They ‘re springing up all over Asia, but will They last?
Heading out to the mall – isn’t that yesterday’s way to shop?
Not in Asia, where land is cheap and labor costs are low. A building boom has enormous shopping malls popping up in China, Malaysia, and the Philippines, with India expected to jump into the fold soon. Based on gross leasable area, or the amount of space devoted to revenue-producing operations like stores, amusements and food, the continent is home to nine of the world’s 10 largest malls, six of which have been built since 2004. That’s added some 27 million square feet of shopping space to cities like Beijing and Guangzhou in China and Kuala Lumpur in Malaysia.
While many traditional malls in North America are getting squeezed by a big-box era that includes the likes of Wal-Mart stores, Best Buy, and Target in nearly every county, Asia’s rapidly growing economy has spawned a new wave of consumers looking for places to shop and play.
Most of them are quite ritzy, too. A pair of Chinese malls that rank as the world’s two largest – the South China Mall in Dongguan and Golden Resources Mall in Beijing – include features like wind mills and kids’ theme parks. Golden Resources Mall is surrounded by newly built apartments and office buildings.
Just four years ago, the top 10 list would have included a pair of popular California destinations – South Coast Plaza in Costa Mesa and Del Amo Fashion Center in Los Angeles – along with the King of Prussia Mall in Pennsylvania and the famed Mall of America in Bloomington
