the mall is dead: who killed it, why it's not coming back and what's next for retail
DESCRIPTION
The Mall is Dead, the second SlideShare in a series exploring the future of retail from North American Properties - Atlanta (NAP), examines the decline of malls and how the hottest retail and restaurant concepts are increasingly choosing walkable, urban mixed-use locations instead of malls. The first SlideShare in The Future of Retail series, “The Secret Sauce: Why Retail and Mixed-Use Projects Need Local Chefs,” was launched at the International Council of Shopping Centers (ICSC) RECon Convention in Las Vegas last month.TRANSCRIPT
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THE MALL IS DEAD
Who Killed It, Why It’s Not Coming Back and What’s Next for Retail
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Looks like something fromThe Walking Dead, right?
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The main difference between this mall and
The Walking Dead...
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The mallisn’t coming back to life.
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Let’s see what we learn from examining the body.
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Let’s see what we learn from examining the body.
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First, we’ll check the vital signs, just to be sure
the mall is really dead.
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400+ MALLS
Source: Yahoo! Finance
were repurposed or closed outright in last decade
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Source: Yahoo! Finance
No new enclosed malls
have opened since
2006
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Green Street Advisors, June 2012
10% of the 1,000 malls
in the U.S. will
FAIL in next 10 years
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ARE MALLS OVER?
AMERICA’S ABANDONED MALLS ARE PLACES OF NIGHTMARES -BEAUTIFUL DECAY
NORTHTOWNE SQUARE MALL FIRST TOLEDO MALL TO JOIN “DEAD MALLS OF AMERICA” -EXAMINER.COM
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Yep, things are NOT LOOKING GOOD
for shopping malls.
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(But it wasn’t always this way...)
Yep, things are NOT LOOKING GOOD
for shopping malls.
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Sales / occupancy rates at malls are stagnant; only fortress
malls continue to thrive
2009
More than 60 new malls larger than 400,000
square feet open in U.S.
80s–90s
First enclosed regional mall, Southdale Center,
opens in Edina, MN
1956
First megamall opens in Alberta, Canada with over 800 stores
1981
Mall of America opens with more than 35 million visitors in the first year
1992
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FORTRESS MALLSare still succeeding due to population
growth, a desirable tenant mix, sophistication of nearby residents, and high-end amenities offered.
Some
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In 2012, these two fortress malls surpassed $1 billion in sales!
South Coast Plaza Costa Mesa, CA 2.8 million sq. ft.
Northpark Center Dallas, TX
2 million sq. ft.
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So, who is to blame for killing the traditional
shopping mall?
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GEN Y
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Approximately
80 MILLION18- to 35-year-olds living
in the United States
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That’s more than
25% of U.S. population
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In 2013, millennials
spent about
$600 BILLION
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In 2013, millennials
spent about
By 2020, millennial
retail spending could hit
$1.4 TRILLION
$600 BILLION
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What was Gen Y’sMOTIVE?
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Malls weren’t meeting their LIST OF DEMANDS
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Walkability
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Urban FeelWalkability
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Urban Feel
Local Restaurants
Walkability
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Unique Experiences
Urban FeelWalkability
Local Restaurants
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Source: ArchPoint Consulting
of millennials say customer service is
very important
48%
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of millennials demand an integrated, seamless shopping experience, regardless of channel.68%
Source: Accenture
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Online shopping offers a wider selection, better prices and access to more information.
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Naturally, malls are struggling to keep up.
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Amazon’s five-year average ROI is
17%whereas traditional
retailers average 6.5%
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During the 2013 holiday shopping season, U.S. retailers received roughly
HALFof the holiday foot traffic they experienced three years prior.
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In 2014, it is forecasted that online sales will account for
9%of total U.S. retail sales.
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This will likely increase to
11%of total U.S. retail sales by 2018.
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Source: ArchPoint Consulting
80%of millennials want
brands to entertain and delight them during their
shopping experience
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Don’t write off these new, higher expectations as
MILLENNIALS BEING
MILLENNIALS*
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* Millennials are stereotypically assumed to be spoiled, demanding, etc.
MILLENNIALS BEING
MILLENNIALS*
Don’t write off these new, higher expectations as
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This evolution within the retail industry extends beyond adults
ages 18 to 35. There is a
NEW CLASS OF CONSUMERS
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They expect a new kind
of shopping experience that has…
Walkability
Experiences Connectivity
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and they are going to get it.
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The new-class consumer provides instant feedback. She posts pictures of what she likes on Instagram and complains on Twitter about bad customer service. She spends money in places where she enjoys being. The smart retailers are taking this feedback and evolving their visions and merchandising strategies. !Liz Gillespie VP Marketing North American Properties
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Top retailers
GET IT
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We've had a real estate strategy of not bundling or taking weaker malls, and we go to [lifestyle] centers… which allow us to really drive ourbusiness through community.
Christine M. Day Lululemon Athletica Former President and CEO
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We rarely do malls. Our preference is to be on the street. In a suburban market, we want to be in a village atmosphere that has pedestrian as well as vehicular traffic. !Wade McDevitt Representative for Anthropologie
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And they aren’t alone. Countless restaurants and retailers are choosing this…
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Alpharetta, GA
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Instead of this…
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Image of rundown mall
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Some brands are leaving
their current Alpharetta
locations and relocating to Avalon.
