Linking Retail With Transit Could Be Key To Driving Traffic
Seeking a new way to transport retail from bankrupt to burgeoning, landlords are looking to transit hubs as a way to drive traffic.
This is in opposition to the former strategies employed by mall landlords, who used to attract shoppers with popular anchor stores and then limit the number of exits in order to encourage lengthier periods of shopping and spending, the Wall Street Journal reports.
But despite having multiple exit options, inking brick-and-mortar retail stores with public transit, including airports, train stations and subway stations, could prove to be a viable way to increase the foot traffic that so many malls have struggled to maintain in recent years. Masses of people travel these hubs every day, meaning potential patrons are already in the vicinity. The system also makes shopping more convenient for consumers, who can grab and go, rather than having to travel out of their way to make a purchase.
Metros in both Asia and Europe have employed this combination for some time. Many subway and rail platforms connect to shopping centers, which then flow into residential or office towers, the WSJ reports. The trend is starting to catch on in North America with Westfield World Trade Center having introduced a $4B mall that attaches to 13 subway and PATH trains in New York’s lower Manhattan area in 2016.
In Brooklyn, Madison International Realty also has plans to redevelop the Atlantic Terminal Mall and Atlantic Center. The properties are on top of nine subway lines as well as a Long Island Rail Road stop.
