The traditional mall is evolving faster than ever – owners and operators of assets are embracing meeting place methodology and are under pressure to stay relevant to a new generation of savvy on-demand digital shoppers.

Merging the online and physical customer experiences requires smart strategies and smart use of technology and also improves financial and operational performance. Next generation real estate and retail businesses need to evolve quickly including new leasing models, beyond-rent revenue streams, collaborative selling and data-sharing between owners, operators and tenants.

Consumer behavior is changing at a pace just behind technology, which is resulting in more turnover rents and increased digital and omnichannel focus. Forward-thinking mall owners realize the value of digital optimization of their meeting places and the need to improve digital synergies with retailers. The need for personalized shopping experiences, within one smart space ecosystem, is critical to improving the commercial performance of the mall or meeting place, in order to meet and exceed the expectations – especially in a post-COVID-19 world.

Organizations must invest in digital, omnichannel and ecommerce strategies, capabilities, technology, and talent in order to survive – let alone thrive – in today’s fast-paced market. Developing and executing a digital growth strategy involves mastery across many disciplines – a key budgetary and investment dilemma for landlords.