Chris J Reed’s Post

If you build it, they will come...and shop. Back in the day, shopping malls were the place to be. Hanging out in your Bugle Boy attire and the latest Reeboks with your ears plugged into your Sony Walkman, the food court was the typical meeting point. After more two decades of decline as online shopping took over, many malls are reimagining themselves and sparking a rebound. In essence, they've gone from shopping areas to becoming destinations. The heydays of old school malls are over. People don't visit malls like they used to. Shopping centers have lost sales to the Internet, and foot traffic at indoor malls is 5 percent below what it was before the pandemic. In other words, sticking to the old retail only approach won't work. If you've visited San Francisco's Stonestown Galleria, you'll notice it's not the mall you remember from the last century (e.g. 1980s). Macys, Nordstrom, 'hip' brands of yesteryear and food places with names like Hot Dog on a Stick, Mrs. Fields, and The Great Steak have been replaced by bakeries and upscale restaurants as well as events and even a bowling alley. And there are more open areas and parks to go along with changes. And the mall is a growing number that have successfully made the transition. Changing it up has helped. For those too young to remember, malls like those found in the "Stranger Things" '80s era had a different mix mostly focused on retail. That's no longer the case. Malls today are more evenly split between retail and entertainment. As with Stonestown, malls are evolving to include fitness centers, salons, golf simulators, and pickleball courts, offering a variety of activities beyond traditional shopping. Some malls are even incorporating hotels, offices, and apartments to create self-contained mixed-use developments. Getting them there is one thing, but getting them to return is key. Mall owners and developers have figured out that the more time people spend there, they're likely to spend. That means coming up with creative ideas to so people will visit and come back. Malls are making a comeback, but as any business understands, reinventing yourself never really stops https://lnkd.in/g3W4kj46 #malls #shopping #retail #entertainment #culture #business #realestate

The Evolution of Aeon Mall: A Retail Revolution in Vietnam Rendered illustration of Aeon Mall Tan An, Long An, which broke ground on May 18th Vietnam will continue to be a key market In the latter half of this year, the Aeon Mall Group plans to open a shopping center in Hue City, offering 51,000 square meters of leasable space. This will be the brand’s first location in Central Vietnam. Construction also began on the group’s eighth shopping center in Vietnam, located in Long An province, with an investment of over VND 1,000 billion. The mall is expected to be operational by 2025. Earlier this year, the People’s Committee of Dong Nai province approved the investment of the Viet Phat Group in the Aeon Mall Bien Hoa project, with a total investment of over VND 6,100 billion. The project will be carried out in two phases, with the first phase expected to be completed in the second quarter of 2027. The mall is estimated to attract around 10 million visitors annually. The Japanese brand stated that it will accelerate the search for and opening of shopping centers in high-growth areas in the coming years, with Vietnam being a key market, especially in Ho Chi Minh City, Hanoi, and some provinces in Central Vietnam. Existing and planned Aeon Mall shopping centers in Vietnam The company has no plans to open new malls in Japan this year but will instead focus on renovating and expanding its existing malls to improve their efficiency. By the end of 2025, Aeon Mall expects to operate 44 shopping centers overseas, a decrease of 6 malls compared to previous plans due to the postponement of new openings. For now, the group intends to invest heavily in the Southeast Asian market, allocating nearly VND 15,000 billion to the region this year and over VND 25,000 billion in 2025, a significant increase from the VND 4,000 billion invested in 2023. Aeon Mall recently inaugurated the Aeon Mall Delta Mas in Indonesia, featuring 86,000 square meters of leasable space. The group is also planning to open two new malls in Zhejiang and Hunan provinces in China, offering 70,000 and 84,000 square meters of leasable space, respectively. Aeon Mall’s investment plan by region (in VND trillion) Net profit increased by 57% in 2023 For the fiscal year 2023, which ended on February 29, 2024, the group reported a net profit of approximately VND 3.3 trillion (exchange rate: 162.2 VND/JPY), a significant increase of 57% compared to 2022. This improvement was achieved despite only a slight increase in revenue, which reached nearly VND 69 trillion. The main reason for the profit surge was the reduction in extraordinary losses from VND 2.1 trillion in 2022 to VND 594 billion in 2023. This result improved the return on equity (ROE) to 4.5%, up from 3% in the previous year. Earnings per share (EPS) also increased from VND 9,200 to VND 14,500. The company allocated over VND 1.8 trillion for dividend payments, maintaining the same level as in 2022. The dividend payout ...

