What is the future of retail and malls in the United States? With Amazon and online shopping growing, where does that leave physical retailers and all of the real estate they have traditionally occupied? What shops, attractions, and new experiences will fill the millions of square feet of empty retail space at malls and shopping centers? I shared my thoughts in this wide-ranging interview with Authority Magazine.
Here’s an excerpt from the interview where I answer the question:
“Can you share 5 examples of how retail companies will be adjusting over the next five years to the new ways that consumers like to shop?“By Fotis Georgiadis from Authority Magazine
The Future of Retail Is Experiences
A 2017 report by Credit Suisse predicted 25% of malls will go out of business by 2022 leaving millions of square feet of retail space empty. That will likely be accelerated by COVID-19. What will happen to all of that space? I predict that experiences will be a major part of the future of retail. Trampoline parks, indoor theme parks, go-kart family fun centers, and virtual reality games have already started to replace many department stores in malls. The new American Dream Mall in New Jersey is a look at the future of the country. It was originally designed to have 55% entertainment space and 45% retail space but has already pivoted to 70% entertainment space and only 30% retail space. Our 14 chain indoor family fun center currently has four locations inside malls. We plan to open more locations inside of malls in the coming years. Each location takes up the space of a large department store with over 50,000 square feet of rides, arcade games, dining, and more.Continue reading