The closure of a department store such as Macy’s can initiate a significant transformation in the landscape of a shopping mall. The loss of a key tenant often requires mall operators to rethink and re-brand the space. This could involve several different strategy changes:
1. Emphasizing Experience: Converting a large department store into an ice rink is one way to shift mall offerings from purely retail to experience-based. Other experiences could include concert venues, art galleries, food and drink tasting events, cooking classes, or yoga studios. Instead of marketing products, malls would market the experiences and memories customers can make.
2. Encouraging Community Engagement: Making use of the space to host community events like farmer markets, charity fundraisers, or local sporting events serves to increase foot traffic and foster goodwill in the community.
3. Collaborating with Non-Retail Businesses: Mall operators may partner with businesses that would not traditionally be found in mall settings, such as coworking spaces, tech, and educational centers, healthcare facilities, or apartment buildings.
4. Green Spaces: The introduction of parks, green spaces, or similar facilities offers more chances to make malls a place to relax and unwind, attracting a broader audience.
As with any major change, a decision to convert a department store into an ice rink or other major facility should be reliant on careful examination of the local market, demographic trends, and customer behavior. The shuttering of Macy’s in this context can potentially spearhead an innovative and creative endeavor
