The future of the mall is the same as its present and past — it is about people. That hasn’t changed. It is the word “mall” that has reached its used-by date. It invokes quite a homogenised experience.
People are seeking to discover a true sense of place and connection — more than just a place to shop and beyond a transactional relationship with the brands they love.
Here are five guidelines from QIC Global Real Estate’s Stuart Miller for future malls to survive:
Go beyond retail
Central to place creation is the need to build upon retail as the sole source of economic capital. Retail trade will remain the glue that binds mixed-use projects together.
However, more diverse social and cultural spheres represent alternative, more sustainable and increasingly more relevant attraction vehicles that can directly and indirectly impact overall financial revenue within destinations.
It’s a realisation that the future will be permanently in beta, hyper-personalised and responsive, evolving and adapting services, systems and spaces to meet the ever-changing needs of the people who engage with them.
Furthermore, the digital age has brought the world into the palms of our hands and more than ever we are exposed to an endless stream of information. The challenge is how we are responding to this empowering shift.
Use social media
The influence of social media gives community an increasingly virtual dimension. Just as social media and mobile technology are reshaping the buying experience, so too are they influencing how people experience and interact within the places they gather.
Complement by e-commerce
Physical retail will continue to be complemented by e-commerce, providing layered experiences and services to create a seamless journey.
Innovate on logistics’ innovations
Logistics will also continue to impact on physical retail. Already automotive brands like Tesla and Ford are reinventing and evolving the traditional showroom.
Without the need to store inventory, physical retail space is more dynamic, unencumbered by storage, allowing for greater creativity and more immersive product offerings.
And … collaborate
Collaboration is key to the success of whole life design, whether it be to enhance existing public services and spaces within the community or to create new ones.
Captivating architecture and design, intuitive technology, the integration of public and private spaces, an active, collaborative role for the world’s leading creators. These are the pillars of transformation turning physical retail centres into neighbourhood destinations with community and cultural experiences at their core.
Ultimately the future of physical retail and the future more generally must be about people, in collaboration and in harmony.
(Source: Business Of Fashion)