Malls are evolving

Malls are evolving Changing face of retail Online options, entertainment and interactivity are key to the success of the malls of the future. The shopping mall of the future will have to be innovative and find creative ways of making the shopping experience more convenient, according to Louis van der Watt, CEO of Atterbury Property, which is the developer behind the Mall of Africa.

He says an example of this would be the ability to allow consumers to buy an item online and collect from a store near them. He says the nature of shopping malls has already begun to change in the sense that people are increasingly looking towards these spaces to be entertained.

“Our experience has been that as people become more dependent on technology and spend more time online, they also have a greater need to get out. Shopping malls need to adapt to this need and ensure that they also provide enough entertainment,” said Van der Walt.

“Some products, like household appliances, will definitely be bought online more frequently because it is easy to do research and compare prices online. But people still want to see, touch and try on more personal items.”

Stefan Salzer, partner and managing director at Boston Consulting Group (BCG), added that consumers constantly switch between shopping online and in physical stores. This means retailers also need to use technology to make this transition a seamless and convenient experience.

“Consumers want to get products when and how they want. This means retailers have to integrate their marketing, special offers, loyalty programmes and content so they function in union between stores and mobile and online portals,” explained Salzer.



FIN24