RETAIL RESET: THE FUTURE OF SHOPPING MALLS JUNE 10, 2021, by the Smith Group In the 1970s and 80s, Americans of all ages flocked to suburban shopping malls in droves. Not only did these centers offer retail, dining, and entertainment opportunities abound, they also served the as beloved community and gathering spaces. According to statistica.com, America had 30,000 shopping malls in 1970 and an astounding 116,000 shopping malls by 2017. However, as the 2000s gave rise to online retailers and sparked an evolution in consumer preferences, the once-bustling establishments steadily declined in popularity. Many retail outlets never recovered from this slide. As scores of brick-and-mortar retailers continued to downsize or fold entirelywith a new wave of companies failing in the wake of the COVID-19 pandemic and more projected to followcommunities that once housed these iconic destinations were left with a surplus of vacant properties. Today, developers and design partners with an eye on the future are coming together to reimagine how these facilities can create a new generation of mixed-use opportunities. A quintessential transit-oriented development (TOD), L'Enfant Plaza is a mix of retail, restaurants, office space, and residential apartment buildings. Opportunities Abound While tenants may have closed up shop, malls have again captured the eye of innovative urban planners, developers and design firms. Thanks to their inherently nostalgic community vibe and proximity to nearby urban and suburban locales, retail centers across the U.S. have the potential to be a key component within a new generation of adaptive reuse and mixed-use development models. Designed to accommodate multiple tenants and uses, these properties are generally equipped with the acreage, square footage, and infrastructure necessary to support a diverse collection of purposes. As such, they are aptly suited to bring together an exciting new array of commercial, retail, and lifestyle functions within a centralized location. Emerging uses for spaces within or adjacent to redeveloped shopping mall facilities include: Multi-tenant office suites Service-oriented suites, medical offices, clinics, Department of Motor Vehicles registration renewal centers, etc. Civic spaces, library branches, post offices, etc. Urban technology & research centers Educational (satellite) campuses Entertainment destinations Lifestyle-focused environments Fitness centers Multi-family housing Warehouse and logistics facilities and much, much more