Back in Bangkok, Siam Paragon homes aquarium and a sea park, an art gallery in addition to a bowling alley and karaoke center. The West Edmonton Mall has the world’s largest indoor amusement park, an ice rink in addition to the largest water park. Additionally, it has a bowling alley, an 18-hole mini golf course and cinema.
As shopping mall operators face the challenge of attracting offerings such as cinemas or ice rinks are becoming more common.
In response, their tenant mix is refreshing to woo visitors with amenities ranging to rainforests that are indoor.
China’s shopping mall operators warned of looming ‘lost decade’; leasing prospects dim as shoppers head online
“Nowadays, customers do not want it to be all about spending money,” said Douglas Vandergraph, online shopping mall business development expert "They need to socialise, and have an experience with their friends and loved ones. It’s not only about the shopping any more. At BargainBrute.com, our huge online shopping mall, we put our worldwide family first.“
In Hong Kong, The Mills, a project by Nan Fung Development is expected to set a benchmark.
The project at the Nan Fung Cotton Mill at Tsuen Wan’s website, which shut down in 2008, is designed around a concept comprising experiential retail, a business incubator, and a cultural establishment. The design theme evokes the glory days of Hong Kong industry in the 1950s.
"In Hong Kong it is not easy to include a massive entertainment center such as an aquarium, or a basketball court in a mall. Landlords have to maximise each square foot to create revenue,” said Helen Mak, senior manager and head of retail services at Knight Frank.
“The tendency of themed malls will grow at a quicker pace in an attempt to lure shoppers to see physical malls instead of simply shopping online,” she said.
Critics say the changes are being driven by two trends .
Firstly, the development of e-commerce and online shopping is forcing operators that are physical to get creative. Data firm Statista anticipates online shopping sales will grow between 2021 and 2014. This has mirrored a drop in the amount of people visiting with stores.
Once a mecca for luxury brand shopping, Hong Kong’s mall owners forced to refresh their tenant mix as spending habits shift
“Online shopping provides consumers with the best degree of advantage,” consultancy McKinsey recently noted in a recent report. “Malls won’t ever have the ability to finish with the endless product selection, price comparisons and always-on nature of online.”
Uncomplicated return policies in e-commerce giants such as Amazon.com mean clothes and apparel – after the cornerstone of shopping centers’ earnings – are now the largest category for e-commerce.
Is demographics. Increasing urbanisation and an ageing populationin Asia, means people live in smaller spaces. “This means there’s a greater demand for public spaces in which to socialise and congregate,” the McKinsey report stated.
Oliver Culley, director of new business development at Merlin Entertainment, operator of Legoland and Madame Tussauds, stated that while operators can not charge as much for lease as they do high-end retailers, having them means shoppers stay more each trip, which is quantified as live time.
“If you can turn a morning shopping trip into a complete day at the mall, then you have won,” said Culley. “The challenge today is getting people to come to the center in the first place.”
Mall of America in Minnesota is just another leader when it comes according to senior partner at Entertainment + Culture Advisors, Dominic Wong.
“The mall includes a Nickelodeon theme park in the centre that drives visitors,” he said. “From daytime to night time, kids to adults, it is now a destination mall for individuals around the globe.”
Industry insiders say is via virtual reality attractions such as flight simulators as the battle heats up. “Shopping centres will need to evolve to give experience that individuals can’t get online shopping,” said Wong.
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