Allan Zeman Sees The Future Of The Mall As Less Retail, More Lifestyle And Entertainment Spacesby Nan-Hie In
In the digital age, traditional malls in China are becoming passé. At the real estate conference MIPIM Asia last month, Lan Kwai Fong Group’s chairman Allan Zeman claimed the future of the mall will be more lifestyle and entertainment-orientated than the retail dominated spaces of the past.
“This is how it worked in the old days: you built an [integrated] mall based on a simple formula that it had office buildings, some residential [housing] and a retail mall, and that 70% of the mall was retail and around 30% was food and beverage [venues],” explains Zeman. However, consumer behavior has changed. The evolving purchasing habits of the younger generation of shoppers in China have disrupted this mall ratio.
“Online shopping has become a very big problem for most traditional shopping malls,” explains the Hong Kong nightlife district pioneer. “In the last year, every shopping mall in China has been going down; I have had calls from so many developers asking me what they should do,” he said.