Today’s shoppers are looking for more than just what’s just available on a website. They want an experience. Malls have always been a destination, but the concept of a ‘mallrat’ no longer exists. The days of meeting friends at the mall and shopping all day are gone. Malls are still considered a destination, but it’s because they now offer amenities, experiences and entertainment to enhance the shopping experience. They are now not only anchored by department stores but with popular restaurants, bars, salons, cinemas, and fitness centers.
First Insight’s most recent study of consumer shopping habits, purchase behavior and influences driving decisions found that 71 percent of shoppers are spending more per visit in-store than online. Brick-and-mortar retail clearly isn’t dead.
As millennials and Gen Z’ers mature and their purchasing power increases, the concept of traditional malls is being replaced by new adaptations of shopping centers. These younger consumers place a high priority on experiences, preferring to spend their money on experiences rather than on material things. Although these two generations have grown up digitally, they still value and enjoy the experience of shopping in the in-store physical environment.