Lifestyle Shopping Mall: Best Place for the future of retail
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Prof. Dr. Gerald Lang KEDGE Business School & Ecole Polytechnique Paris Lifestyle Shopping Malls: Best place for the future of Retailing Lifestyle Shopping Malls Lifestyle Shopping Malls Lifestyle Shopping Malls Lifestyle Shopping Malls Lifestyle Shopping Malls
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Transcript of Lifestyle Shopping Mall: Best Place for the future of retail
Prof. Dr. Gerald Lang
KEDGE Business School &Ecole Polytechnique Paris
Lifestyle Shopping Malls:Best place for the future of Retailing
Life
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Life
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Life
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Life
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Life
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1. Shopping Malls: Where they come from & where they are
2. Ongoing and future retail trends
3. Lifestyle Shopping Malls: Best place for the future of retailing
4. Challenges for Lifestyle Shopping Malls
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Shopping Malls: Where they come from
Al-Hamidiyah Souq Damascus
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Shopping Malls: Where they come from
Galleria Vittorio Emanuele Milano 1867
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Shopping Malls: Where they come from
Country Club Plaza Kansas City 1922
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Shopping Malls: Where they are
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2. Ongoing and future retail trends
1. Shopping Malls: Where they come from & where they are
3. Lifestyle Shopping Malls: Best place for the future of retailing
4. Challenges for Lifestyle Shopping Malls
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Ongoing and future Retail trends
E-commerce Multi-Channel Cross-Channel
Omni-Channel
Retail Technology
Experience and Lifestyle Shopping
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Ongoing and future Retail trends
E-commerce Multi-Channel Cross-Channel
Omni-Channel
Big brands reduce number of physical stores
Convenient shopping by e- and m-commerce
www.deadmalls.com ?
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Ongoing and future Retail trends
Retail Technology
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Ongoing and future Retail trends
Experience and Lifestyle Shopping
Shop to show who I am
Shopping as traveldestination
Spend time withfriends & family
Gather, wander around,
and discover
Easy access
Spend lesson products but
more on experienceEntertainment
Mindless vacation
Time constraint
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Ongoing and future Retail trends
E-commerce Multi-Channel Cross-
Channel Omni-Channel
Retail Technology
Experience and Lifestyle Shopping
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3. Future Shopping Malls: Best place to live the future of retailing
1. Shopping Malls: Where they come from & where they are
2. Ongoing and future retail trends
4. Challenges for Lifestyle Shopping Malls
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Lifestyle Shopping Malls: Best place for the future of retailing
Instant gratification of shopping
Showrooming of brands
Service (ex: Apple, Lululemon)
Exchange and pick-up point
Impulse buying
Counsel and advise from store staff
Physical Omni-Channel locations for brands & customers
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Lifestyle Shopping Malls: Best place for the future of retailingTechnology Lab for brands and social media
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Lifestyle Shopping Malls: Best place for the future of retailingLocation Based Services: Guide the
customer
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Lifestyle Shopping Malls: Best place for the future of retailingBeacon Technologies in and around the
stores of a mall
Track movements of a smartphone in and between the stores of a mall
Use technology to connect consumers to the shopping mall (Loyalty programs, wayfinding through the mall etc.)
Sending personalized messages with customized offers and targeted advertisement
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Lifestyle Shopping Malls: Best place for the future of retailingMalls: Leveraging technology on mall level
Online Shopping Mall
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Lifestyle Shopping Malls: Best place for the future of retailingLifestyle experiences for all needs and
senses:Entertainment
Create total customer experience: Entertainment, leisure,food & shopping, services…
Complement this experience with digital layers
People watching is part of the fun
Entertainment actors become the new anchors:
bowling, aquariums, children's edutainment, adult eatertainment, playgrounds, sport venues (ski, ice rink), art exhibitions and special events
Upscale restaurants, fine dining
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Lifestyle Shopping Malls: Best place for the future of retailingExample: The Beach Dubai – UAEShopping, Beach, Restaurants, Outdoor
Cinema…
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Lifestyle Shopping Malls: Best place for the future of retailingExample: Mall of America – Bloomington MN
- USAShopping, Indoor Theme Park, Fine Dining,
Health track…
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Lifestyle Shopping Malls: Best place for the future of retailingLifestyle experiences for all needs and
senses:The Mall as the new Downtown
Gathering place for the community
Mall becomes an important part of everyday life
Create a city within a city, where commerce plays an important, but not exclusive role
Consumers consolidate their trips to save time: Farmer’s market, food & shopping, health club, green spaces and natural elements,village-like settings, public services…
People watching, communal experience with family and friends
Events: concerts, exhibitions…
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Lifestyle Shopping Malls: Best place for the future of retailingExample: Leeds Trinity - UK
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Lifestyle Shopping Malls: Best place for the future of retailingExample: Siam Paragon Mall Bangkok –
ThailandShopping, Language School, Aquarium,
Cooking School…
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Lifestyle Shopping Malls: Best place for the future of retailingLifestyle experiences for all needs and
senses:Shopping Malls as destinations
For discovery, experimentation, and
entertainment
To complete a tourist recreational experience
(airport mall)
Shopping trips like visiting a national monument
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Lifestyle Shopping Malls: Best place for the future of retailingExamples: Cashel Mall Christchurch – NZ
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Lifestyle Shopping Malls: Best place for the future of retailingExamples: Fiordaliso Shopping Center
Milano - Italy
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International Development of Franchise Brands
4. Challenges for Lifestyle Shopping Malls
1. Shopping Malls: Where they come from & where they are
2. Ongoing and future retail trends
3. Future Shopping Malls: Best place to live the future of retailing
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Challenges for Lifestyle Shopping Malls
Retail and Entertainment tenant mix
Create a sense of novelty
More experimentation with formats
More service oriented retail in the malls
Ratio Tenant/Public space: trend from 70/30 to 50/50
More pop-up stores and tenant turnover
Mall owners are in store leasing – business…
… and in entertainment, dining and leisure business !
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Challenges for Lifestyle Shopping Malls
Financial Impacts ᵠ
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Challenges for Lifestyle Shopping Malls
Future Developments and Opportunities
Digital Natives and millennials use more technology
Growing Middle class in Latin America and Asia:
consumption & pleasureLifestyle malls will be increasingly green &
sustainable
Developing a sense of “space”: design, architecture, ambiance
Increased fusion of residential, commercial, retail and entertainment
Link malls to the specific environment
Malls have to leverage their key advantage: Physical presence
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Challenges for Lifestyle Shopping Malls
Future Developments and Opportunities
Future lifestyle malls will focus on a unique experience for the visitor
with innovative technologieswhich cannot be duplicated onlineproviding an experience superior to online shopping
Life style malls will have to
continuously track innovationand create customer experience
…as retailers have done all times !
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