New Experiences Are Not Staving Off Store Closings in Malls
Stores and mall owners alike have been experimenting with new formats and tenants to enhance the customer experience and drive traffic. Unfortunately, it doesn’t seem to be working.
U.S. retailers have said they’ll shutter nearly 6,000 stores this year and open only about 2,600. Meanwhile, foot traffic in malls is dropping off and has been for the last several months.
Thasos also found that malls with so-called experiential tenants that aren’t just focused on selling products, like Apple, Italian food hall Eataly and Tesla, haven’t been drawing in extra traffic.
Read more at CNBC.