November 8, 2021
In the 1980, more than half of Us retail sales took place at malls, but times have changed. In 2021 more people shop online than ever before. The coronavirus outbreak has increased this trend as health and safety concerns kept shoppers at home.
A record of 12,200 stores have closed due to the popularity of online shopping, the pandemic and the shutdown caused even more stores and businesses to shut down. Retailers are shrinking their physical presence because more of their business is taking place online. They achieve at least 35% sales through websites then in store, so, many shopping malls and department stores are losing money in sales.
So, what is the future in malls you ask? Well, malls that want to stay relevant for the next decade need to reinvent themselves. Some retail experts say malls will transform and have different spatial and functioning distributions in the upcoming years such as destination centers, innovation centers, value centers, and a retail-dential space. About 20% of malls will close or go through a repurposing, but the American mall is not in fact dead, many predict malls will be repurposed, renovated or changed to make way for new properties.
This is the plan for other companies that are dying out due to majority of things being online, so no need to be upset by the rumors that malls are going extinct. The mall is where people make memories and have fun with family and friends. It was not just a shopping mall, there were several play areas and a food court. The renovations might be different from what our generation is used to, but it’s for the better and can do more for the community than when it was just a regular shopping mall.
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