MIAMI—The mall is dead—long live the mall? North American Properties (NAP) just pushed out the second in a SlideShare series that explores the future of retailing.
In this installment, the firm explores the decline of malls. What's driving the decline? According to NAP, malls are giving way to hot retail and restaurant concepts in urban mixed-use locations with strong walkability.
“Nationally, consumers are shifting away from traditional malls and seeking a unique experience,” says Mark Toro, managing partner at NAP. “As a developer, it's important to create a sense of community and offer a property with a walkable design that infuses hospitality into every aspect. This is what the new-class of consumer is demanding and retailers are listening.”
Need proof that retailers are moving away from malls? NAP offers some evidence in the form of its Avalon in Alpharetta, GA.
The retail complex has attracted more than 10 first-to-market retailers and restaurants such as Kendra Scott, Soft Surroundings, Lou & Grey, and The El Felix. Major retailers like Banana Republic, Gap, and J. Crew are also relocating to the $600 million mixed-use development opening in October.
The SlideShare presentation connects the rise of about 80 million 18- to 35-year olds of the Gen Y population to the over 400 malls that were repurposed or closed outright in the last decade. It also provides insight on how this has influenced top retail industry leaders' decisions to choose mixed-use developments.
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