Can increased entertainment value save malls?
OTR Ltd’s head of comms, Derek Williams, explains how malls must adapt to become a multifunctional location with an “entertainment twist”
Despite the hard times we all faced this spring, the real estate market has stabilised after a 60% growth in June 2020; promising to live up to the pre-lockdown expectations.
The signs are encouraging meaning that the long term outlook may do a 180-degree turn to a much more promising perspective for investing in one of UAE’s focus industries — commercial retail construction and lending.
If we look at Dubai, as its citizens and visitors are now flocking the brick-and-mortar stores as COVID-19 restrictions are eased around the country, resulting in higher profits for landlords and opening up opportunities for new venues’ construction.
But what can we do to continue this trend?
Over the last five years, we've witnessed a sharp decrease in the mall visitor count. Dubai, where retail supply has long outstripped the demand by far, developers need to go the extra mile to compete with the flagship shopping centres.
Today’s visitors are looking for more sophisticated, engaging, and innovative ways to spend time with family and friends, meaning that modern malls must target a new niche, evolving from shopping paradises to a multifunctional location with a distinct innovative entertainment twist.
Gaming becomes the gamechanger
The quest for finding novel ways of commercial real estate revitalisation has begun, with location-based entertainment being the turning point in bringing people together to share social spaces, positioning itself as a prominent solution for empty real estate and struggling retail.
By integrating new opportunities, new activities, and new technologies, like VR, you can adjust any old-school centre to fit the “new reality,” receiving an easy-to-follow solution to the “adapt or disappear” situation.
With the introduction of the new-age virtual reality location-based entertainment, you can transform your property into a centre of gravitation for multiple audiences and, consequently, numerous retail tenants, skyrocketing your ROI and evolving your property into an upscale new-gen asset with a sustainable business model to follow.
According to a recent report by Capgemini Consulting: “82% of companies implementing VR or AR find VR to either match or exceed their expectations”. Find the right partner to guide you on this journey — and you’ll expand your outreach in all three dimensions with the right balance of price, time, space, quality, and revenue.
Partnering with long-lasting VR veterans in multiplayer VR entertainment systems such as OTR Ltd, mall developers and landlords alike will find a way to start the transformation of their property to attract upper-end retailers and dramatically increase their ROI with no delay.
Join us today to step into the exciting future of upper-scale comprehensive solutions that perfectly fit any LBE venue.
OTR gets you covered with affordable turnkey products, complete with motion tracking solutions in a multiplayer free-roam format finished with the most cutting-edge technology like high-end computers, top-end controllers, proprietary haptic weapon system and flooring, POS systems, advanced control centres with OTR's in-house software and more available at a much better cost than their international analogs.
With multiple solutions from our extensive portfolio, your business will benefit from VR entertainment revenue growth that is forecast to add another 5-8% this year, not something many industries can boast of in 2020.
Not ready to dive headfirst into a full-scale LBE VR centre?
We can help you by adding a competitive edge with fantastic opportunities to expand and upgrade an increasing number of LBE segments, including escape rooms, laser tags, bumper cars, roller coasters, arcade machines, and more.
A perfect choice for securing the interest of existing audiences, attract new visitors, and make sure they keep coming for more.
The world has changed, and we are changing with it. Retail real estate is an excellent example of how hard times can become a driving force transforming us into a 2.0 version of ourselves.
If tools are right, VR LBE can generate unique and stunning social spaces — for your retail property to evolve into a full-scale community centre, charged with inclusive activities for everyone to generate memorable, genuine experiences.
VR has turned from a long-term target of tomorrow into a massive opportunity of today, affordable and living up to the expectations of the new reality.
Learn more about OTR VR entertainment solutions here: https://otr.eu/vr-entertainment-development