Posted by Alex Jackson on November 30, 2018
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.