone belly up, turning from a bustling social meeting place to eerie reminders of the decline of brick-and-mortar retail.

Are malls still a popular 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.