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ICSC CEO Shares Thoughts On Mall Evolution



Shopping malls’ importance to the economy are often underestimated during the current period of flux in the retail industry.
Despite all of the doom and gloom presented in a typical story about the shopping mall industry, the fact remains that they’re still standing. Evolution is the prevailing theme throughout the industry, and that can take on many different forms. For poor performing properties, that can mean extinction. For still viable ones, that can mean a simple facelift or slight reimagining of things. For others, that can mean extensive redevelopment. In short, evolution is prevalent, but that shouldn’t be mistaken for an entire segment of real estate just withering away. 

Those in the know in the industry are well aware of this fact, and they’re using this theme of ‘malls are dying’ to their advantage, and likely slightly chuckling to themselves. However, as Financial Post reports, International Council of Shopping Centres president and chief executive officer Tom McGee recently explained that evolution is here to stay - at least for a little while. 

“Malls, whether they are situated in the U.S. or Canada, are all evolving towards this concept of experience. Consumers expect a high level of differentiation (within malls) and varied experiences. That is why you see more food and beverage options, more movie theatres and lots of new and different types of retailers coming into the mall experience,” McGee said. 

That sentiment is shared by other industry experts, but they caution that it’s also wise to have an overall game plan in mind, and not just evolve for the sake of evolving. 

Tysons corner center first expansion phase opened by Macerich.jpg

“Now perhaps there is too much of a selection in retail. It can be overwhelming to go somewhere with such a broad selection of clothing, for example. And as selection has increased, I think some people have had a desire to decrease it. Curating saves time, it saves people mental energy and if you have a certain style or aesthetic in mind you can probably find more of a selection of that look in (a small store) than you can in a big department store,” shared Craig Patterson, director of applied research at the University of Alberta’s School of Retailing. 

That’s some valuable food for thought from two of the industry’s top minds, and advice that proactive landlords and property managers should take to heart. 

More about shopping malls in the USA



Mar 24, 2024, China:
Apple's newest store in Shanghai opened on March 21.
Dec 25, 2023, United Kingdom:
Nestled in the historic heart of London and renowned for its Georgian-era architectural splendor.
Dec 25, 2023, USA:
The company emphasized that cost-cutting is a pivotal focus for its future endeavors.
Dec 22, 2023, United Kingdom:
The sports giant has joined a long list of international brands that will open their store doors at Trinity Leeds shopping center.
Dec 22, 2023, Austria:
The brand will present at iconic locations such as Cortina d'Ampezzo in Italy, Zermatt in Switzerland, and Hochzillertal-Kaltenbach in Austria.
Dec 21, 2023, USA:
Italian fashion house has sealed a deal to acquire the building housing its flagship store.
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Madrid Xanadú GLA:1 184 030 SF
ADDRESS: Autovía A5, salidas 22 y 25 - 28939
Spain . Madrid
Madrid Xanadú
Shopping City Süd GLA:1 862 156 SF
ADDRESS: Europaring 2334 Vösendorf
Austria . Vienna
Shopping City Süd
Westfield World Trade Center GLA:365 000 SF
ADDRESS: World Trade Center, Manhattan, NY 10007
Ontario Mills GLA:1 473 000 SF
ADDRESS: 1 Mills Cir, Ontario, CA 91764-5207
USA . Ontario
Ontario Mills


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