【Epidemic Unblocked】Commercial real estate is experiencing a boom while customers are paying less

Irene | Future Department Store
4 min readMar 4, 2023

TEXT_Irene Hung

Picture from Pixabay (Victoria Wharf Shopping Centre)

After around three years of the pandemic outbreak, 2023 is supposed to be a prosperous year since not only people can travel abroad freely but also enterprises return to normal operation. To take Taiwan as an example, in these two years by 2025, there are at least 48 shopping mall developments completed and one third of them are about to open sooner rather than later this year. Even this comparatively small nation in Asia is experiencing the commercial harvest, not alone the other major economic centres of the globe.

Picture from 第一大國際開發 (Future mall complex in Taichung Taiwan)

Despite of the estimated economic growth, it appears that more people are pessimistic about the forthcoming future. For instance:

Supply chainTransportation capacity problems remain as the Russia-Ukraine War is unsettled and China is an unexploded bomb as well. Besides, customer demand shifts from goods to services since the inflationary pressures. Supply chain costs will tighten and thus building a business with optimisation, resilience, and sustainability is a must.

Picture from Pixabay

TechChatGPT and AI have become the hottest topic among the season instead of Metaverse. Layoffs in giant tech companies appear to be storming news; however, in my opinion, it doesn’t mean an economic recession crisis but an overall re-adjust of the business that enterprises predict differently between pandemic period and post era.

Picture from Pixabay

Employment — To cite the caption of the journal of Business Weekly, “when AI is as smart as a 9-year-old child, although AI will not replace you, people who make good use of AI will!” Hence, the future society can still operate smoothly without a large quantity of human workforce as today. It is a sign that people should be worried about how to enhance their competitiveness.

Picture from Pixabay

Entertainment — People flood to tourist attractions cross-border everywhere. Nonetheless, retail stores might not experience an optimistic rise because customer demand and consumption channel have changed dramatically. People visit physical places to feel the atmosphere and to pay for the experiences or memories.

Picture from Pixabay

In an era of excess stock, excess consumer goods, excess commercial real estate developments, customers are tired of too many options and also become smarter to pay for something that is good value for money. Consequently, malls designed as “shopping” appear to be less appealing and less profitable; on the other hand, those designed as “life style” or “holiday plan” turn out to be ideal projects. The following 3 retail site brands are of my recommendation that mesmerise me recently.

Eataly Milano

Picture from 24oreNews (Eataly Milano Smeraldo)

Before it is developed as a premium supermarket located in Milan Italy, it was renovated from an opera house. Containing the local ingredients, food markets and restaurants, Eataly combines the concept of “farm to table” and a lifestyle of eat-entertainment. No matter people who buy ingredients that are wrapped into present-like packages to cook at home or those who have meals in the restaurants, they enjoy the precious moments of eating. A sustainable spot should attract both local citizens and tourists.

WOW Concept

Picture from Condé Nast Traveler (WOW Concept)

It’s a mall in Madrid Spain defining the new retail store can be creative with art. The physical and digital world come together to reinvent the idea full of imagination.

Margaritaville Resort

Picture from website of Margaritaville Hollywood Beach Resort

A stay in Margaritaville Resort & Hotel can reenergise an exhausted soul. Margaritaville is an American resort brand, integrating holiday plans for sea life, festival, yacht party, cuisine, souvenirs, and so on. An ideal vacation soothes the stress people have, and turn it into motivation for working harder.

*If you like my article, don’t hesitate to follow my 👉LinkedIn to get more contents!
*Feedback is welcome! Please feel free to give claps, and subscribe to my Medium!
*If you would like to share this, please indicate the source of this original article. Don’t misappropriate!



Irene | Future Department Store

Now living in the UK | Senior merchandise developer at mall👗I share topics of ♦retail ♦supply chain ♦commercial real estate ♦brand strategy ♦life planning