The news could seem bad when you consider that U.S. mall vacancy rates through the first quarter of 2018 were at the highest level since the end of 2012. E-commerce is projected to account for a third of retail sales by 2030, according to a new report from global management consulting firm A. T. Kearney. Warren Buffet believes that Amazon has killed retail.But retail doubters have a lot in store for them. It’s very fashionable to say that malls are dying, but it’s simply not true. Future success depends to a large degree on being able to “unlearn” the lessons of the past. The way to find that “never-looked-better” future for malls, is to reimagine malls and shopping centers as what are now called CESs, or “Consumer Engagement Spaces”, new retail configurations that cater to what today’s consumers really want, which aren’t just “things”. Morphing malls into CESs is imperative for life. Smart, forward-thinking developers like those in The Woodlands understand this vital concept. They are betting big in retail because they are thinking big. Thinking of, and creating innovative and immersive experiences that are expanding retail off the shelves. They are turning malls into exciting destinations, not just shopping destinations. Vibrant, exciting adventures that allow customers to shop, dine and play, all in the same spot. Evolving, growing and changing things up, The Woodlands is transforming adversity into long-term, profitable opportunity, creating an ongoing stream of ready-to-spend foot traffic. Both local, and tourist.
As Kevin Costner touted in the baseball classic, Field of Dreams…
“If you build it, they will come.”
To find out more about retail opportunities like those in The Woodlands, call the experts at Foldetta Commercial at (281) 466-2880. It’s just smart business.