Malls were once the center of the retail universe, a place to shop and gather with friends and family – a true retail destination. Over the past 20 years, malls have failed to evolve in the face of a changing retail landscape and shifting consumer preferences. These struggles have been intensified by the COVID-19 pandemic, with malls across the U.S. completely shut down in the first days of the crisis.
Malls that wish to survive must strategically transform by providing relevant, safe community centers, while embracing changing consumer trends and retail realities. The strategic transformation of malls should start with five pillars: digital innovation, customer-centric logistics, experiential centers, transformed business models, and a diversified tenant base.
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