The local mall has long been a key destination for consumer entertainment — especially when it included shopping, dining and watching movies. But the current economic downturn has led numerous anchor-type retailers to close their doors and leave giant empty spaces behind. In some cases, mall owners are looking at vacancy rates of over 7%.
New York Times writer Stephanie Rosenbloom recently highlighted the kinds of businesses that are finding new homes in the local and regional malls. One standout includes wave-making machines. The ambiance of local malls will surely change as landlords seek out tenants. Examples of other businesses that have started appearing in malls include:
- Dance and fitness centers
- Medical offices
- Community colleges
Chances are your local mall owner could benefit from a fresh campaign designed to attract a whole kind of tenant. And once the tenants move in, they’ll need to market their new location to consumers as well.[Source: Rosenbloom, Stephanie. Malls Test Experimental Waters to Fill Vacancies, New York Times. 4.5.09]