Our Prediction on how Future Malls Will Look Like
January 25, 2021
There is no doubt that we are living in an era of extraordinary events, which has caused huge changes to how we live our lives, through social dynamics and the way we eat, work, shop, play and interact with others.
At the same time, we have visionaries such as Elon Musk designing and hand-crafting a whole new exciting future for mankind, involving autonomous driving, self-landing rockets, visits to Mars (fingers-crossed), and much more!
This got us thinking of two slightly different questions:
- What will the future of malls be like?
- How would a future mall look like?
The "Experiences" Malls
With the evolving eCommerce landscape in a world of instant gratification, via a single click, people are not visiting the malls as often. More people tend to only visit malls when there is a compelling reason for them to do so.
So what would the reason be (after the COVID-19 pandemic) to compel people into visiting malls…
We believe that retail malls need evolve and there will be a constant focus on “experiences” to draw in the crowd and people to experience these “experiences”.
And how would this look? We feel that malls will be transformed to combine working spaces such as: offices, serviced offices, and co-working spaces into a mall setting. Due to this, footfall will greatly increase in malls as people work in them. And as a result, work, dine, mingling, and family activities will all come together.
On to activities, makers of products will increase and all will come together in malls creating great activities within the same shopping spaces. This prediction is backed by a recent trend is of craftspeople setting up brick and mortar stalls in malls, teaching customers how to make their own accessories and products, providing them a safe guided experience to share with their loved ones without needed to deal with the setup or clean up after the activity.
Read more about the Makers’ Mall here: The Makers’ Mall – Where People Make Things Happen!
As a result, activity-driven malls will be a norm and so this is our prediction on what the future may hold.
What does this mean to me?
In one word: Innovate.
In many more words: You would need to innovate your unique business offering in order to stay competitive into the future. You’d want to ensure that your business is future-proof for at least the next 5 years. Are you an F&B shop? Is there a way to engage your customer while purchasing your food, does your packaging fold into a crane after they’ve finished eating what’s inside? Apart from the great delicious food, how do you entice your customer to come back again, and to bring their friends?
At MallSpacesAsia, we not only want to get you into a mall, we also want you to succeed in the mall to join the ranks of our many successful clients.
So after all that, what do you think? Drop us a line and start a conversation with us!
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