Placemaking has the power to help shopping centers bounce back from changing consumer behavior, as it focuses on developing a sense of community in a town or city.
As many people are choosing to shop online, it is more important than ever to create social, inviting, and flexible spaces that will encourage people to venture outside their homes. Continue reading to learn more about the importance of placemaking in shopping center development.
What is Placemaking?
Placemaking focuses on turning spaces into destinations. It requires real estate developers to regenerate and reimagine shopping centers, creating unique places that encourage locals and tourists to gather to shop, socialize, dine, work, and network.
As a result, it will elevate a community, improve prosperity, and help bring people together to strengthen connections. Shopping center developments with placemaking could prove the key to greater footfall, economic growth, increased tourism, and a stronger community.
How Does Placemaking Support Shopping Center Development?
There is a misconception that e-commerce stops people from shopping in a brick-and-mortar store. There is no doubt the internet has changed the retail sector, but retailers can still thrive in physical stores. After all, consumers often crave physical retail shopping experiences and are eager to embrace new and exciting activities and attractions that they cannot find online.
Many forward-thinking commercial real estate companies have realized modern shoppers are looking for reasons to visit a shopping center. For example, CenterCal Properties LLC, which was founded by Fred Bruning and Jean Paul Wardy in 2004, has brought in-demand, innovative, and relevant retailers to various Utah shopping centers, including Canyon Corners in Park City, Station Park in Farmington, and Mountain View Village in Riverton. The full-service commercial real estate company has united people from across the communities by creating public gathering spaces, dining venues, lifestyle amenities, office spaces, open-air concerts, family events, and more.
What to Include in a Placemaking Project
Rather than focusing on consumerism, it is vital to provide people from across a community with shared experiences, as it will encourage them to step outside their front doors to visit a shopping center and return time and again.
Placemaking is fundamental to attracting and retaining footfall, which is why you must incorporate the following strategies into shopping center development and management:
- Accessibility
- Layout
- Community events, including food markets, sports viewings, fashion shows, etc.
- Car park design and capacity
- Local community engagement
- Sustainability
- Customer service
- Integrated technologies
- Loyalty programs and promotions
- Leisure
Remember, you must provide a community with a reason to visit a shopping center instead of ordering one or more products online.
Conclusion
The evolving retail market has made commercial real estate companies more innovative and engaging. Placemaking projects are designed to seamlessly combine retail, office, residential, and leisure spaces that drive footfall, engagement, and repeat visits. As a result, brick-and-mortar stores will not only survive but thrive.
Shopping center developments must strive to foster a sense of community, bringing people from various backgrounds and faiths together to share common interests. For this reason, a shopping center should be less transactional and must provide unique, inclusive, and innovative shopping experiences that e-commerce website cannot replicate online.Â
Also Read: Starboard Commercial Real Estate Surprises Shoppers with New Shopping Center
