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How Re-Purposed Malls Can Teach Entrepreneurs a LessonJanuary 6, 2020
Have you been to a dying mall lately?
It can be pretty depressing. Empty storefronts litter the hallways like missing teeth in a hockey player’s mouth. Dim lighting seems to permeate each corner, and mall walkers bring more energy than any hint of retail activity. What was booming 30 years ago now feels like a bust.
With consumers shifting more of their shopping from physical to online spaces, young generations have a different perspective on what a buying experience should bring. This explains why some malls are dying, while others are thriving. What’s the difference?
In Maryland, one mall is renting space to a theater company while, in Michigan, one mall is now home to a cultural association that sponsors Chinese festivals. Some malls have transformed parts of their space to offer thriving art schools for walk-in shoppers. Others have created customer-centric experiences, like combining fashion consultants with on-site purchasing options.
Like most other sales venues, there is still a future for brick-and-mortar businesses. But this requires companies to sell strategically to young generations through methods that resonate.
What lessons can we learn from our friends in the mall?
Engaging, Experiential Shopping
There are numerous definitions of experiential purchasing.
Generally, this idea refers to stores where “extra” things happen in addition to selling, and where shoppers do more than just buying. As an entrepreneur, how can you offer people a chance to buy an experience or a memory rather than just an object or service? This may include massage chairs at the gym, in-store skills classes, or lifestyle opportunities (like art galleries in malls) that can be combined with a shopping experience.
Added Online Convenience
If you want people to visit your business, can you ease their journey by adding online convenience?
Like store pickups for pre-ordered groceries, merchants that simplify the purchasing experience will have more success. One business took orders for online samples then had three options ready and waiting when the customer came to preview them in the store.
Digital Campaigns with On-Site Flash Sales
One benefit of physical stores is strengthening emotional connections between consumers and brands.
While it is nice to order things online, sometimes swooping in to nab a deal brings a huge adrenaline rush (think Black Friday!). Can your business combine timely print or digital ads to promote 24-hour flash sales on the hottest items in your store? This creates the opportunity to lock in a client while potentially up-selling other products when people visit in person.
Lively, Professional Environments
People don’t just crave convenience; they crave connections.
When asked why people choose physical stores over online retailers, the number one response was a “need to see, touch, feel, and try out items.” How can you offer people better opportunities to interact directly with your products? When you do this, the physical shopping experience provides a tactile experience that simply can’t be matched online.
Your displays are a huge part of this. From oversized banners and full-panel window displays to music, lighting, and even scents, the environment you create must be better than ever. And with today’s print and digital technology, everything can be customized to immerse your clients in the most authentic brand experience possible!
The Definition of Success
While online shopping has re-written the rules of purchasing, buyers still crave experiences that can only be delivered in person. Remember, a successful space is one that people want to visit, so give people a reason to be there.
When they’re spending their time somewhere, they’re more likely to spend their money as well.