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The classic days of American shopping are over—department stores are actually being thrown out of the malls they once dominated to make way for a variation of retailers predicted to drive more traffic.
In an Orlando mall, Nordstrom was kicked out to make way for a crayon-based family attraction called the Crayola Experience (how the mighty have fallen) and Saks Fifth Avenue was swapped with a 23-restaurant dining pavilion, the Wall Street Journal reports.
“The definition of an anchor has changed,” says Stephen Lebovitz, CEO of CBL & Associates Properties. “Cheesecake Factory does as much business as Sears used to do.”
New anchors include sporting goods retailers, fast-fashion chains, supermarkets, gyms, restaurants and movie theaters as malls desperately try to adapt and stay alive in the age of online shopping. [WSJ]
