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Shopping centers are changing, and developers need to keep up

On Behalf of | Jul 18, 2018 | Commercial Real Estate |

There is no denying that the face of retail has transformed in recent years. Shopping centers and malls here in California and elsewhere no longer survive under the old development models. Moving forward may require some innovative and out-of-the-box thinking.

Shopping centers and malls full of stores that mass market products no longer fit what consumers want. Instead, these places may benefit from changing over to consumer engagement spaces. The theory behind CESs is to pull people in and offer them access to their interests and needs.

These days, people want to have access to restaurants, entertainment, shopping and even work within a smaller area than they did in the past. Living, working and playing all in the same area has an appeal that shopping centers may attempt to fill. People tend to value convenience more now since their time is often limited and precious to them. People may enjoy walking through a museum exhibit, ice skating or holding events in shopping centers and malls in which they can also eat dinner, take in a show or find a new pair of jeans. The communities in which certain establishments exist will more than likely dictate what would work best in a particular location, and this is one major departure since cookie cutter establishments may no longer draw in the tenants or consumers needed to make a success.

California developers may already be aware of the fact that many shopping centers and malls can no longer survive under the old models. Adapting to consumer needs may take some time, but it will also take cooperation from current and prospective tenants. They will also need to understand that in order to thrive in the changing landscape, they too, will need to work to figure out how to best serve consumers and clients alike.