Do Massive Mall Makeovers Work for Retail Revitalization?

Is there still room for the mall format in the new retail world? There have been a lot of headlines about the death of the mall, but massive mall makeovers—including the $1 billion Westfield Century City renovation—prove that malls can be revitalized and even more successful with the right plan and upgrades.

“The idea that the mall is going to disappear is fundamentally flawed. Instead, the likeliest result is going to be an evolution of the concept that fits newer consumer behaviors,” Ethan Chernofsky. VP of marketing at Placer.ai, tells GlobeSt.com. “One of the most obvious is a shift away from the cookie-cutter perspective that sees all or most malls following the same pattern with the same types of stores and experiences. Far more interesting is a future defined by many malls creating unique identities and speaking to different audiences. That environment is one that can support a wider variety of offerings that cater to different market segments.”

Following the renovation project at Westfield Century City, the mall had a 92.7% increase in foot traffic. Other mall renovations, like Scottsdale Fashion Square, Westfield Garden State Plaza and Mall at Short Hills, also saw a significant increase in foot traffic following the renovation. While renovation is important, each owner has its own approach. “There is no handbook, but I think the best makeovers have in common a clear sense of direction,” says Chernofsky. “They know what they are looking to achieve and this finds continuity through the tenants, experiences, design and more.”