Where Retail Development Meets Entertainment
- johnbbroker
- Oct 23, 2024
- 2 min read
Entertainment and experiential retailers are becoming key players in the retail sector, securing a growing number of prime retail leases. While the shift toward experiential retail has been steadily building for nearly a decade, the past year has seen a notable uptick in new lease signings.
The surge in online shopping has intensified competition for traditional retail spaces, pushing developers and property owners to adapt by offering experiences that can't be replicated online.
Moorestown Mall
In August, entertainment company Parky’s signed a lease for a two-story, 100,000-square-foot anchor space at Moorestown Mall in Moorestown, New Jersey. This came just a month after the discount retailer Turn7 closed its doors at the former Lord & Taylor location in June. Parky’s is set to open in January 2025 and will feature attractions such as laser tag, mini-golf, virtual reality games, axe-throwing, and a speakeasy-themed bar. The addition of a rooftop music venue will further enhance the mall’s appeal as a social hub.
The mall’s owner, PREIT, is actively working on transforming Moorestown Mall into a multifaceted community destination.
Neshaminy Mall
Earlier this year, local fitness chain Fusion Fitness signed a lease for its fourth location, taking over the 190,000-square-foot former Macy’s space at Neshaminy Mall in Bensalem, Pennsylvania. This marks the largest retail lease in the region since 2017. The state-of-the-art fitness facility, expected to open by mid-2025, will feature basketball courts, soccer fields, pickleball courts, and a 30,000-square-foot golf course.
King of Prussia Mall
At King of Prussia Mall, known as one of the area’s top shopping destinations, experiential retail is also on the rise. Netflix announced plans to open its first-ever Netflix House in the former Lord & Taylor space, set to launch in late 2025. The 120,000-square-foot space will become a Netflix-themed entertainment center offering escape rooms, mixed-reality games, live events, and a variety of dining and shopping experiences.
Beyond Entertainment
The growing presence of entertainment and fitness tenants provides new reasons for consumers to visit malls, driving more diverse foot traffic. In addition to experiential retail, Moorestown Mall and Neshaminy Mall are introducing other uses like medical offices, hotels, and residential developments to revitalize underutilized areas.
As online shopping continues to rise, malls must offer unique, in-person experiences to remain competitive.
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