Reimagining the mall
Funan in Singapore is a bustling mixed-use development of offices, residential apartments, hospitality franchises and a retail mall. It wasn’t always like that. The Funan development stands on the site of the Funan DigitalLife Mall, a technology-focused shopping centre that opened in the 1980s and closed in 2016 as footfall dropped and tenants left.
Funan DigitalLife Mall could not withstand the onslaught of online shopping. But its replacement is buzzing with life, thanks to a multifaceted offer that draws consumers in and tempts them to linger, and an on-site audience of office workers and apartment dwellers.
This reimagining of the shopping mall is happening around the world. Some centres are moving away from retail entirely, but most continue to include a significant retail element. “We’re starting to see malls in some areas become more mixed-use,” says Cory McNeley, managing director at US-based UHY Consulting and leader of the firm’s Technology Innovation service line.
“When you start seeing that kind of setup, it naturally drives more foot traffic. As these formats become more condensed and integrated, it allows people to shop, dine, and find entertainment all in one place, often right next to where they live. That’s a very different model than the traditional mall, and it’s one of the ways these centres are trying to stay relevant."
Read the full story in Issue 22 of the UHY Global Magazine published by UHY International.
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