This story was included in Retail Traffic Online. It seems to have some profound implications for shopping malls. What do you think, are they dinosaurs? Are we going to be redeveloping all of our malls into mixed-use centers? Maybe converting them into free-standing pads? Or are the malls going to reinvent themselves to once again draw in the customers? What interesting mall projects are you seeing in your neck of the woods?
Department Stores Down And Out
You've heard it before, but now there's startling new data on the rise of the off-the-mall discounter. According to a study conducted by retail consultant Custom Growth Partners, mall tenants, especially department stores, saw their market share drop to 19 percent for 2002, compared with 38 percent in 1995.
And things are only getting worse for the department stores. Wal-Mart was the top pick for women's clothing with more than 20 percent of consumers polled for BIGResearch's monthly retail ratings report. Power center-prone Kohl's came in second with 7.3 percent. And department stores trailed, with 6.3 choosing JCPenney, 3.7 percent choosing Macy's and only 2.9 percent choosing Dillard's.