Shopping malls in the United States are facing a slow decline, with many major retailers like Macy’s announcing plans to close unproductive locations in the coming years. As the traditional model of shopping at malls becomes less popular due to the rise of online shopping, mall owners and developers are looking for new ways to attract customers and revitalize these once-thriving spaces.
One potential solution to the decline of shopping malls is to focus on creating an experience for visitors that goes beyond just making a purchase. Instead of simply shopping, could dining at a restaurant, watching a movie, or even riding a roller coaster inside the mall become the new draw for customers? This shift towards experiential offerings is seen as a way to reverse the demise of malls and bring foot traffic back to these retail spaces.
Recently, Smith Entertainment Group, the owner of the Utah Jazz and the new Utah Hockey Club, made a bold move by purchasing The Shops at South Town in Sandy. They announced plans to build an on-site training and practice facility for the hockey team, set to open for the 2025-26 season. This innovative approach to incorporating sports and entertainment into a mall setting could be a game-changer for the future of shopping malls.
According to Brennan Platt, an Economics Professor at Brigham Young University, the decline of malls began with the increasing popularity of online shopping. As consumers have become more comfortable with making purchases online, the need to visit a physical location with a wide variety of stores has diminished. To combat this trend, malls are now seeking to find new anchor attractions that will draw customers back in.
Platt suggests that the key to the future of shopping malls lies in providing unique experiences that cannot be replicated online. Whether it’s a hockey practice facility, an indoor roller coaster, or alternative entertainment options like axe throwing or spas, malls are looking to offer something that will entice customers to visit in person. By creating a destination that goes beyond traditional retail, malls can once again become a hub of activity and commerce.
The incorporation of experiential offerings into shopping malls is not a new concept. Movie theaters have long been a staple in mall settings, providing customers with a reason to spend time at the mall beyond just shopping. The success of attractions like the roller coaster at the Mall of America demonstrates the potential for malls to reinvent themselves as entertainment destinations.
In conclusion, the future of shopping malls hinges on their ability to adapt to changing consumer preferences and provide unique experiences that cannot be replicated online. By embracing new anchor attractions and focusing on creating a destination that offers more than just retail options, malls have the opportunity to thrive once again. As the retail landscape continues to evolve, the transformation of shopping malls into experiential hubs may be the key to their survival in the modern era.