Report: How Malls Can Reinvent Themselves to Survive
December 15, 2020
Mall owners should be looking at a variety of alternative tenants in order to drive traffic and keep their investments vital as more retail stores shutter and pandemic restrictions remain, according to a new report from Placer.ai.
The suggestions include adding micro-fulfillment centers, such as Amazon is already doing in vacant anchor spaces, as well as medical and dental businesses, co-working office space, gyms and health centers and pop-up locations for ecommerce brands.
Different types of uses would attract shoppers during periods when retail is largely idle, Placer.ai found. For instance, gyms attract customers during weekdays as well as weekends, with peaks mid-morning and early evening, while retail outlets in malls are busiest on weekends. Malls in Maryland and Massachusetts saw foot traffic spikes after adding a gym tenant in 2019 and 2020, respectively.