Where Did All the Malls Go?
The weekend mall crawl was the start of our social ladder. Named as the place to be, shopping Malls were the trend setting center of society. A plethora of options ranged from high tier stores to penny candy spaces.
In bigger cities, large malls are still a prevalent way to shop. There are a number of factors that provide the dividing line of success versus considerable downsizing. Looking at the statistics, they can be broken down into a few categories. These were the days when the movie theater was attached to one end of the mall while an arcade thrived on the other side. The entire day could be spent dreaming, eating and running into friends for mere dollars and cents. Parents shopped and teens showed off their newest gear and goods. It was mall tradition after all. If we fast forward a few years, you can drive by the same mall only to find what looks more like a ghost town than the vibrant hangout you remembered. Interestingly, consumers spend more shopping dollars now than in collective history leading to the question… where did all the malls go?
A malls future is greatly determined by its location. Smaller regions that have experienced economic issues will be less likely to maintain the cost of a mall. Each store pays a rent or lease as a part of their overhead. If they see a less than profitable year, stores will begin to look at their options. In effort to avoid closing down completely, owners may opt to relocate their business. As stores withdraw, the mall begins to see less activity. Larger areas have a metropolis of shoppers to welcome. The busier they are the more return they can invest into keeping the attention of consumers.
Malls that have the funds to create a space within a space tend to maintain their presence. Updated food courts and dining options can balance the medium between finer palates and a good ole’ fashioned slice of pizza. You will see everything from elaborate chandeliers and sparkling windows to a child’s wonderland to visit and take a break from shopping. Parking garages make a big difference in the city as hectic parking lots can be troublesome for many drivers. Attractions serve a purpose in catching the consumers eye; however, it always offers an appealing location to vendors.
In the event a mall begins to see a reduction in shops within its walls, they lose more than the storefronts. They also experience the loss of variety and availability. It is a downward slope once a mall reaches this point. It is imperative they hold a splendor of choices also known as one stop shop. Customers will not spend time parking, going in and looking for one item when they can retrieve their goods all in one place or even online. Malls are a splendid gathering of shoppers and delightful memories. As the tides turn, we will see the rise of some and the closing of others.