1 00:00:05,280 --> 00:00:08,840 Speaker 1: We can told time and time again that malls are 2 00:00:09,000 --> 00:00:13,000 Speaker 1: closing and they're no longer the place to be. However, 3 00:00:13,200 --> 00:00:15,240 Speaker 1: there was a new article that came out that said 4 00:00:15,280 --> 00:00:19,119 Speaker 1: gen Z shoppers are helping to bring shopping malls back 5 00:00:19,160 --> 00:00:22,600 Speaker 1: to life, this after years of decline because the younger 6 00:00:22,640 --> 00:00:26,079 Speaker 1: customers are spending more time and money in person at 7 00:00:26,160 --> 00:00:30,240 Speaker 1: malls rather than just online. Data suggesting that people between 8 00:00:30,240 --> 00:00:34,160 Speaker 1: the ages of eighteen and twenty four are still buying 9 00:00:34,240 --> 00:00:38,320 Speaker 1: most of their merchandise in stores, which is far more 10 00:00:38,800 --> 00:00:42,080 Speaker 1: than the older generations. I think part of this has 11 00:00:42,159 --> 00:00:46,000 Speaker 1: to do with the fact that perhaps gen Z is 12 00:00:46,040 --> 00:00:49,880 Speaker 1: realizing that doom scrolling alone in your apartment is depressing, 13 00:00:50,440 --> 00:00:54,880 Speaker 1: and that human beings actually like being around other human beings, 14 00:00:55,120 --> 00:00:58,360 Speaker 1: and people also need somewhere to go that isn't just 15 00:00:58,640 --> 00:01:02,560 Speaker 1: work or a bar, and gen Z is starting to 16 00:01:02,600 --> 00:01:06,600 Speaker 1: figure this out that they want a third space, yeah, 17 00:01:06,640 --> 00:01:07,640 Speaker 1: and they're going to the mall. 18 00:01:07,840 --> 00:01:12,160 Speaker 2: Isn't it always funny pendulum in society and as a culture, 19 00:01:12,160 --> 00:01:13,640 Speaker 2: And when you look at the different things that are 20 00:01:13,680 --> 00:01:16,840 Speaker 2: in our society and culture, the pendulum always swings one 21 00:01:16,880 --> 00:01:19,560 Speaker 2: way and then eventually it swings back the other way. 22 00:01:19,720 --> 00:01:22,200 Speaker 2: If you remember during the heydays of malls. While people 23 00:01:22,240 --> 00:01:24,479 Speaker 2: loved them, there were plenty of critics that were like, oh, 24 00:01:24,520 --> 00:01:28,960 Speaker 2: it's a temple to consumerism, and they're sterile, suburban shopping 25 00:01:29,000 --> 00:01:31,560 Speaker 2: malls and they're awful, and then they're terrible. And then 26 00:01:31,560 --> 00:01:33,399 Speaker 2: all of a sudden, all these malls started closing and 27 00:01:33,400 --> 00:01:36,240 Speaker 2: people were like, wait, wait a minute, hold on, hold 28 00:01:36,280 --> 00:01:39,360 Speaker 2: on going, and maybe the pendulum should swing back the 29 00:01:39,360 --> 00:01:41,480 Speaker 2: other way. And we're seeing this with a lot of 30 00:01:41,520 --> 00:01:46,280 Speaker 2: things with gen Z. Compact discs are becoming popular with 31 00:01:46,360 --> 00:01:49,360 Speaker 2: gen Z again, polaroid photos where you actually point and 32 00:01:49,360 --> 00:01:51,640 Speaker 2: shoot and then you know, wave the little photo for 33 00:01:51,720 --> 00:01:53,240 Speaker 2: it to develop in front. 34 00:01:53,080 --> 00:01:56,720 Speaker 1: Of it, admitting and gardening exactly grandma hobbies, that's what 35 00:01:56,720 --> 00:01:57,120 Speaker 1: they're calling. 36 00:01:57,240 --> 00:01:59,400 Speaker 2: And I think it makes sense because gen Z really 37 00:01:59,400 --> 00:02:02,240 Speaker 2: never got to experience all of those things the first 38 00:02:02,280 --> 00:02:05,240 Speaker 2: time around. They didn't get to experience compact discs or 39 00:02:05,280 --> 00:02:09,000 Speaker 2: polaroid photos or shopping malls, and so the fact of 40 00:02:09,000 --> 00:02:11,400 Speaker 2: the matter, it's kind of new. It's the new shiny 41 00:02:11,440 --> 00:02:14,200 Speaker 2: toy the gen Z. They're like shopping malls. That'd be 42 00:02:14,240 --> 00:02:15,959 Speaker 2: pretty cool. And you bring up a really good point 43 00:02:15,960 --> 00:02:19,280 Speaker 2: about third spaces because people are looking for community, and 44 00:02:19,320 --> 00:02:22,160 Speaker 2: we saw that during COVID, where everybody just hunkered down 45 00:02:22,200 --> 00:02:25,360 Speaker 2: and hibernated by themselves or with their family family. And 46 00:02:25,400 --> 00:02:28,240 Speaker 2: as our culture slowly starts to continue to get out 47 00:02:28,280 --> 00:02:30,760 Speaker 2: of that, we're looking for these third spaces that aren't 48 00:02:30,960 --> 00:02:33,800 Speaker 2: work or home, where we can gather with other people. 