![]() As a result, they're more like to frequent restaurants, bars and other such experience-oriented venues.ĭevelopments, like the $5 billion American Dream Meadowlands, aim to be one potential model for attracting the experience-seeking millennial demographic. Research has shown that many prefer to spend money on experiences rather than things. Millennials have been a key driver for understanding how malls can adapt. As more millennials reach adulthood and come into disposable income, their spending habits are becoming increasingly important to the overall economy. What the next generation of malls holds will depend on those developments' ability to figure out how to attract today's consumers. E-commerce giant Amazon has been leading the charge in transitioning the shopping experience from the retail store to the online browser, prompting retail developers to rethink the traditional brick-and-mortar stores.Īlthough dozens of malls have closed their doors in recent years, and analysts estimate up to 25% of those remaining could close by 2022, some could say the mall itself isn't dead - it's simply evolving. The face of retail is changing and, with it, so have the developments associated with it. ![]()
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