As 2030 Arrives in 2020, How Do Malls and Retailers Survive the Storm?
Insights from a panel of experts
FitForCommerce’s Malls & Meeting Places team hosted a webinar focused on what must be done by both malls and retailers to survive in a post-COVID world. In today’s environment of uncertainty about the full impact of COVID-19, a key challenge for malls and retailers is navigating the complexities of digital ecosystems.
Key Quotes & Notes
Underlying Structural Issues Need Addressing
“The traditional mall of today (revenue-per-square-foot) is likely to die off and must be replaced with other means of measuring success.” – Isabelle Hease, Ellandi
“We’ve got a hell of a lot of unlearning to do before we can begin to learn.” – Mark Burlton, CBRE & Cushman and Wakefield
Businesses that can navigate the here and now and adopt new ways of working will be the winners coming out of this crisis.
The Role of Digital Technologies
“It’s not one holy grail, silver bullet, piece of technology or app – it’s actually the interplay with all of those apps, technologies, people, and companies that can find a clear, true digital ecosystem. [That interplay] will be the key component to helping landlords and mall owners navigate their way out of this situation.” – Rupert Wood, FitForCommerce
Key to success will be the ability to put together a “digital ecosystem” that integrates technology resources that function as a unit.
The Need for Physical Interaction
“We are all social animals, we want to touch, see, and feel the brands.” – Gary Burrows, FitForCommerce
“Since malls are less constrained by square footage, they have potential to welcome customers in a socially distant way.” Matt Blonder, Reebok
Great design, mixed uses that meet the needs of the customer and the surrounding communities, and digital enablement that provides personalized experiences will allow malls and meeting places to survive and thrive.
Challenge of Firefighting vs. Investing
“It’s hard to focus on the future when you are just trying to stay alive. However, is important that we don’t lose sight of the near term for the long and don’t lose sight of the long term for the near.” – Matt Blonder, Reebok
Understanding what exists, and what is or isn’t working, developing a strategy, and delivering it by making the right investment decisions is critical.
Seeing Through the Customer’s Eyes
“Space needs to provide the best possible experience to visitors; therefore, malls must evolve their spaces to meet customer needs. Adapting to customer needs will be a key differentiator between winners and losers of the retail market.” – Isabelle Hease, Ellandi
The customer’s perspective must be key to every decision.
To learn about how FitForCommerce can help retailers and mall operators come back stronger, contact us.