The only constant in retail is change, and 2023, which many expect to be filled with tumultuous economic uncertainty, will most likely change consumer shopping trends. However, the fiscal tightening of the wallet will result in less frequent, yet more meaningful and cost-efficient outings. For example, instead of a pricey trip to the Walt Disney World Resort, entertainment will now be found at less expensive and more convenient places, especially within the local regional mall. Examples of these types of experiential tenants include immersive art/optical illusion concepts, such as Museum of Illusions, virtual reality spots, such as Electric Gamebox, escape rooms, such as The Escape Game, and do-it-yourself shops, including Build-A-Bear Workshop, LEGO Store or Buff City Soap.
Mall owners are taking notice that their shopping centers are becoming amusement destinations, much like the American Dream mall in East Rutherford, N.J., and the Mall of America in Bloomington, Minn. Therefore, expect to see more one-of-a-kind thrill-based tenants pop up in malls throughout the country, such as the 17,000-s.f. American Ninja Warrior Adventure Park that opened in the Centennial-owned MainPlace Mall in Santa Ana, Calif., in mid-2022, which features unique obstacle courses based on the hit TV show.
