“Despite the emerging e-commerce industry, mall-goers were observed to still shop in brick-and-mortar stores,” Santos Knight Frank Head of Research Jan Paul D. Custodio said in an e-mail to“Seeing the actual product may have become a factor brick-and-mortar stores to remain relevant nowadays,” he added.
“Even in the entire world combined, the total online retail is less than 20% or 30% of total shopping in the world and that’s despite all the advances that we’ve made in the online experience,” Mr. Leechiu said in a virtual call on Dec. 15.“Those virtual platforms will change the retail experience without leaving your home, and I think that is the bigger issue with shopping malls,” Mr. Leechiu said.
Meanwhile, food and beverage stores took up less space, JLL Philippines said, making up 26.7% of the mall’s tenant mix versus 40% prior to the pandemic. However, Santos Knight Frank’s Mr. Custodio said they did not see “significant changes” in the shopping malls’ tenant mix amid the pandemic.
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