Are Shopping Malls Disappearing? Since the late 1980s, there has been a narrative that shopping malls were on the decline and would become a thing of the past. However, recent reports suggest a resurgence, particularly in certain areas. Research shows that foot traffic at top-tier malls, which are often located in more affluent suburban areas, is actually above pre-pandemic levels, and store occupancy rates are at 95% or more than what they previously were.   These malls are thriving due to an influx of luxury brands and direct-to-consumer brands that have realized the benefits of having a physical presence. However, "mall recovery" is not the same across the board.  Malls in urban areas, where people may prioritize delivery services and have less disposable income, aren’t doing as well.  They tend to have an abundance of vacant spaces where storefronts used to exist. Other malls in urban areas have closed down completely. The overall trend indicates that while some malls are closing, others are adapting and even expanding, incorporating a greater variety of businesses and experiences to attract customers. While the classic shopping mall has certainly faced challenges, particularly with the rise of online retail, the concept is evolving rather than dying. Malls that can adapt to changing consumer behaviors and offer a mix of shopping, dining, and entertainment experiences, are finding ways to remain relevant and keep the foot traffic coming.   

New Delhi. Mall culture is not a new thing in the major cities of the country. A large number of people like to go to shopping malls, roam around, enjoy food and do shopping. In Delhi-NCR and other tier-1 cities of the country, mall culture is even considered a standard of development of the society. However, in the last few years, the trend of e-commerce has expanded very rapidly. Now it has become quite common to order your favorite food online and at home. Generation Z gives priority to online shopping. Its effect is also visible. Along with this, people’s preferences have also changed. So have shopping malls also been affected by all this? No clear answer can be given to this at the moment, but there are some shopping malls in Delhi and nearby cities, where there used to be a crowd of people, now there is desolation. Where there used to be a hustle and bustle of people, there is now silence. Ansal Plaza shopping mall is located in Andrews Ganj in South Delhi. This shopping mall is spread over 35 acres, where there is also open space. Ansal Plaza came into existence in the year 1999. For years, a large number of people used to come here to spend free time, shop and eat. Be it weekdays or weekends, there used to be a crowd of people all the time. There used to be a crowd of people here on Saturdays and Sundays, but now there is silence in Ansal Plaza. Most of the shops here are vacant. The occupancy rate (rent of shops) has also reduced considerably. Ansal Plaza is being counted among ghost malls. The condition of Grand Venice Mall located in Noida is also like that of Ansal Plaza. There is desolation in JMD Kohinoor Shopping Mall located in Greater Kailash. When you can’t give baby food or milk from the market to your child, then what should you give them? Know the alternatives from a famous pediatric doctor Ghost malls are on the riseThe condition of many shopping malls in Delhi NCR and other big cities of the country is very bad. They have come under the category of ghost malls. ‘Business Standard’ has published a report citing a report by real estate consultancy firm Knight Frank. According to this, the number of ghost malls has increased by 59 percent in the year 2023. The number of such shopping malls is the highest in Delhi NCR. Many reasons have been given for this. Change in consumer nature, changed trend of shopping, change in people’s preference, poor management, worn-out formula are some of the reasons due to which big shopping malls are yearning for people. What is Ghost Mall?Now the question arises that what is a ghost mall? Actually, if 40 percent or more shops are vacant in a shopping mall, then it is classified as a ghost mall. This also means that people have bought property in these malls, but there are no tenants. Because of this, most of the shops remain vacant. Actually, the rent of shops in shopping malls located in prime location or posh area is very high, in such a situation, if people lose interest,

Thriving Beyond the Retail Apocalypse: The Mall Renaissance! The retail landscape has undergone seismic shifts, yet malls are defying the odds with a smart pivot towards experiential offerings. Recent data from @Placer.ai shows how malls are reclaiming their place as community hubs. 🛍️ With pop-up events like the SHEIN pop-up at Woodfield Mall and IKEA's innovative residency at Rosedale Center, malls are seeing visitation levels soar, matching and sometimes surpassing pre-holiday peaks. 🍽️ It's not just about shopping! Texas Roadhouse opening at Southgate Mall in Missoula has turned a meal into a drawcard, boosting foot traffic significantly. ⏰ Even as we adapt to a post-COVID world, malls are evolving with us. The shifts in visit patterns are a testament to the resilience and adaptability of retail spaces, with evening visits becoming a new norm. Retailers and mall operators, let's acknowledge this moment of transformation. It's time to rethink, re-engage, and rejuvenate our spaces to align with the dynamic shifts in consumer behavior. #RetailInnovation #ExperientialRetail #MallComeback #ConsumerTrends