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Others are completely new to the market and
chose Avalon for their
first location.
L O U G R E Y
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And they aren’t alone. Research shows that top brands and
up-and-comers, alike, are moving
AWAY FROM MALLS
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2 STORES OPENED THIS YEAR 4 MORE OPENING The Woodlands in The Woodlands, Texas (Lifestyle Center / March 2014)
Shops Around Lenox in Atlanta, Georgia(Open-Air Center / May 2014)
University Park Village in Fort Worth, Texas (Lifestyle Center / Summer 2014)
The Summit in Birmingham, Alabama (Lifestyle Center / Fall 2014)
Avalon in Alpharetta, Georgia (Mixed-Use / Fall 2014)
Classen Curve in Oklahoma City, Oklahoma (Mixed-Use / Fall 2014)
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3 STORES ANNOUNCED TO OPEN THIS YEAR Belvedere Street in Tiburon, California(Standalone / June 2014)
North Hills in Raleigh, North Carolina(Lifestyle Center / June 2014)
Avalon in Alpharetta, Georgia (Mixed-Use / Fall 2014)
Planning to open another 5-10 before the year’s end; haven’t announced where or when
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78 FREESTANDING STORES The McLaughlins seek buildings with character on street locations, occasionally open in lifestyle centers, and shun malls.
“Frankly, the mall atmosphere diminishes the brand.” – Kevin McLaughlin
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Top developers and operators
GET IT
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THE GROVE’S AWARD-WINNING
CONCIERGE SERVICES
Personal shopping Dining reservations
Package check Store, area and
tourism information Foreign language
assistance Events and activity
assistance The Grove Gift Cards by American Express
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ONE OF THE BIGGEST TOURIST ATTRACTIONS
IN CALIFORNIA WITH 18+ MILLION
VISITORS PER YEAR
THAT’S MORE THAN DISNEYLAND!
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THE AMERICANA AT BRAND’S
CONCIERGE SERVICES Bellman service,
package assistance, package check
Restaurant and travel reservations
Assistance with concert/event tickets
Postage, mail, shipping and delivery assistance
Gift giving and shopping assistance
Gift cards by American Express
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THE AMERICANA AT BRAND HAS
16+ MILLION VISITORS PER YEAR
GENERATES ANNUAL SALES OF $1,100 PER SQUARE FOOT OUT OF ITS 70 STORES
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And…
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The Southeast’s preeminent experiential development – a place
where resort-inspired hospitality, specialty retail, entertainment, restaurants,
residences, offices, hotels and public spaces come together to create a
truly unique experience.
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60+ leases signed with Avalon in the past year
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97%leased when Avalon was still 6 months away from
grand opening
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Consumers are ENGAGED
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Their feedback is not only plentiful, but positive as well.
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RETWEETS 624MENTIONS 3,375REACH 17.8M
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PAGE IMPRESSIONS 1.2MPOST IMPRESSIONS 678KENGAGEMENT 40K
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MEDIA BUZZ
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$600M MIXED-USE DEVELOPMENT IN ATLANTA SUBURB GETS GREEN LIGHT —COMMERCIAL PROPERTY EXECUTIVE
ALPHARETTA’S AVALON PROJECT SNAGS 1ST TENANT —ATLANTA BUSINESS CHRONICLE
One of Atlanta’s Hottest Restaurant Groups Signs at Avalon — North American Properties
“ALPHARETTA’S AVALON IS DRAWING IN-TOWN RESTAURANT, RETAILERS” —11ALIVE
“ALPHARETTA LIVE-WORK-PLAY DEVELOPMENT TAKES NEXT STEP” —WSB–TV
“AVALON GROWTH APPROACHING TO BOOST ALPHARETTA” —GEORGIA NEWS
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The mall may be dead…
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but retail is alive and well.
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Experience it at
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Opening October 2014
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Shutterstock / 35694751 AMC, The Walking Dead (Fair Use Doctrine) Shutterstock / 148370285 Wikimedia Commons Wikimedia Commons Flickr / “South Coast Plaza, Costa Mesa, 1980s" by Orange County Archives Flickr / "(Formerly) My Drive Home" by SteevzStuffFlickr / "Northpark Center" by Terrance Gilbert Shutterstock / 160438778 Atlantic Station / North American PropertiesFlickr / “The Grove in Los Angeles” by Eric E. JohnsonAngie Mosier Shutterstock / 3666347 Atlantic Station / North American Properties
Shutterstock / 119152066 Lululemon / Media Assets Flickr / “Anthropologie" by Dave Pinter Wikimedia Commons Kendra Scott Blog Flickr / “Vineyard Vines Hingham in-Store" by Jeff Cutler Flickr / "The Grove (Los Angeles)" by Prayitno PhotographyFlickr / "LA Farmers Market" by Prayitno Photography Flickr / "The Americana at Brand" by Chris Yarzab Shutterstock / 94124290
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