Director at the Institute of Retail Risk, Michael Broughton, says the craft market may be a contributing factor to the changing culture of shopping malls.
In the United States, several malls have been shut down because of bankruptcy.
In South Africa, Broughton believes shopping malls are battling to keep up with consumer demands and malls are becoming more impersonal.
The real problem is that service in the retail industry has become impersonal, it's take it or leave it, this is what is on offer and I think people are looking for a more personalised product and a more personalised experience.— Michael Broughton, Director of Institute of Retail Risk
If you look at the Australian experience, what is happening in Australia is that you are getting shopping precincts as opposed to shopping malls. So you are getting much more of a High street flavor....— Michael Broughton, Director of Institute of Retail Risk
The shopping trend has changed, so they don't go and buy a pair of shoes, a shirt and their weekly groceries and then go to the movies. People are more rushed for time, they go out to buy one or two things and that I think is also a trend that malls need to look at.— Michael Broughton, Director of Institute of Retail Risk
Click on the link below to listen to the full interview....