Territoria in the Argentine Nation: Shopping Malls, in the midst of a transformation process

It’s no longer enough to simply shop; consumers now demand shopping experiences when they spend an afternoon shopping. Worldwide, the value of each person’s consumption is increasingly measured by the type of experience it can provide, and shopping centers are beginning to fall victim to this global trend. The growth of e-commerce, meanwhile, is also changing the way people consume, bringing with it rethinking logistics, distribution, and even product display.

In this context, Mercado Urbano Tobalaba (MUT) emerged. Located at the intersection of the Providencia and Las Condes communes, this development is beginning to take shape as one of Santiago de Chile’s new shopping centers, slated to open in 2021. The project, which includes a 75,000-square-meter development and a total estimated investment of US$500 million, is directly connected to two metro lines and is located in the main office and hotel district. Thus, this commercial space seeks to combine a sustainable and outward-looking approach with a program that combines gastronomy, retail, entertainment, design, and culture, as well as work and coworking spaces. The commercial base has a very green interior, and all of its stores, dedicated to major brands, face the street, which will contribute to the flow of the space. The smaller stores are located inside, demonstrating a break from the traditional shopping paradigm. In this way, not only do stores take to the streets, showcasing their brands and delivering experiences, but they also revive a bit of neighborhood life in a prime location.

«We started with a very clear focus on privileging green spaces, sustainability, open retail, entertainment, and transportation.

Given that these spaces are smaller-scale projects compared to traditional shopping malls, in many cases the proposal can be located alongside a mixed-use development. «New operators are seriously considering how to achieve commercial projects that don’t become obsolete,» indicated Cushman & Wakefield, who are in contact with the largest players in the local market. They also exemplify that Distrito Arcos is beginning to move in this new direction, offering the opportunity to continue developing. «In the short term, the big box stores are going to have to open up and make room for entertainment. They won’t be able to continue selling the same things; they’ll either reinvent themselves or close,» Carmona emphasizes. «In the smaller formats, we have to figure out how to compete with the internet. The space for interaction between people is going to be key for today’s society, which is tied to its phone. So we need to provide an offline space that coexists with the digital world,» he concluded.

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Source: The Argentine Nation