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Malls are struggling everywhere because the goods available at retail are often easily available online, and there is not much retail loyalty to bricks and mortar.
So, offer something that people need to leave the house for.
Gut the vacant anchors and build an entertainment complex, indoor auditorium(s), movies, and target affiliated businesses, restaurants, clubs, etc.
Big investment, but a solid opportunity in a great location.
Spot on Mike. Retailers like Sears and Macys, which are often large mall anchors, are closing up shop everywhere. Just bringing in different retailers, no matter how "recognizable" the name, ain't gonna cut it in this digital day of almost instant gratification/delivery. They really need to shake things up in order to Amazon proof it. Making it some sort of experience destination, as you mention, is a pretty good bet.
I mentioned Ikea earlier for 3 reasons:
1. Out of desperation...which I think many mall properties currently find themselves in. I really don't want, nor do I think the town would ever allow, a giant yellow and blue metal shed to sit on that site.
2. It is about the most Amazon proof retailer out there. The don't sell/deal through Amazon directly. You can get some of their stuff through 3rd party on Amazon but it is marked up more than the retail price offered through Ikea. Also, Ikea doesn't have free shipping and many of their items are large and very expensive to ship. Finally, it is fun and sometimes necessary to "play" with their stuff before buying. The end result, people travel hundreds of miles to an Ikea to spend the day and buy a boat load (literally boat trailers worth) of stuff. This approximates the destination experience tactic of thwarting the online onslaught....with a retail twist.
3. My wife told me someone on the Cary/Apex Moms facebook page posted putting an Ikea there (referencing the latest TBJ article about the CTC) and it just about broke the internet with the number of enthusiastic responses.
I simply don't get the IKEA love. We had one a half hour from the house when I lived in the Fort Lauderdale area. We went to check it out. Overpriced, cheaply-made junky furniture. My husband's father was in furniture and so the husband knows furniture.
The Swedish meatballs were good though. In fact, they tasted the same as ones I tried in Malmo, Sweden once.
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"Made the Retirement Run in under 12 parsecs!!!"
(set 16 days ago)
Location: Cary, NC
43,161 posts, read 76,751,962 times
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Quote:
Originally Posted by hertfordshire
Overpriced is probably one of the last words I would choose to describe IKEA to be honest.
But, by definition, "junk" is always "overpriced."
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