Malls will always be a great spot for retailers as they bring in heavy foot traffic, have ample parking and an array of demographics, however, some stores are looking at stand-alone options outside of malls for various reasons. With the changing consumer behavior, malls have started adding more entertainment and experiential offerings to attract clientele, for example, some malls now have indoor ski slopes, Ferris wheels, bowling alleys, movie theatres, and gyms.

Since the pandemic retailers saw how beneficial it could be to have a standalone store. The benefits include not being tied to the malls operating hours and potentially paying lower rents. Talbots and J. Jill, which appeal to the older demographic have found success in moving locations away from malls as it is easier for people to pull up to the store, park and simply walk in. Other stores such as Bath & Body works have also had success moving away from malls with the ability to increase conversion rates with much lower overhead. We will continue to see more stores adapting and experimenting with moving away from malls and malls also adapting by attracting shoppers in different ways.

To read more, click on the link below.

How COVID-19 Changed Retailers’ Site Selection Strategies | Wealth Management