Can The Mirror Photo Booth Save The Malls?
Booth Muse's CEO, Hahz Terry, explains how malls must adapt to become a multifunctional location with an “entertainment twist”.
This should come at no surprise to anyone Pre-COVID malls were seeing a decline thanks to online websites Amazon which appears more interesting to Gen-Z then shopping at the mall. Now fast forward 6 months forward mid-COVID Amazon is in talks to replace closed department stores at struggling malls.
Green Street Advisors now expects "about a little more than half of all mall-based department stores to close by the end of 2021," according to Vince Tibone, a retail specialist at the property research group. According to recent reports In two years, traditional malls overall are likely to see a 20% decline in cash flow compared to 2019, which will "accelerate the demise of many malls".
But what can we do to continue this trend?
Over the last five years, we've witnessed a sharp decrease in the mall visitor count. Where a retail supply has long outstripped the demand by far, developers need to go the extra mile to compete with the flagship shopping centres.
Today’s visitors are looking for more sophisticated, engaging, and innovative ways to spend time with family and friends, meaning that modern malls must target a new niche, evolving from shopping paradises to a multifunctional location with a distinct innovative entertainment twist.
Photo Booths becomes the gamechanger
The quest for finding novel ways of commercial real estate revitalization has begun, with location-based entertainment being the turning point in bringing people together to share social spaces, positioning itself as a prominent solution for empty real estate and struggling retail.
By integrating new opportunities, new activities, and new technologies, like Mirror Booths and Selfie Photo Booths, you can adjust any old-school center to fit the “new reality,” receiving an easy-to-follow solution to the “adapt or disappear” situation.
With the introduction of the new-age virtual reality location-based entertainment, you can transform your property into a center of gravitation for multiple audiences and, consequently, numerous retail tenants, skyrocketing your ROI and evolving your property into an upscale new-gen asset with a sustainable business model to follow.
According to a recent report by Capgemini Consulting: “82% of companies implementing photo booths into their retail stores to either match or exceed their expectations”. Find the right partner to guide you on this journey — and you’ll expand your outreach in all three dimensions with the right balance of price, time, space, quality, and revenue.
Marketing Trends for Gen Z
As millennials give way to the newest generation of phone-in-each-hands, experience-hungry, changeable, elusive, and selfie crazy youngsters, the biggest challenge brands and companies face today is to market effectively to the latest lot of potential customers.
As a few brands and companies have already figured out through sheer disappointment and disillusionment, traditional marketing practices like cold emailing, press releases and boring media buzz events will fall flat on the face when it comes to making the Gen Z interested.
Close on the heels of the predicament, came to the puzzlement as brands began scrabbling for solutions to get their young audience interested enough to turn into potential customers.
Magik Mirror Booth
If you have a retail store in the mall that sells any product that your customers need to look at in the mirror? You need one of these, your customers will thank you later.
This Magik mirror booth is a creative experiential marketing solution that snaps fantastic photos of your customers, and comes with integrated options to allow them to share those across their social media platforms with your event’s unique hashtag!
Why only get one angle of your clothing products for sale when you can get all 360? If you want to display your clothing from all around your customers and generate unique content then the 360 booth is a must-have for your retail store.
The best part of having a photo booth for your customers is that you can capture the contact information of your visitors even if they don't purchase anything as long as they use your photo booth.
Partnering with long-lasting photo booth veterans Booth Muse and Lumee Booth, mall developers and landlords alike will find a way to start the transformation of their property to attract upper-end retailers and dramatically increase their ROI with no delay.
Join us today to step into the exciting future of upper-scale comprehensive solutions that perfectly fit any mall venue. Ask us how to grow your brick and motar store with our photo booths for sale.