Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/390025
"Now, here in the mature markets, the U.S. and European markets, part of what we're finding is that 'A' malls are doing well and there are a bunch of 'C' and 'D' malls which are failing," said Underhill, an environmental psychologist and the founder of New York City–based Envirosell, a market research and consulting firm. "Some of those malls are going to be re-purposed in one way or another. But, ultimately, some of them just deserve to be knocked down. They were butt-ugly the day that they opened." For high-quality shopping center developers, however, Underhill sees a world of opportunity. "I think across the emerging markets, malls are a mAll or Two hErE AND there might be ailing and dying, but the mall surely is not. on the contrary, assert some observers, the modern shopping cen- ter and the brick-and-mortar store have a rich future still ahead. media images of tumbleweed-strewn park- ing lots and boarded-up shopping centers notwithstanding, any prophecies that the end draweth nigh for the western shop- ping center are a tad overwrought, accord- ing to retail consultant Paco Underhill. Certainly, some malls are going away, he concedes, but in his view this is no tragedy. very important part of modernization, be- cause they provide three things: First is se- curity — security that people may not find on the street," he said. "The second thing that a mall can provide is a higher level of hygiene, meaning that it's clean and that somebody cares for it and that the careful- ness isn't just location-by-location, it's the entire place. Third, they provide climate control: It is a comfortable place. whether it's very hot outside or very cold outside or whether it's very rainy, you can always go to a shopping mall, and it's perfect." There are still more reasons for opti- mism about shopping centers as we go forward, Underhill says. "let's recognize too that the reason why we go to the mall A Alive and thriving the mall has a bright future, says retail expert paco underhill By Bennett Voyles n e w s m A k e r s 78 s C T / o c t o b e r 2 0 1 4