‘Shop Small’ At The Mall? Is This The Future Direction Of The Faribo West Mall?
Malls in Minnesota, and across the US have seen a dramatic decline in traditional use over the last decade with many shoppers preferring to go online thanks to the popularity of websites like Amazon, or people wanting to get out and enjoy shopping and walking outdoors with things like outdoor malls and outlet malls that has shoppers walking from store to store outside, rather than under one roof. It looks like the Faribo West Mall is offering a 'small' solution for business owners who are looking at establishing a physical location.
"Retail Space available: I am renting 16,400 sq ft in the FULL Faribo West Mall in Faribault. I am sub-renting to 38+ small businesses giving them the opportunity to rent and run their business or rent and pay 15% commission. Open Tues-Sat 10-5 this is a great opportunity for eclectic small businesses to get started and feed off each other's traffic. Limited spaces available range from 1- 100 sq ft to a back room with 3,300 sq ft that could be divided into any size..."
As you can see, the Faribo West Mall is looking at retail in a different light, by offering up space, for rent, inside the mall for small businesses, in addition to the larger tenants many malls have had to anchor retail spaces throughout the country.
The pandemic didn't do retail anywhere any favors, it's estimated at this point the pandemic shuttered or closed throughout Minnesota in 2020 "the state lost 8,637 establishments as the opposite occurred: more closing establishments than opening establishments. Thus, COVID-19 has caused the state a loss of 11,393 establishments (obtained by applying our difference-in-differences: (-8,637) – (2,756))" according to a March 2021 Minnesota DEED report.
So something needed to change, will this be a long term answer for malls like the Faribo West Mall, in terms of driving more people to malls to shop rather than online, or at outdoor outlets, it remains to be seen, but it is nice to see someone thinking creatively to boost and lift up the spaces we do have already for business in our area.
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