What do you call a Shopping Mall now?
Many of you have seen this photo by Seph Lawless, that has been used over and over again to showcase dying malls and to also hype the death of retail.
So, if retail is dying as media networks and journalists state, is the term “shopping mall” a thing of the past? If so, what do we call them now?
I asked this question as part of a review on the GlobalShop Show and a discussion which I attended while at the show on Shopping Malls and the Future of Retail. After the GlobalShop Show, I have been watching the media to see if a new term emerges to describe shopping malls.
And, today was the day. Actually I found two articles to share.
Express Store in NY and Glossy.co: https://www.glossy.co/retail-redux/its-the-way-of-the-future-express-debuts-a-new-store-concept-for-the-modern-worker
“Located on Madison Avenue in Manhattan, the longstanding store has been revamped to feature product “stories” dedicated to a variety of work styles — for example, there’s a space for the office worker and one for the more creative type. There’s also a lounge-style workspace, equipped with charging stations and WiFi. Kornberg expects that shoppers will browse, work, stay a while. The fact that updates mirror American malls’ buzzy transition to lifestyle centers was no mistake.”
So, instead of a shopping mall – they called it a lifestyle center in this article.
“The retail revolution – why leisure is the future for retail destinations”: https://blooloop.com/features/dan-pearlman-retail-destinations-leisure/
Couple of interesting quotes from this article.
“What we have figured out is that people do not spend money anymore; what they want to spend is time,” she said.”
“Srock-Stanley believes that the retail industry needs to accept that it is part of the leisure industry, which means that the criteria for good leisure attractions should also be the criteria for retail. Something that the retail industry is slow to accept.”
And in this article, it points towards leisure destination as the new name.
I am leaning towards “lifestyle center”. This sums up two things for me. Engagement and experience are what customers crave at a physical store – so lifestyle is an interesting word to describe aligning experience with expectations. Then the word, “center”, as a substitution of mall – I like this better than hub!
Article Posted to LinkedIn: April 16, 2018