Friday, December 21, 2012

New Malls Reflect Changing US Demographics

Dia de Los Muertos at Latino-focused Panorama City Mall
Hunter Comunications recommended reading from:
Reuters

Link to article:
Shopping malls cater to shifting demographics

The recent US elections demonstrated the growing power of shifting US demographics: Latinos and Asian Americans proved crucial in winning elections.  Now mall and shopping center developers are building or retooling malls to appeal to those burgeoning demographic groups.

Excerpt: "A small but growing number of real estate owners and developers are tapping into the same demographic change U.S. politicians have begun to recognize.

Two ethnic groups - Hispanics and Asian-Americans - are expected to see their population and buying power soar in the coming years. And several demographic experts project that non-Hispanic whites will be a minority nationally by 2040 or 2050.

If mall and shopping center owners fail to adapt to the changing demographic make-up of the country, they risk seeing their properties become mausoleums of a less-diverse American past.

'It's a bunch of guys trying to build for a (white) world that's no longer growing. But there are those individuals out there that are seeing the growth in different ways. They're picking it apart and making some big money off of it,' said James Chung, president of strategy and research firm Reach Advisors.

Many developers focusing on ethnic shoppers have come to the rescue of dying malls and shopping centers throughout the United States."

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