"Customers today want to be excited to go shopping. They want a venue that plays nice music, has nice landscaping and accessible parking." said Johnson. "Basically, shoppers demand a higher product while shopping now. A better shopping experience equals more money spent."
The company is putting this philosophy to work in two of its latest purchases: Brentwood Mall, originally built in 1961, and Lougheed Town Centre, built in 1969. Both enclosed malls are located in Burnaby, are situated right beside Skytrain stops, and feature great anchor tenants. The problem? They lack today's modern "shopping experience."
Shape Properties plans to fix this by bringing in more entertainment-focused tenants- such as a movie theatre and restaurants with patios. The company also plans on reconfiguring existing tenants, brightening up certain areas that may need a tune-up and add residential development around the projects.
"Adding residential around a project is always a good idea because you virtually have customers living inside your mall," he said.Bring on the movie theatre and restaurants!