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Location-Based Entertainment Malls have a future

Every industry is noticing the effects of changing generational preferences and technological progress. The ways we shop, socialize, and amuse ourselves have all shifted into the digital age, limiting our opportunities to make real, in-person connections. The tasks that once got us out and about among our communities are now handled through screens, slipping us into a space of digital isolation.
However, the need for social and emotional experiences hasn’t gone away, and this shift is fueling a growing desire for real-life experiences and face-to-face interaction. As recently stated in Forbes, “Consumers are [now] looking for places to be not things to buy when they leave the house.” In fact, 74 percent of Americans said they’d rather spend money on an experience than a physical product.
The search for new, more entertaining ways of using shared social spaces and bringing people together has begun. With nearly 100,000 stores hit by the “retail apocalypse”, there’s ample real estate in need of revitalization and millennials, who currently make up more than half of the United States’ workforce, know just what to do with it.
Having grown up witness to the internet’s revolution, millennials saw how quickly communities changed with technology, giving them a very different viewpoint than that of surrounding generations. But the value of relationships remained, and they learned just as much from friends and teachers as they did from Nintendo and AOL Instant Messaging.
This generation is now the one with influence, and their memories of the pre-internet good ole’ days, combined with their love of technology, is driving the future economy. Through their nostalgia for genuine, emotional experiences, millennials are creating a new wave of location-based entertainment (or LBE) and positioning it as a prominent solution to empty real estate and struggling retail.

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