Mainebiz

August 21, 2017

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V O L . X X I I I N O. X I X A U G U S T 2 1 , 2 0 1 7 16 G R E AT E R B A N G O R F O C U S ¡ Work closely with tenants to con gure and furnish spaces for their needs ¡ Leverage digital media to enhance customer and tenant interaction ¡ Promote a welcoming atmosphere, with perks like comfy corridor seating to hang out ¡ Explore further experiential and tech-savvy options to suit preferences of millennials, currently rising to their peak spending power. Evolution is necessary — and exciting, says Gerety. "Part of what customers want is the newest and latest," he says. "If we did not address that particular want and need, then we're not listening to our customers." Mall-pocalypse? e fortunes of the Bangor Mall — and Maine malls in general — re ect national trends, says University of Maine Professor of Economics Jim McConnon. " ere's opportunity for malls to reinvent themselves and look at the ways in which they can better meet the needs of customers," McConnon says. " at will involve being a little more customer-focused in terms of knowing the customer base and what their needs are." McConnon identifi es some trends that impact malls: 1. e shift to online shopping challenges anchor stores nation- ally. Malls traditionally relied on anchors to draw tra c. 2. Since World War II, too much retail space was created, compared with demand, especially given e-commerce trends. 3. Shopper demographics have changed: Millennials now outnum- ber baby boomers and are moving into peak spending years. Also, mil- lennials prefer close-to-home shop- ping over distant shopping centers, and are more likely to shop online and use apps than baby boomers. With regard to e-commerce, it's relatively small but growing, says McConnon. In , overall national retail sales (including sectors like auto and energy) were . trillion; of that, billion, or ., was e-commerce-related. In , national retail sales were . trillion; e-com- merce accounted for billion, or . While e-commerce isn't going away, it doesn't mean the death of the mall, he says. "It's going to lead to a variety of changes," McConnon says. "Folks who are innovative in responding to those changes, and to demographic changes, will be the ones who sur- vive. We'll still have malls. But like everything else in the economy, there have to be adjustments. ere might be di erent things going on — dif- ferent kinds of shops, di erent uses of technology and innovation — to be relevant to future consumers." Writing in June for Forbes, Dallas retail consultant Steve Dennis sees plenty of opportunity. In fact, he says, the loss of underperforming anchors can create new, more pro table opportunities. " is is not to say that some malls won't die a painful death, never to return from the ashes," Dennis writes. "But the apocalyptic vision painted by some is far from accurate. Most high-end malls will continue to thrive with an approach that looks rather familiar. Many others will evolve to be quite di erent, but will remain far from hurting, much less dead. Others will be radically transformed to some- thing with a vastly higher and better use. Either way, with few exceptions, investors, customers and employees are going to be just ne." Non-traditional At the Bangor Mall, other tenants that are part of the evolution are Sunshine Fitness Studio and Wellness Center, occupying a former women's apparel store, and CityReach Church. Since its founding in , the church had various locations before settling at the mall, says its pastor, Seth Dee. "We were looking everywhere. en we discovered there was empty space at the mall," says Dee. e sanctuary and children's room initially took two spaces at opposite ends of the mall, one vacated in early by New York & Co. Recently, the church moved to neighboring spaces vacated by a yoga and wellness center and a furniture store. Dee sees the mall as potentially per- manent: "We know it's really di erent. Churches don't usually meet in a mall. But the way we see it is that the church is the people, not the building." With her tness services spread to date throughout Greater Bangor, Sunshine Gannucelli relocated much » C O N T I N U E D F RO M P R E V I O U S PA G E Knowing where you can dig around buried utilities is good safety and smart. When it comes to cutting concrete, the same applies. Knowing where you can cut concrete, and more importantly not cut concrete, is also smart and can cut concrete, is also smart and can save you thousands of dollars — and countless hours — on your next project. • Electronic Locating • Concrete Scanning • Ground Penetrating Radar WE KEEP WORK AREAS SAFE To learn more about who has the expertise and equipment to help you safely dig and cut, visit digsmartofmaine.com or call Glen at 207.749.7231 www.digsmartofmaine.com REBAR RADIANT HEAT PIPES CLEAR BULLSEYE FOR CORING Private Utility Locating

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