1、August 2022Malls that are Risingto the TopFind out how malls are reinventing themselves and stayingrelevant thanks to experiential offerings,omnichannel options,and strategic tenant selection.Malls have long acted as a gleaming symbol of American retail.Following the openingof the first indoor mall

2、in 1956,and as the American middle class increasingly movedfrom the city to the suburbs,malls continued to open at a rapid rate.By 1960,some4,500 shopping centers had opened nationwide,filling the growing demand for “thirdplaces”spaces that allowed the newly suburban populations to gather,socialize,

3、and create community.And while that role evolved over the years,its safe to say thatmalls have played a major part in shaping the American shopping culture.But malls rapid expansion led to an oversaturated market some estimates suggestthat there are approximately 24 square feet of retail space per U

4、.S.citizen,ascompared to 4.6 for the U.K.and 2.8 for China.Many began to predict the demise anddownfall of malls,and that narrative intensified as online shopping grew in popularity.The rise of big-box stores,a focus on“services,not things,”and COVID-19 onlyaccelerated these trends.A lot of the doom

5、 and gloom predictionstend to de-emphasize mall role as amodern incarnation of a bustlingdowntown shopping area.But a lot of these doom and gloom predictions focus on malls only as a place to shop,and tend to de-emphasize their other role as the third place a modern incarnationof a bustling downtown

6、 shopping area,replete with shops,services,and places tomeet.And after two years of isolation and a new,pandemic-induced wave ofsuburban relocation,malls potential to bring people together is more prized thanever.So although malls were hit hard during COVID-19,many of them are finding ways toreinven