94% Of Mall Owners Are Rebranding And Rejuvenating Dated Properties
In fact, in response to current industry headwinds, more than 94% of mall owners and operators are giving properties a facelift to enhance their appeal and attract shoppers, JLL reports.
Most are focusing on improving common areas with renovations to lobbies, the addition of more comfortable seating, free WiFi, better-lit walkways and improved wayfinding. Others are shifting their focus to improve the tenant mix, honing in on apparel retailers that will attract millennials such as H&M and Zara, as well as luxury and fitness retailers.
Some malls are even rebranding to market the property as a luxury destination, as is the case with Copley Place in Boston, which now houses retailers including Jimmy Choo, Versace and Louis Vuitton.
Though it has less to do with physical appearance, many owners are also opting to remove “mall” from their property names, recognizing the stigma now attached to it. Instead, owners are rebranding centers with names like “Shoppes,” “Towne Center” and “Village” in an effort to create the feeling of a more modern, intimate community center that will appeal to today's consumers.