Mall entertainment demand is growing – Adapt or disappear ?
January 2016, at the real estate conference MIPIM Asia , Lan Kwai Fong Group’s chairman Allan Zeman claimed that the future of malls will be “more entertainment-oriented than the retail dominated centres of the past”.
At Creativiva, we could not agree more. We’ve been providing mall entertainment for 14 years (feel free to review the new trends in mall entertainment for 2016 here) and noticed that malls that don’t use entertainment are striving more and more to survive competition (this is especially true in in the Middle-East and Asia, in regions where mall culture is already established and developed).
Shoppers behaviour around the world is changing. Online shopping has become an important issue for most traditional shopping malls.
In the old days: you built a mall based on a simple formula : office buildings, some residential housing, a retail mall, 70% of the expenses were retail oriented when 30% were dedicated to food, beverage and mall entertainment, the last point being optional in most cases. However, consumer behavior has changed. The evolving purchasing habits of the younger generation of shoppers have disrupted this mall ratio.
“Retail is changing because luckily people can’t eat off the internet, so they still have to go out for entertainment and restaurants,” Allan Zeman said. Traditional mall formats must adapt to this trend and use the potential of mall entertainment.
Therefore, the latest incarnation of the mall should be a reverse of the old formula. Around 35% to 40% of mall tenants should be retail, and up to 65% should be dedicated to mall entertainment, food and beverage.
An emphasis on events and quality mall entertainment is also helping to make malls the hub of the local community – a place to share quality time with friends and family, not just wolf down a meal at the food court.
Have a look at Creativiva’s solutions for shopping centres here!
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