By Jonathan Sinden, Chief Operations Officer at Liberty Two Degrees
The run-on-the-mill mall no longer serves the rapidly evolving shopper and tenant demands due to the fact that retail environments offer so much more. Malls have traditionally served as the core of retail and social interactions, providing a one-stop destination for dining, shopping, and entertainment. However, since the retail industry has rapidly evolved due to the rise of e-commerce and changing consumer preferences, malls too must adapt to create spaces that continue to appeal to shoppers. In fact, to remain relevant in the twenty-first century, malls need to be flexible and continuously able to adapt. Sandton City is a case in point to this, given it has reached its 50th anniversary this year, and continues to stand as one of Africa’s premium shopping destinations five decades later.
Consumer needs have changed from generation to generation. Millennials and Gen Z want more than just products, shopping, and dining at the mall; they also want unique experiences.
As we have seen, several malls have now started to incorporate experiential elements for their customers, like interactive displays, pop-up stores and showrooms all of which allow consumers to interact with products in innovative ways. However, what will set these malls apart from one another will be how well, and quickly, they adopt these latest interactive trends. Yes, most malls today incorporate entertainment zones, in addition to traditional cinemas and arcade offerings, to include spaces for markets, but we are also seeing the rise of aspects like indoor theme parks and concerts to lure in more visitors – and create a one stop experience worth visiting.
Take Sandton City, as an example. It opened its doors on the 12th of September in 1973, with just 120 stores, spanning across 50 000m². Five decades later the mall covers an area of 146 802m², with approximately 385 stores – but it also offers an abundance of leisure experiences and smart business spaces. It may have started out as a traditional shopping mall, but today it is an experienced filled destination. What’s more, in celebration of its 50th anniversary, Sandton City hosted an array of retail festivities with live entertainment by some of the country’s top artists. These are the kind of experiences and memories that keep shoppers coming back for more.