How To Re-envision Malls without Physical Redevelopment
At Seaker, we know you’re busy so here’s the TL;DR:
Extensive and expensive redevelopment isn't always feasible for all operators.
Reinvestment strategies have shifted towards omnichannel approaches which are more affordable and actionable.
Omnichannel capabilities facilitate more convenient shopping experiences and also expand retailers' sales channels and more.
In the ever-evolving retail landscape, malls are faced with the challenge of staying relevant. We all know that today's consumers seek more than just a shopping destination; they yearn for immersive experiences and unparalleled convenience.
However, extensive redevelopment isn't always feasible for all operators due to time, financial constraints, and potential disruptions for visitors and tenants. So, how can mall operators rejuvenate their spaces to attract best-in-class tenants without the monumental task of physical redevelopment?
Omnichannel: The New Pillar of Retail Strategy
Reinvestment strategies have shifted towards omnichannel approaches, which blend the digital with the physical, creating a seamless shopping experience. This approach goes beyond just enhancing the brick-and-mortar experience; it encapsulates tech-enabled solutions that elevate both the tenant's retail capabilities and the consumer's shopping journey.
Mall owners' investments in omnichannel capabilities not only facilitate a more convenient shopping experience for consumers but also expand retailers' sales channels. Enhanced offerings, like delivery and returns services, streamline operations, reduce costs, and integrate DNVBs, bolstering both convenience and growth.
Real-World Implementations
Cadillac Fairview has showcased the strength of strategic technology partnerships. By joining forces with Swyft, they provide competitively priced same-day and next-day shipping services that integrate with retailers’ distribution frameworks. Their alliance with ReturnBear adds another layer of convenience, simplifying the returns process for customers while streamlining costs for retailers.
Simon Property Group has effectively bridged the gap between online discovery and in-store purchases with their 'Simon Search' tool. This integration, providing real-time mall inventory insights, amplifies the consumer experience. Moreover, their digital platform, Shop Premium Outlets (SPO), weaves the physical and online realms, offering a consolidated space for consumers to discover new products while increasing exposure for brands.
The Westfield Group leverages the power of loyalty programs, which extends beyond mere rewards. Their tailored approach helps build the Westfield brand by fostering deeper consumer engagement, leading to prolonged visits and stronger brand loyalty. Their success at the Westfield Garden State Plaza exemplifies this, as their strategy attracts 2-3x visitors who stay considerably longer than the state's mall average.
A Holistic Vision for Future Mall Operations
By intertwining the physical with the digital, mall operators can create vibrant hubs without the need for extensive redevelopment. Omnichannel strategies not only serve the dual purpose of enhancing the consumer experience and expanding retailers' sales channels but also offer a cost-effective approach to modernizing malls.
At Seaker, our Experience Design experts and collaborators have had the opportunity to re-envision some of today’s leading shopping destinations. As the digital and physical world grow ever-closer, we’re helping our landlord and shopping center operators not only imagine how their physical space can better serve the surrounding community, but also how its digital capabilities can expand its reach to attract best-in-class tenants, drive traffic and build a strong brand for the mall itself.
Reinvesting in malls in today's digital age requires vision, strategic partnerships, and a deep understanding of both tenant and consumer needs. As mall operators embark on this journey, the blend of online capabilities with traditional retail spaces promises to reshape the contours of shopping and community engagement in the modern era.
But one thing remains true - if you want the best, you have to reinvest!
Now we want to hear from you! If you are a landlord or operator, how are you leveraging digital solutions to improve your center's offering for tenants and visitors alike?
If you are a retailer, what innovations are you seeing in the market that is moving the needle for your business?
Let us know in the comments below.
Find out how Seaker can help re-envision your shopping center through experience design and tech-enabled solutions by reaching out to questions@theseakergroup.com.
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