ποΈDepartment stores are struggling to compete with changing consumer preferences and the rise of online shopping. Discount stores and off-price chains are attracting customers with lower prices.
π₯Luxury shoppers continue to flock to high-end malls, while discount shoppers are drawn to strip malls anchored by discount retailers.
πMalls are adapting by repurposing empty anchor store spaces and diversifying their offerings. Some malls now include grocery chains, casinos, gyms, and residential apartments.
πOmni-channel strategies, combining online and physical store presence, are essential for department stores to stay competitive.
πPositive customer experiences are crucial for malls' success. Factors like cleanliness, unique offerings, and sensory stimulation can attract and retain customers.