Outlet Malls: Post-COVID, Punjab has witnessed a boom in outlet malls, reshaping its highways with a construction frenzy. Drive along any highway, and you'll spot malls popping up in what feels like every nook and corner. Outlet malls are where brands sell their products at tempting discounts, typically ranging from 30% to 60%. The trend kicked off with HG Eaton Plaza, a sprawling 50-acre property featuring retail, food, entertainment, a hotel, cinema, and even a lake! Soon after, malls like NH-7, Factory Outlet Manawala, Green Square, Amarya Emporio, and Eastwood followed, sparking a retail frenzy. Today, nearly 90 similar projects are underway, transforming Punjab’s highways into a retail battleground. Developers bet big on food plazas to draw travellers. The strategy? Stop for a snack, stay for the shopping. After all, who can resist a 50% off sign after a plate of chole bhature?Food giants like McDonald’s, KFC, Domino’s, Starbucks, Haldiram, Bikanerwala, and local legends like Jalandhar Haveli and Gopal Sweets are cashing in, demanding premium placement fees. Middlemen are busy minting commissions, while developers splurge on glitzy interiors to keep the buzz alive. Punjabis are known for their zest for life, love for food, and obsession with brands—clothes, shoes, or SUVs. Flashing labels is almost a cultural pastime. It's no surprise these outlet malls are thriving. Levi’s jeans or Skechers at half price? Sold! Though, let’s be real—Punjabis see these as “desi brands.” They’re yearning for more premium names like Calvin Klein, Tommy Hilfiger, True religion, Gant,Versace, and Armani Exchange to take the experience up a notch. But the economics of highway malls isn’t all rosy. Projects closer to cities enjoy steady footfalls, but those farther out (12–20 km) struggle. With scorching summers and freezing winters, many shoppers prefer the air-conditioned comfort of urban malls. Meanwhile, full-priced urban stores face their headache—competing with their discounted highway cousins. Zirakpur’s outlet malls, anyone? Why the Boom? Cheaper land and ancestral properties are key drivers. Developers are building and selling fast, backed by creative financing like rental capitalization methods (4–7%). The abundance of unaccounted money keeps the investment cycle churning. The Future of Outlet Malls Sustainability is a big question. Can these malls thrive as shopping habits evolve? City-proximate projects seem secure, but highway malls will need constant innovation—fresh brands, strategic placement, and a touch of creativity. Otherwise, they risk ending up like Gurgaon’s MG Road malls, where half the spaces sit vacant, waiting to become offices. For highway malls, even that pivot may take years. For now, Punjabis are enjoying the ride: good food, great deals, and a dash of retail therapy at every highway turn. Who wouldn’t love a shopping spree after a lassi break? #OutletMalls #PunjabRetailBoom #HighwayShoppingHubs #RetailTherapy

The opening of new shopping malls will poses considerable challenges to majority of existing earlier malls, particularly those several generations earlier where most have become dated, and outmoded. To sustain, and succeed, older malls will need to adopt proactive strategies: 1. Renovation and Upgrades a) Physical Revitalization: Refurbishing of mall’s interiors, exteriors, & amenities to create a more appealing atmosphere, e.g. upgrading signages, enhancing lighting, and improving overall aesthetics. b) Technology Integration: Incorporating smart technologies, e.g. digital directories, free Wi-Fi, & mobile apps for promotions, enhancing shopping experience. 2. Unique Value Proposition a) Niche Targeting: Identifying & capturing niche markets that new malls do not cater to, e.g. vintage shops, local artisans, or specific cultural products. b) Focus on Community: Emphasize on building a loyal local community celebrating local culture, food, or events that resonate with residents. 3. Enriched Retail Mix a) Diverse Tenant Selection: Curate a mix of tenants that brings in unique brands, and experiences not found in newer malls to differentiate the mall’s offering. b) Flexibility in Leasing: Flexible rental models to attract emerging retailers, e.g. via pop-up stores. 4. Enhanced Experiences a) Experiential Offerings: Develop activities that draws foot traffic & create memorable experiences. b) Family-Friendly Activities: Provide play areas, ‘special needs” facilities, or children-focused activities. 5. Strengthened Marketing and Branding a) Rebranding: Refreshing mall's brand identity that highlights unique attributes and offerings. b) Leverage Digital Marketing: Engage customers via social media, targeted advertising, & community outreach to raise awareness about unique experiences. 6. Community Engagement a) Local Partnerships: Collaborate with local organizations, & groups to host activities events, fostering a sense of community. b) Loyalty Programs: Create programs that reward frequent visitors & encourage repeat businesses. 7. Culinary Innovations a) Unique Dining Options: Curate a compelling food and beverage experience with a range of options, e.g. local favourites, & gourmet offerings. 8. Sustainability Initiatives a) Eco-Friendly Practices: Implement sustainable practices that appeals to environmentally - conscious consumers. b) Highlight Local Sourcing: Promote retailers that focus on local and sustainable sourcing. 9. Focus on Safety and Comfort a) Health Standards: Upkeep high standards of cleanliness and safety to reassure visitors.. 10. Feedback Mechanisms a) Customer Engagement: Gather regular feedbacks to understand needs and preferences, & adjustments to be made in real-time. b) Advisory Groups: Create focus groups with to brainstorm new ideas & improvements. Embracing a blend of these strategies, older malls can ‘effectively measure up’, along ‘stand the test’ with the newer shopping malls.

