How U.S. Malls Survived The Death Of Department Stores
CNBC・2 minutes read
Traditional anchor department stores like JCPenney and Macy's are struggling, leading malls to adapt by adding experiential options like grocery stores and gyms to attract customers with changing preferences. Despite challenges, mall owners are repurposing anchor store spaces to create new experiences and drive foot traffic, highlighting malls' continued significance in the retail sector.
Insights
- Traditional anchor stores like JCPenney, Macy's, and Sears are struggling, leading malls to innovate by introducing experiential offerings such as grocery chains, casinos, gyms, and residential apartments to attract customers seeking new experiences.
- Changing consumer preferences have impacted department stores, with luxury shoppers favoring higher-end malls and discount shoppers opting for off-price chains like TJ Maxx and Marshalls, prompting mall owners to repurpose empty anchor store spaces to create new experiences and drive foot traffic.
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Recent questions
Why are department stores struggling in malls?
Changing consumer preferences impact traditional department stores.
How are malls adapting to the changing retail landscape?
Malls are repurposing spaces with new experiential offerings.
What percentage of U.S. consumer spending occurs in malls?
Approximately 13% of U.S. consumer spending is in malls.
What are some examples of experiential offerings in malls?
Experiential offerings include grocery chains, casinos, and gyms.
How have some malls managed to thrive despite challenges?
By embracing new models and experiences, some malls have thrived.
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