Suburban retail centers have bright futures, if they can adapt to a shifting retail environment The death knell of the American mall has been sounding for decades. According to a report by industry analysts Green Street Advisors last year, since 2010, more than 20 enclosed shopping malls have closed, and more than 60 are on the brink of boarding up. Food courts, anchor stores, and blocky, air-conditioned retail centers may seem like 20th century relics in an age of Amazon and fast fashion.
But the reality, and remedy, is a little more complicated. Malls aren?t going anywhere. But after a development glut that left many areas oversaturated with retail, these developments need to evolve.
During a seminar at the Urban Land Institute called Mall of the Future: Catalyst for Community Regeneration, developers and designers laid out compelling visions for transforming decades-old structures into new urban centers. While many take the idea of regeneration to a very futuristic extreme?suburban drone port, anyone"?all of them speak to the urgent need to find a new identity for these hulking structures, and the opportunity to create 21st century community spaces. ?People are tired of every place being the same as every other place,? says panel member Matt Billerbeck, a Senior Vice President at CallisonRTKL who leads the shopping and entertainment districts sector. ?Developers need to ask, ?how do you put together a compelling collection of retailers, and how do you impro...