49 00:02:33,840 --> 00:02:37,560 Speaker 2: And I think that really was the cultural value that 50 00:02:37,639 --> 00:02:40,600 Speaker 2: shopping malls brought to us in their heydays of the 51 00:02:40,639 --> 00:02:42,320 Speaker 2: eighties and nineties. It was a place where you could 52 00:02:42,320 --> 00:02:44,960 Speaker 2: just kind of meet your friends and hang out and 53 00:02:45,040 --> 00:02:47,880 Speaker 2: loiter and you know, you grab a soda or a 54 00:02:47,880 --> 00:02:50,200 Speaker 2: hot pretzel and shop a little bit and even if 55 00:02:50,200 --> 00:02:52,280 Speaker 2: you didn't buy anything, that was fine. At least you 56 00:02:52,360 --> 00:02:54,200 Speaker 2: got some sort of a communal feeling and you were 57 00:02:54,240 --> 00:02:56,120 Speaker 2: around other human beings. 58 00:02:55,720 --> 00:02:58,079 Speaker 1: Something to do. The generation that was supposed to kill 59 00:02:58,120 --> 00:03:01,000 Speaker 1: the mall is now helping to save them. So they're 60 00:03:01,000 --> 00:03:03,760 Speaker 1: saying that gen Z a lot of times they're discovering 61 00:03:03,800 --> 00:03:08,079 Speaker 1: their fashion trends online, but then they're going in person 62 00:03:08,280 --> 00:03:10,440 Speaker 1: so that they can see it, touch it, try it on, 63 00:03:10,680 --> 00:03:14,799 Speaker 1: and experience the product actually before buying it. And there 64 00:03:14,840 --> 00:03:18,080 Speaker 1: are some malls, not Circle Center Mall in Indianapolis. But 65 00:03:18,200 --> 00:03:22,320 Speaker 1: other malls they're seeing some increased foot traffic and sales 66 00:03:22,480 --> 00:03:27,440 Speaker 1: and they're actually expanding store counts again. For years we 67 00:03:27,480 --> 00:03:30,880 Speaker 1: saw just you know, one or two stores in the mall. 68 00:03:31,200 --> 00:03:35,480 Speaker 1: The rest were all closed. Now some stronger malls are 69 00:03:35,520 --> 00:03:38,280 Speaker 1: actually bringing stores back into them. 70 00:03:38,360 --> 00:03:39,680 Speaker 2: You know what. You brought up a really good point 71 00:03:39,720 --> 00:03:43,120 Speaker 2: there about talking about the experience of this. And we've 72 00:03:43,120 --> 00:03:44,800 Speaker 2: seen this and talked about this a lot, and there's 73 00:03:44,840 --> 00:03:46,360 Speaker 2: been a lot of data about it that gen Z 74 00:03:46,480 --> 00:03:49,640 Speaker 2: really believes on experiences. They would rather spend their money 75 00:03:49,760 --> 00:03:52,280 Speaker 2: to go on a vacation to Europe as opposed to 76 00:03:52,360 --> 00:03:54,040 Speaker 2: buying something. 77 00:03:53,640 --> 00:03:54,600 Speaker 1: That doesn't work out. 78 00:03:54,880 --> 00:03:57,120 Speaker 2: They just have to return, right, So going to the 79 00:03:57,160 --> 00:03:59,720 Speaker 2: mall is an experience. I get to try on these 80 00:03:59,720 --> 00:04:01,480 Speaker 2: clothes before I buy them. Oh, by the way, I'm 81 00:04:01,480 --> 00:04:04,120 Speaker 2: going to grab myself an iced cappuccino while i'm here too, 82 00:04:04,160 --> 00:04:06,120 Speaker 2: and I may grab something else and I'm gonna hang 83 00:04:06,120 --> 00:04:08,880 Speaker 2: out with my friends. The mall was an experience, and 84 00:04:08,920 --> 00:04:10,960 Speaker 2: so that kind of tracks with all the other data 85 00:04:11,000 --> 00:04:13,400 Speaker 2: that we're seeing about gen Z wanting to focus on 86 00:04:13,520 --> 00:04:15,680 Speaker 2: experiences as opposed to material items.