Since the 1990s, the form and design of shopping centers have changed. In recent years, the importance of large stores has declined, consumer shopping trends have changed, and e-commerce has also changed. The COVID-19 pandemic has, of course, impacted shopping trends, causing more people to turn to online purchases instead.
For some time, retailers have adopted a wait-and-see attitude, but we have seen a number of closures continue over the past. Nevertheless, as the pandemic starts to ease, shopping malls are making an exciting comeback. Here are five new trends that are emerging in shopping malls nowadays:
Online shopping in malls like Newmarket Plaza have increased this year. This trend is caused by the COVID-19 pandemic, leading more businesses to focus on online shopping rather than physical stores.
The shopping experience on social media platforms provides buyers with a more convenient way to shop online. Users can directly from the app or shop on social networking sites without clicking on third-party sites.
Social commerce is booming. It wasn’t until 2020 that TikTok and Shopify formed a partnership, expanded their own Snapchat brand store, and opened a Facebook store. Many businesses now advertise their products on Instagram and Facebook.
You can take advantage of this shopping mall trend as well. While it is important to maintain your physical retail store, pay the same attention to the social aspects of your business. Make sure your products can be purchased when customers visit on Facebook and Instagram. Once e-commerce is established, businesses will have the opportunity to reach a broad global audience through both platforms.
Many struggling retailers will be eliminated
The COVID-19 pandemic has consolidated the growth of e-commerce for many years in just a few months. The impact on personal bankruptcy is similar.
Last year, J. Penny, Neiman Marcus, J.Crew are some retailers that did not survive and have filed for bankruptcy. Other physical retailers such as Stein Mart and Lord & Taylor have filed for bankruptcy as well, to many people’s surprise. Many retailers who were struggling before the pandemic are likely to file for bankruptcy.
More brands will switch to sales display mode
A new shopping trend is showroom shopping, especially in categories such as shoes and household goods. Brands will prioritize product use square meters, integrate digital and mobile cash registers, and use a small area to pack cash.
Shop in one place
Nowadays, shopping malls are shrinking. In the past, there have been many stores throughout the shopping malls, giving you plenty of options to choose from. Nowadays, there is a trend to combine the many stores into one easily accessible location.
One example is the sports industry. The 286,000-square-meter Living Time Center in Boston was transformed into a health and fitness-focused shopping center. You can go to the gym in one place, sign up for classes, visit the medical center, go to the spa, enjoy beauty treatments, eat the latest healthy foods, and more. The entire complex covers ??12 football fields and will host sports brands, events, and events.
In the past, you may have to visit multiple stores for these different services, but now you can find them all in one place. Customers enjoy the convenience and accessibility of having all their favorite shopping destinations located in one place.
Department store merger
The poor performance of department stores hurt large shopping malls. For example, in 2018, 24% of shopping malls had at least one free anchorage of at least 25,000 square feet. This has led to a decrease in the number of tourists. For some businesses, up to three-quarters of their regular traffic is gone. This has been an especially significant blow to the success prospects of beauty product retailers, a;pmg with other omdistroes/ As shopping methods change, consumers turn to discounts such as dollar stores and department stores. As a result, expect more industries to merge with department stores in shopping malls.
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