TRADITIONAL MALLS ARE OUT. MIXED-USE DEVELOPMENTS ARE IN.
In 1990, the U.S. had around 2,500 #indoormalls; today, that number has dropped to about 1,000. This decline reflects significant shifts in consumer behavior, driven by #ecommerce and changing shopping preferences. Many traditional malls are struggling to adapt to this new landscape.
Woodbury Corporation’s redevelopment of University Place in Orem, UT, showcases how innovative #mixeduse developments can revitalize struggling malls. With a $500 million planned investment, they transformed University Mall into a vibrant community hub, incorporating retail, office spaces, and residential apartments. The property is located between two major Universities, Brigham Young University and Utah Valley University, which have nearly 80,000 students.
Successful redevelopment relies on various factors, including location, traffic, visibility, population mix, consumer spending, retailer proximity, and a little luck. Woodbury’s approach highlights the importance of creating engaging environments that foster community connections.
As we look to the future, innovation and investment are clear essentials for the survival of indoor malls.
How do you envision the indoor mall landscape evolving in the coming years?
Explore the transformation of University Place here: https://lnkd.in/gTFbjnZ9