Malls pump more than $8 billion into renovations to entice shoppers

AZRE

In an effort to create destinations that captivate shoppers beyond mere retail purchases, owners are dramatically transforming malls—to the tune of more than $8 billion in renovations over the last three years. JLL’s new report, A New Mall Rises, explores 90 super regional and regional malls tracked by the firm that are currently undergoing or have gone through a significant renovation during that time period.

“Malls must respond to changing shopper preferences with laser focus and evolve their purpose through redevelopments to be relevant,” said John Lambert, Director of Retail Development for JLL. “Many of the 90 properties we looked at are elevating their role beyond purely shopping and becoming destinations for dining out and entertainment, community activities and even lodging and residential.”

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