We’re witnessing the slow death of the brick and mortar shopping mall. They seem to be following the way of the dinosaur. It might be time to send them to the Smithsonian.
Shrinking mall traffic, constant business turnover and the high number of retail failures have (finally) made their way onto the radar of the banks and other lenders….
Nordstrom shares on Monday, Oct. 2, plunged 6.3% to $44.18 following a report that the retailer’s deal to go private with Leonard Green & Partners LP is on the brink of death.
Yes, one can say this is a pending economic doom and gloom heads up!
If lenders pass on funding Nortstrom they will pass on funding anything shopping mall related such as:
- New construction to accommodate new hopeful retailers.
- Other Nordstrom like “shopping mall anchors” in the same situation.
- New Shopping Malls (ugh) under construction but out of money.
- Established shopping malls with many vacancies in need of some relief.
- Shopping Mall retailers behind in their rent.
The list can go on and on. However one can also say this is the perfect opportunity to establish new uses; greener, positive, economic sustaining, futuristic and more hopeful ways to utilize these structures, without having to demolish them!
Here’s a few thoughts to get the entrepreneur wheels spinning:
- E-commerce booths; where you can shop for the same things as before only on-line.
- Meditation; a place to meditate! Calming smells, sights and sounds for a refreshing meditation!
- Coaching; personal and professional development only. Just you, your coach and your future!
- Community booths highlighting businesses and business voids of the community.
- Speaking and lecturing; specific to what’s working, what’s not working and what we can do better!
Eventually, great minds will accept this challenge. When that happens, the suggestions above will be equal to creative talent that imagined them! That’s when the possibilities become endless!
When dreamers dream and visionaries vision, the present steps up and meets the future.
The carousel of progress is about to move on to it’s next segment!
The future is happening now!