RETAIL HAS A MASTER PLAN TO MAKE YOU SPEND MORE. BUCKETLOADS MORE.
The economy is down. Retail is in a fix. So how do Brick n’ Mortar Stores plan to make more money ? How are Malls reinventing themselves to generate more profit ?
BY FOCUSING ON 2 ESSENTIAL BASIC HUMAN NEEDS :
The Need for Food &
The Need for Pleasure.
Food
Research suggests that people who come to a mall to eat, stay longer & shop more than people who don’t.
Food Courts are popular because they provide lots of cuisine options.
Layout & Location of a Food Court is crucial for success.
People are choosing healthier food and trying out different cuisines.
Choice of food retailer has to match mall theme, pricing and positioning.
Food has become The New Mall Frontier.
It is no coincidence that the most profitable malls have the largest food courts. Ala Moana Shopping Centre in Honolulu is one of the most successful malls of the world. It also has the world's largest food court.
Fun
The biggest malls in the world have almost 80% of their floor space dedicated for just Amusement & Entertainment. Like the mammoth Mall of Dubai and the upcoming Miami Dade.
There is a wedding chapel in the Mall Of America -- more than 8000 couples have wed there.
In The West Edmonton Mall in Alberta Canada, we have the world's biggest indoor wave pool.
In the Cevahir Mall in Istanbul, Turkey – we have the world's second largest clock.
There is a Hungry Games theme park with the Mall Of Qatar.
Doha Festival City has an Angry Birds theme park.
There is a Lego Land in Dubai Mall while the Mall of America has a Nickelodeon theme.
The Mall of Qatar will have international acts performing daily on its rotating stage lift – Oasis. Its also tied up with Cirque Soleil as one of its main attractions.
Its not just about fun. There are 'edutainment' zones like Juniverse and interactive digital theme parks such as Vituocity.
Other attractions include indoor roller coasters, aquariums, submarines, drop towers, immersion rides, flying theatres, adventure golf, flight simulator, comedy houses, wave pools, kart racing etc.
Developers have hired the best consultants in entertainment design :
Mack Rides, Gerstaluer Amusement Rides, Dynamic Attractions, Zierer Rides, ETF Ride Systems, Triotech, Whitewater Attractions, Zamperla, Holovis, Simworx, and Concept 1900.
Besides games and rides, malls also incorporate galleries, ramp shows, red carpet nights, award nights and cultural nights.
Tokyo Midtown has a design gallery and workshop created by Issay Miyake and world-famous architect Tadao Andao.
Courting Generation Y
One thing that retailers and developers realize is that they need to attract Generation Y or 'Millineals' – adults in the age group of 18-35. Why ?
Because studies show that Generation Y spends 45% of web time on retail and social websites. They buy online but they prefer to socialise in person. They like group experiences and dining together.
Good Design
All the above needs good design to be successful. New innovations need the good layout, lighting and interiors. People like using well designed, well lit, focused spaces – regardless of time and age.
Effective design can increase a mall’s revenues by as much as 40 percent.
There is only one theme for malls now -- For malls, the new theme is : 'Creativity'.
*The above is an abridged version of our article published in the June-July 2015 edition of 'Shopping Centre News' -- India's leading retail magazine. Download the full unabridged article here.