A new study out this week claims that we need to "reinvent" the shopping mall. Apparently, shoppers are still going to malls, but find the experience less and less fulfilling. The study suggests making malls more of an entertainment destination, with more places to eat and adding and element of discovery.
However, this consumer dissent may be a symptom of something more: the retreat of shopping as entertainment in America. Let's face it, if you have TRULY disposable income or a carefree credit line, shopping is still shopping, and it can be fun, entertaining and include a large dose of discovery. But with a new attitude pervading the American psyche, it's hard to be frivolous at the mall...and that takes the entertainment factor right out of it.
Our research at CBC shows that a large segment of consumers have lost their product lust. The perceived need to spend $250 on sunglasses or a handbag has diminished. We call it Simplinomics (as frequent leaders know), which includes an introspective look at what's needed, important and fulfilling. And the mall just ain't equipped to deliver on this new outlook...yet. (download the Simplinomics ebook here.)
For malls, there's no quick fix, but for companies, there is. Concentrate on delivering REAL VALUE. This doesn't mean things need to be inexpensive, but they do need to provide well made, long-lasting products, or services that make our lives easier or enriched.
The American consumer is learning the Emporer has no clothes. Step up and offer a real choice, and they will still buy and remain loyal.
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