Gen Z is returning to the mall despite living in a life of e-commerce and social media. They're going for the experience as they seek more of the physical world after being key players in the digital world's growth.
Gen Z is driving the next wave of retail and sparking a renaissance in the industry, NBC News reported.
Companies have adapted to Gen Z's return to the mall, and it can result in malls rebounding from multiple years of decline.
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Gen Z Values The Experience
Gen Z places a strong emphasis on experiences, and that theme has played a key role in the resurgence of malls.
"It's never about buying stuff," one Gen Z consumer told NBC News. "It's just about the experience."
While online shopping is also growing, in-person shopping offers a different experience. Speaking with cashiers, walking through different stores, and doing it with friends creates memories that you can't get with one-click checkouts.
Malls have always been gathering places, and while they have plenty of nostalgia for older generations, Gen Z looks committed to creating their own experiences so they can have their own nostalgia.
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Reclaiming Lost Time From The Pandemic
Although the pandemic restrictions are gone, it was only a few years ago when stores and entertainment venues were shut down. People had fewer ways to interact with others, and those few instances often involved face masks or online meetings.
"Gen Z has reinvigorated the mall," International Council of Shopping Centers President Tom McGee told NBC News. "There is a desire in this generation to lean into the physical world because they have been such a big part of the digital world for such a long time."
"People are always trying to make up for what we lost in the pandemic," a Gen Z consumer told NBC News. "I think a great way to do that is coming to the mall and hanging out with each other."
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Netflix Taps Into Malls To Create Real Life Experiences
Many companies have rushed to offer real-life experiences in malls that connect with their digital brands, including brand influencers and streaming companies. Netflix (NASDAQ:NFLX) is the latest to embrace this trend with Netflix House.
"Netflix House is our in real life experience for fans to immerse themselves in Netflix stories," Netflix Chief Marketing Officer Marian Lee told NBC News.
The attraction includes sets from Netflix's most successful shows, but it also includes an arcade and other activities to keep everyone busy. Malls are evolving to align with what Gen Z wants, and those adjustments may bring people back to the mall.
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