The landscape of shopping malls is undergoing a seismic shift as they grapple with changing consumer behaviours, declining footfalls and weakening demand for retail space and the relentless rise of e-commerce.
In 2023, mall vacancies in the US soared to a 15-year peak.(1)
Anchor tenant vacancies plague 75% of American malls.(1)
Malaysian malls are also suffering with an average of 76.2% occupancy rate.(2) (3)
E-commerce in South East Asia boasts annual growth rates of 18% - 26% in 2022. It is also forecasted to triple by 2026 to reach USD230 billion.(4)
As e-commerce lure customers away from brick-and-mortar retail, malls are left to find a new lease of life. (5)
The demise of traditional theme parks is imminent. The outdated one-size-fits-all model fails to captivate modern audiences, particularly the younger generation.
Mechanical attractions like roller coasters are akin to obsolete fax machines – relics of the past.
Despite today's technological advancements, theme park offerings remain stagnant and fail to meet evolving consumer expectations.
The industry’s reliance on large-scale Western, big-budget projects and traditional paradigms does not address consumers’ primary need for FUN. This is a major misconception.
Asians and Westerners place different priorities in recreation and leisure. The failure to recognise this is exactly why Western-imported theme park ventures in Asia have failed.
For the industry to thrive, developers and operators must recognise the significance of cultivating smiles per hour - focusing on customer satisfaction and happiness by delivering high-quality fun and entertainment that is accessible to all.
Imagine a world where malls are no longer the same chains of stores, the same franchise brands offering the same products.
Imagine a world where malls are more than mindless hours of never-ending window shopping.
As e-commerce penetrates brick-and-mortar retail with the advent of online shopping, traditional malls struggle to adapt to the evolving landscape.
In an era where traditional thrill rides fail to capture the imaginations of today's youth,
Today's technology blurs the lines between the physical and virtual, making them almost indistinguishable.
This opens up the opportunity to recreate the fun and excitement of mega-budget rides and attractions in a mall environment, bringing the outdoors indoors in a family-friendly, controlled environment.
Enter Sim Leisure, a trailblazer and global leader within the attractions industry.
Sim Leisure reshapes the landscape of mall entertainment by bringing the experiences and excitement of theme parks and attractions directly into malls, making malls relevant again.
The shifting circumstances of retail has made the square foot of a mall less cost-prohibitive, paving way for PLAY to penetrate malls.
In this new reality, malls evolve into dynamic playground of entertainment, bringing outdoor thrills indoors, boasting immersive digital experiences, interactive activities and classic games with a modern twist.
Malls become genuine destinations for play, bonding and rediscovery - all within the comfort, safety and familiarity of the mall environment.
It’s time for a paradigm shift in mall management – it’s about Entertainment Per Square Foot.
For years, malls have relied on an outdated business model focused solely on square foot returns per tenant. However, therise of online shopping, accelerated by COVID, has led to dwindling footfall and a decrease in demand for retail space. In response malls must evolve from mere retail centres into vibrant lifestyle and entertainment destinations. They need to offer immersive experiences to attract post-pandemic shoppers seeking both shopping and entertainment. This is where Play Mall steps in.
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Play Mall revitalizes shopping malls into dynamic entertainment hubs, where malls lost retail space will be occupied again, offering consumers a fresh reason to frequent these spaces.
Play Mall adapts seamlessly into each mall’s unique layout, maximising available space to create captivating entertainment experiences, while enhancing the existing shopping environment.
Our concept leverages dead spaces within malls, such as rooftops or atriums, to create monetizable areas that elevate the overall mall experience.
Elevate the shopping journey. Play Mall offers immersive entertainment, reversing declining foot traffic and occupancy rates.
Enjoy year-round entertainment. Play Mall brings theme park excitement into malls, providing weather-proof experiences, a feat previously impossible in the theme park business.
Stay ahead with innovation. Play Mall offerscutting-edge virtual reality entertainment, catering to modern consumerpreferences and higher tech-related spending of today’s generations.
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It’s more than entertainment. Play Mall drives foot traffic, supporting retail, food and beverage businesses and other services within malls.
In today’s fast-paced and everchanging world its change or be changed – only those that are adaptable will survive and thrive.
At Sim Leisure we’ve got the blueprint and the wherewithal to make this happen – now it’s up to you to partner with us to make your mall the talk of the town once again.
