Malls will need to re-invent themselves in order to survive as the shopping is becoming more and more digital. No longer shopping centres are primarily about shopping. Now, when consumers visit malls, they are looking for experiences that go well beyond traditional shopping. The e-commerce revolution and the rise of digital technologies are fundamentally reshaping consumer expectations and shifting the function of stores toward useful and entertaining customer experiences. As these trends advance across the global stage, they are forcing mall operators to rethink how they conceive and operate their properties. Malls need to move in a different direction, away from commoditized shopping experiences and toward a broadened value proposition for consumers.
The concept of Retailtainment is now put on focus. Shopping online is easy, fast, and convenient. Retailers need to find new, creative ways to drive traffic to physical stores, and that’s where retailtainment can be an effective strategy. Retailtainment can be a great way to build community while differentiating the mall from the competition.
Innovative malls are incorporating value-added elements that attempt to recast the mall as the new downtown, including concerts, arts centers, spas, fitness clubs, and farmer’s markets. These services provide a level of leisure and entertainment that can never be satisfied online.
The digital transformation of retail presents new opportunities for malls to engage consumers. There are certain primary ways in which malls are leveraging technology. Retail centres are extending their relationships with customers to before and after the mall visit. This is about engaging customers through compelling content and creating deeper bonds with them through social media and proprietary sites and apps, as well as loyalty programs. Social media can be used, for instance, to create buzz about new tenants or solicit ideas from consumers about ideas for new stores.