The fate of many malls remains a mystery. The developers, always in search of the highest-profiting option, have been moving slowly and cautiously, and a majority of their projects are undergoing a series of revisions. A handful of such projects are underway, and their eventual fate remains to be seen. This article will discuss what these projects may entail, as well as some of the key factors that should be considered.
Lack of space available for tenants
One example of the challenges facing malls is the lack of available space for tenants. This is particularly problematic in the case of large shopping centers, which often have no space for retail tenants. However, some developers are exploring leasing space inside malls, and this can be a good way to attract businesses. For example, a digital marketing firm, Dr. Multimedia, outfitted a Westfield UTC space with sleek furnishings and vibrant artwork.
Another challenge that developers and retailers face is the potential loss of local businesses. Many malls have long been a booming area for businesses, and Amazon has taken advantage of that by converting shuttered stores into warehouses and distribution centers. While some developers and designers supported the idea, others argued that it robbed communities of vital gathering spaces. In the end, the developers and retailers should be allowed to decide their future.