The Challenge:
Against this background, the challenge is to ask each team to select a non-prime position shopping mall in your city - or country - which has a closed department store anchor and a high number of empty shop units and to then develop a plan for its revival that involves retail but other activities too that will result in a return of footfall, business and above all, a new vibrancy and relevance.
This is an opportunity to completely rethink the decades-old shopping mall model and to therefore develop radical thinking and bold new ideas that you believe will appeal to today’s consumer and create a different kind of destination.
Think about your chosen shopping mall and consider why it is facing these challenges. Who would your new mall be aimed at - which demographic groups and why?
Develop a radical new strategy to relaunch and redevelop your selected mall.
Highlight the ideas at the heart of your new mall that will bring people back and attract new visitors.
Detail the new mix within your mall of retail, leisure, hospitality, experience, entertainment and any other special new ingredients or functions for your new mall.
Think about the context of today’s “omnichannel” world where consumers expect a seamless connection between the on and offline worlds - what does this mean for your reinvented mall? How would you tackle the problem of consumers using malls and stores for “showrooming” before buying the products online?
How would you ensure your new mall is fit for purpose in an age that has to embrace sustainability demands and a Net Zero, circular economy?
Identify the stakeholders that you believe would be essential to work with to ensure the success of your reinvention strategy.
Include in your analysis the implications for the Mall owners/shareholders who have invested significantly in the mall.