Across North America malls are struggling due to changing demographics, competitive e-commerce, and discount stores. Developers in Texas are responding in innovative ways to gain traffic by expanding the mix to include more restaurants, entertainment, heath care and even education.
An “experiential” marketing strategy is being used with a feel more like an amusement park than the traditional shopping mall. An interesting example is Grapevine Mills owned By Simon Property Group. In addition to having 200 retail outlets and restaurants, this mall now includes a giant aquarium, LEGOLAND, bowling, billiards, video games and karaoke.
In another fascinating example, RedLeaf Properties joined up with Austin Community College to repurpose Highland Mall in Austin, into an academic mix use area for learning, working and playing.
I’ve seen many malls lately lose their anchor stores. Could this multi-purpose approach be the wave of the future?
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