The Mall Is Dead. Or Is It?
Don't write off the "mall" concept just yet.
It’s no secret that retail sales for brick-and-mortar properties have been impacted by the internet and a shift toward online shopping. Millennials in particular have turned to electronic devices to search for products and make their purchases.
But the “death” of shopping malls may be an exaggeration. When creativity and marketing strategies are applied to repurpose properties for attracting a new clientele, the return on your investment can be extremely profitable.
Making properties financially viable for owners and lessees requires knowledge and experience in the commercial real estate market.
Reinventing the Mall
Many retail properties are transforming the mall from solely retail destinations to a full-service experience that includes supermarkets, entertainment, dining, and even areas with a focus on community activities.
Even the very name “mall” is being replaced with a more appropriate and engaging name such as:
- Logan Plaza
- Hallmark Square
- Pamplico Plaza
- Shoppes At Celebration
- Madison Plaza
Prospective tenants and customers alike are being drawn back to the “mall” by the lifestyle approach that combines shopping with social life. Even houses of worship are finding new, affordable locations in repurposed mall facilities.
Understanding The Market
What it takes to make commercial real estate in Florence SC successful is a thorough understanding of the business landscape, changing consumer needs, and advantages for business owners:
- Location – Placing your business where it can draw the appropriate traffic
- Amenities – Attractive environment and facilities that meet your needs
- Economics – Placing your business in a location within your budget
- Type of business – Blending your business presence with others that complement your services to maximize the return on your investment.
How to Rebrand the Mall
Commercial brokers in Florence know that it takes more than a coat of paint or new signage to bring traffic back to retail areas.
In many cases, this involves complete renovation to transform a former retail location into new uses that may include a medical office, call center, or grocery. Such an investment can be significant, but the payoff can be well worth the cost and effort.
Palmetto Commercial – Your Source for Retail and Commercial Real Estate
At Palmetto Commercial, we work with every client to match your property needs with the best investment for your business. We are your complete resource for management services and commercial real estate in Florence SC.
Contact Palmetto Commercial to discuss your needs with a commercial real estate professional today.