Mall Developer’s recipe for success – The Key Ingredients? FOOD, HOSPITALITY, ENTERTAINMENT & BEAUTIFUL SPACES!
Shopping Centres are Living Centres, around the world. As Shopping centres are changing rapidly, food and hospitality is central to the business case, physical environments are crucial in creating the Centre’s Point of Difference (P.O.D.).
In this two-part blog, I will share with you, insights into what malls, shopping centres and retail precincts around the world are planning for the future; so that they remain relevant and maximise market share. In this Blog (part one) I speak of how “today’s lifestyle destinations are capturing the customer’s attention by offering beautiful spaces to eat, drink, socialise, relax and spend”. In addition to the beautifully designed and styled physical mall environments, there is the ‘Business of Food’.
Authentic and Honest Food, Service, Entertainment and Community – these are the cornerstones for future retail centres and mixed use developments of all sizes.
Today’s requirements for living, shopping and eating have changed. The broad construct of lifestyle has been integrated into retail and this needs to be reflected in the food, hospitality and entertainment. I think by now we have all moved on from the brick versus clicks dilemma and realised that retail centres are alive and well and have a bright future provided they can change and evolve with their customers.
In the changing retail landscape Neighbourhood shopping centres are facing competition from online shopping, high street food deliveries like Uber & Deliveroo, high street dining precinct and the inevitable introduction of smart casual/ family restaurants within the building footprint of stand-alone cinemas and other entertainment precincts.
Smart Casual and Family Dining precincts are no longer the BASTAN of the larger malls and retail precincts. The smaller malls are starting to recognise the many benefits of increasing the food GLA and the development of dining precincts. They want to include roof tops and dining lanes.