Lifestyle center (retail)


Lifestyle center (retail)

A lifestyle center (or lifestyle centre [See American and British English spelling differences.] ) is a shopping center or mixed-used commercial development that combines the traditional retail functions of a shopping mall but with leisure amenities oriented towards upscale consumers. Lifestyle centers, which were first labeled as such by Memphis developers Poag and McEwen in the late 1980s [cite web|url=http://www.slate.com/id/2116246|title="The Mall Goes Undercover", Slate.com|accessdate=2006-05-26] and emerged as a retailing trend in the late 1990s, are sometimes labeled "boutique malls". They are often located in affluent suburban areas.

Lifestyle centers vs. traditional malls

The proliferation of lifestyle centers in the United States accelerated in the 2000s, with number going from 30 in 2002 to 120 at the end of 2004.cite web|url=http://money.cnn.com/2005/01/11/news/fortune500/retail_lifestylecenter/|title=CNN article: "Not a mall, it's a lifestyle center"|accessdate=2006-05-26] Lifestyle centers are sometimes depicted as occupying the upscale end of the spectrum of commercial development, at the opposite end of the outlet mall, which typically caters to a wider range of income with bargain prices. The growth of lifestyle centers had occurred at the same time of an acceleration of the shutting down of traditional shopping malls, which typically require large sites over 70 acres (283,000 m²) at a time when land prices are escalating. Lifestyle centers usually require less land and generate higher revenue margins, often generating close to 500 dollars per square foot, compared to an average of 330 dollars per square foot for a traditional mall, according to the president of Poag and McEwen. Other advantages lifestyle centers have over traditional enclosed malls are savings on heating and cooling and quicker access for busy customers. Typical amenities at lifestyle centers include plush chairs instead of traditional plastic seating in common areas.

References

External links

* [http://www.usatoday.com/money/industries/retail/2007-01-31-lifestyle-master_x.htm List of lifestyle centers] from USA Today


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