Welcome to the Retail Renaissance

There
is no doubt that traditional retail is changing at a rapid pace. The headlines
of one major retailer after another shuttering location after location is
inescapable. What is far too often overlooked in these negative headlines is
what happens next? What is happening right now is very interesting, and far
from being a retail apocalypse, it’s more of a retail renaissance. 

To illustrate
this point let’s take a look at Tysons Corner Center in Virginia one of the
most valuable retail properties in the United States. Macerich, the owner
of this mall, was faced with a problem of dwindling tenants as major brands and
retailers drew back on their physical storefront footprints. Macerich came up
with a unique solution which they are calling BrandBox. Essentially BrandBox
is a group of 6 mini stores housed inside an 11,000 square foot space for a
period of one year. This sort of rotating showcase was created to attract
primarily online brands looking to have a physical footprint to highlight their
brand. BrandBox plans to offer the brands that sign up everything they need to
run a brick and mortar store including shelving, lighting and other equipment
but more importantly marketing and valuable data on foot traffic. They will
even staff the store for you if you want them too, pretty sweet deal right? Now
this concept is not exclusive to just this single location, Macerich plans to
expand the BrandBox concept to malls in Santa Monica, Philadelphia and
Scottsdale with further plans of expansion into more of its properties over the
next few years.

Other mall owners are taking note of this concept and see it as
a way to attract new tenants as well as new foot traffic for their existing
tenants a win-win for the malls and for their existing tenants. This mini store
concept symbolizes a rebirth of retail, far from dying, it’s changing and
evolving to meet the needs of today’s consumers and this represents a great new
opportunity for aspiring entrepreneurs like you. We recently looked at how and
why now is a great time to open your own off price retail store but if off price retail is not for you consider
specializing, open a designer or plus size boutique, your only limitation
is your imagination. Already have a successful online retail business? maybe
selling designer menswear and are looking to expand your business? Maybe you
want to capitalize on a wealthy local consumer base that frequents that mall
just down the street from you? Let me tell you, it’s getting a whole lot easier
to make that transition from a click only retailer to a brick and click
retailer just look to your local mall. 

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