If you’ve found yourself at a shopping mall recently you may have noticed the amount of people there or, in my case, the lack thereof. Throughout this decade, more so in the past few years, we’ve seen a dramatic decline in the number of people regularly attending the mall.
Nowadays, the new generation is particularly keen on the phenomenon of online shopping. But why is this? And what does this mean for the future of shopping malls?
Are Malls Dying?
Although industry professionals do not expect malls to go completely extinct any time soon, it’s no secret that they’re dwindling. President of Siteworks retail consulting firm, Nick Egelanian, says that there are only about 700 malls left in the U.S compared to 1500 that there were in the 80s. That number is only expected to shrink as it’s predicted that there will only be roughly 150 U.S malls standing in 10 years’ time.
Why Are People Not Shopping at Malls?
It seems it’s Generation Z that’s finding a disconnect between shopping and malls. Brick and mortar shopping has largely been replaced by the online retail landscape. As technology continues to advance, online shopping is becoming more and more advantageous.
The convenience of shopping in the comfort of your own home is something that malls simply can’t compete with. Not only is it easier to shop online, but it’s also often more cost-effective. The ability to cross-examine all available purchase options allows you to find the best deals and offers on the market.
Social media also offers a social experience accompanied by online shopping. Online communities allow people to share their thoughts, opinions, and reviews on products and guide people towards or away from certain purchases.
Despite lacking some of the customer service experience offered by in-person stores, online shopping is adapting to the need by implementing services like FAQ pages, live chats, and online representatives.
The Future of Shopping
It’s unlikely that brick and mortar malls will become obsolete any time soon. However, it’s no question that their prevalence will continue to diminish. E-commerce will continue to grow as the preferred shopping method, especially as advancements like artificial intelligence make waves in the industry.
