For decades the mall was THE retail destination. It was where shopping and social merged. Over time a new generation of consumers entered the market and loyal ones were walking away. We gradually watched the love of malls erode and high-profile stores exit.
Founded on different principles, the Public Factory in New York might have the right formula for the future of the mall. Bridging the gap between traditional long-term leases and the ever-popular pop-up, Public Factory offers rented retail space with flexible terms. Membership benefits of $3,000 per month offer 100 square ft. space to a range of consumer goods from apparel and accessories to beauty and personal care at a lower risk and on shorter terms with a minimum three-month engagement.
Takeaway: Uber and AirBnb pioneered the sharing economy. Now is the opportunity to understand how those principles can translate to retail. The benefits of this approach not only benefit the consumer brands and the retailer, but also offer a unique experience to the consumer at the same time.
This is an excerpt from an article posted on chutegerdeman.com. For complete article, click here.