How to Navigate Off Mall Retail in 2024

The Trend of Retailers Embracing Off-Mall Stores

Several retailers have already made plans to move to off-mall retail. One leading retailer said last October they wanted to open 30 off-mall stores nationwide in the next 18 months. Another also opened 30 new off-mall stores in North America in Q2 2023.

So why are retailers embracing off-mall stores?

Consumer behavior shifts: Consumers are showing a growing preference for shopping experiences outside the traditional mall setup. Shoppers look for convenience, quality, and a seamless integration between online and offline shopping experiences.

Economic considerations: High operational costs associated with mall retailing—including escalating rents and strict lease terms—are less sustainable for many businesses. Off-mall locations often offer more favorable economic terms and operational flexibility.

Desire for differentiation: In a crowded market, brands seek to distinguish themselves. Off-mall locations allow for more unique, brand-specific store designs and customer experiences that are less feasible in the uniformity of malls.

Experiential shopping: There's a growing appetite for shopping experiences that offer more than just transactions. Off-mall stores provide the opportunity to create immersive brand experiences, interactive product demonstrations, and community events that engage customers on a deeper level.

Consumer demand for convenience: Today's consumers highly value convenience and often prefer shopping in locations that are easily accessible and closer to where they live or work. Off-mall stores can be strategically placed to meet these consumers where they are.

How a Centralized Platform Supports Off-Mall Success

Centralized B2B platforms like NuORDER by Lightspeed offer a comprehensive digital platform where retailers transitioning to off-mall stores can seamlessly connect with brands and wholesalers. Through these platforms, businesses can streamline their purchasing processes, foster collaborations, share products, and efficiently place orders.

Learn more about how a centralized platform can help with off-mall stores.

Streamlining operations:

It makes ordering for buyers simple with a visually immersive assortment planning tool that mirrors the B2C online shopping experience. Retailers can quickly see what they need, order it, and get it to their customers faster.

It also simplifies understanding buyers better by meticulously tracking orders and identifying top-selling products through advanced reporting features. These platforms empower off-mall retailers to stay ahead of consumer demand and optimize their inventory effectively.

Enhancing brand-retailer connections:

The right B2B platform is like a matchmaker for brands and retailers, making it easier for them to find each other and work together.

It helps stores discover new and exciting products they didn't even know existed, but their customers will love with a marketplace accessible to a large network of brands and retailers.

Data-driven insights:

A centralized commerce platform features seamless, deep integrations with all the other enterprise systems you use in your business every day.

With a truly integrative system, your wholesale platform features a two-way (bidirectional)
sync. This system leverages automation and real-time data to help you sell more inventory faster and with more accuracy.

A centralized platform enables brands and retailers to track their inventory in real-time without a headache. This means they can see exactly how much stock they have on hand at any given moment, helping them avoid stockouts or overstocking.

Embracing off-mall retail is a great way to lower costs and experiment with innovative customer experiences. It’s also another way to stay competitive in an uncertain retail landscape.

Are you eager to explore retail solutions with the help of a powerful B2B platform? Get a demo of NuORDER by Lightspeed.