It’s no secret that the popularity of online shopping has traditional brick and mortar retailers completely rethinking their target markets. Since millenials comprise such a large portion of the buying public, owners of malls and shopping centers owners have had to adjust in order to survive. It might seem simple enough, but they must give consumers more than one reason to visit.
A recent globest.com report highlighted how traditional shopping centers exclusively were retail centers that included large department stores, a food court, and smaller novelty stores. So if you did not have a reason to shop, there would be nothing to do while there. When more people started shopping away from the mall, scores of stores failed, leaving the mall with empty spaces that became eyesores.
In what is being seen as a renaissance of sorts, more shopping centers are focusing on being lifestyle centers than customary retail outlets. This attracts modern tenants that are able to pay higher rents. For example, a space that once housed a J.C. Penney’s department store has been renovated to include a Trader Joes supermarket as well as a fitness center. Similarly, traditional mall food courts are being replaced by interesting new dining options such as Dave and Busters, GameWorks and similar experience centers.
The renovation of retail centers is poised to be a lucrative activity for the commercial real estate market. An experienced real estate attorney can help business owners bring their ideas to fruition.
The preceding is not legal advice and is provided for informational purposes only.