Amy Richter-Perkins is our Senior Associate / Retail Advisor for Martin with more than 20 years of experience in leasing, sales, property management, and marketing. She uses her passion for fulfilling clients’ real estate objectives to serve the needs of owners and users of retail, restaurant, and shopping center spaces.

In December 2019, Amy was featured in an article published by Greater Lansing Business Monthly about experience-based businesses revamping the feel of local malls in order to increase traffic. These businesses have been implementing creative attractions to extend beyond the traditional retail atmosphere and create an experience for visitors.

Amy used her market knowledge and industry experience to share insights on how millennials value these experiential retail environments.

“According to a recent study, 74% of Americans are prioritizing experiences over products. That doesn’t come as a surprise to Amy Richter-Perkins, senior associate and retail advisor at Martin Commercial Properties in East Lansing.

‘Studies show that millennials are experience-driven and are more likely to spend money on an experience rather than on material things,’ she said. ‘As retailers are investing in innovation to cater to the shopping habits of this generation, malls are also looking to add attractions to bring them through the doors.'”

According to Amy, leaders throughout the Greater Lansing area have worked together to build these experiences in a new era for malls.

Additionally, she noted that the emphasis on selling an experience has led to the development of diversified features in a mall. Amy shared her understanding of up-and-coming uses to provide thoughts on how experience-driven features appear in malls.

“While entertainment in malls is not a new concept, Richter-Perkins said the range of uses has grown from movie theaters to include bowling alleys, indoor rides, escape rooms, trampoline parks, laser tag arenas, rock climbing, family fun centers and other attractions. From the first quarter of 2010 to the first quarter of 2019, the square footage occupied in malls by entertainment concepts increased by 44.7%, according to a report published by the International Council of Shopping Centers.

Richter-Perkins said that Meridian Mall in Okemos, which celebrated its 50th anniversary in November, and owner CBL Properties have been effective in reshaping its identity as a local mall.

‘CBL has had great success with implementing the new trends, starting with adding center court attractions and then alternative users Planet Fitness, Launch Trampoline Park and High Caliber Karting,’ she said.”

She conveyed that with anticipated retail closures, malls will need to keep evolving by including several attractions.

Amy’s expertise in trends for shopping centers sheds light on the evolution of malls in the Greater Lansing area. She adds to the finding that property managers and business owners are contributing to an age of growth with experiences that transition past a focus of solely promoting products. For more of Amy’s insight on how malls are being reshaped, check out the full article here: https://lansingbusinessnews.com/business-news-today/2019/12/mall-stars/