Failing Malls Turn Empty Parking Lots Into Carnivals To Generate Cash
By Tyler Durden
It should come as no surprise that America’s malls, the wonderlands of the 80s, are in big trouble. After slowly losing market share to online competition for years, brick-and-mortar retailers have finally succumb to changing consumer habits which has resulted in a massive surge in bankruptcies and store closings.
Of course, as we’ve pointed out before, mall owners have tried just about everything to fill their empty spaces including the addition of grocery stores, doctors’ offices and even high schools.
But while most mall owners have been trying to figure out how to fill up the inside of their stores, they apparently overlooked another very ‘valuable’ asset: their empty parking lots.
With customer traffic sagging, U.S. retail landlords are using their sprawling concrete lots to host events such as carnivals, concerts and food-truck festivals. They’re aiming to lure visitors with experiences that can’t be replicated online — and then get them inside the properties to spend some money.
“Events draw people to come to the shopping center,” said Keith Herkimer, whose company, KevaWorks Inc., is working with big landlords including GGP Inc. and Simon Property Group Inc. to produce outdoor events. “They generate revenue for the owner and offer a chance for