It's no secret that malls across America are struggling, but not in SouthPark. SouthPark Mall continues to attract millions of visitors and new shopping experiences year after year. So what makes SouthPark Mall different? SouthPark Mall is able to attract new, in-demand retailers that meet the needs of both luxury and trendy shoppers. Carolinas' Own Queen City News, WJZY-TV recently spoke with SouthPark Mall's Director of Marketing and Business Development, Holly Roberson Van Cleave, who said: "One of the great things about SouthPark is that we do have stores in line that want to be here." The mall's success helps attract national tenants to the entire district, showing brands that SouthPark is the first-choice location if they want to have a presence in the region. At least 5 new stores are coming to SouthPark Mall this year, including Bally, Diptyque Paris, Vuori, Tudor Watch, and BREITLING. These stores add to the 20+ new openings across the district in 2023. SouthPark Mall also recognizes the hunger for community gathering and local flair, and is committed to enhancing the in-person shopping experience. The mall’s West Plaza has transformed with the addition of Suffolk Punch Brewing and an outdoor play area, and green space at Symphony Park invites visitors who picnic, walk, or attend dozens of different events. Read more about the success of SouthPark Mall: https://lnkd.in/dnA9is26

Cyprus malls see surge in demand, rents rise Known clothing store chains and fast-food outlets are now on the waiting list to rent spaces in Cyprus’s shopping malls. According to recent reports, a third major burger chain is set to join the two well-established ones at one of the capital’s malls, according to Danos International Property Consultants & Valuers. Meanwhile, in Limassol, there are plans to build not one but two malls in the same area in the eastern part of the city. One of these is the Mall of Limassol, promoted by Atterbury Europe, which also owns the Mall of Cyprus and the Mall of Engomi. On the other hand, Nicosia Mall is joining forces with the Panteli Group and expanding its operations to the most privileged area in eastern Limassol. Danos International Property Consultants & Valuers, who gathered the data, notes that the investment cost for each project is expected to exceed €120 million. If both projects go ahead, they will be multi-storey developments with over 100 stores each. In recent years, malls have gained favour with consumers by offering a variety of shops and entertainment options under one roof. Rental rates in malls and on the high street The success of malls is also reflected in the surge of prime rental rates for mall units across Cyprus, reaching €70 per square metre compared to €45 before the pandemic. Danos points out that, regarding shops, rental prices in Nicosia range from €20 to €45 per sqm in 2024, up from €15 to €45 per sqm in 2023. In Larnaca, rental rates have increased from €6-€20 per sqm in 2023 to €10-€25 per sqm this year. In Limassol, rental prices range from €25 to €50 per sqm, up from €20-€45 last year. In Famagusta and Paphos, prices remain at 2023 levels of €10-€25 per sqm. Sales prices for shops in Nicosia seem to have remained at 2023 levels of €4,000-€5,000 per sqm. In Larnaca, sales prices in the first quarter of 2024 increased to €2,500-€3,000 per sqm from €2,000-€2,500 in 2023. Limassol sales prices have stayed at 2023 levels of €5,500-€6,500 per sqm, while in Famagusta and Paphos, they have also remained unchanged at €2,000-€2,500 per sqm. Concerns about the dominance of shopping centres From time to time, workers’ unions and shop owners’ associations have expressed concerns about the construction of new shopping centres, arguing that it will fragment the market to their detriment. The prospect of two new shopping centres in Limassol, in such close proximity, has heightened worries in the city. The reality is, according to Danos & Associates, that Cyprus already has one of the highest ratios of shopping centre space per capita in the EU. It remains to be seen whether any new shopping centres will increase footfall to the malls or simply heighten competition among them without affecting high-street stores. israel@sweet-home.co.il https://lnkd.in/djKbwJFi