Latest news with #experienceeconomy
Mail & Guardian
5 days ago
- Business
- Mail & Guardian
Retailers having to redefine the purpose of malls
Shoppers are wanting more than a place to buy goods, they want an experience In a period marked by economic restraint, cautious consumer sentiment and digital disruption, one might expect South Africa's physical retail spaces, particularly shopping centres, to contract or stagnate. Instead, a transformation is under way. The traditional mall needs to be reimagined from a retail zone to an experience-led destination. This evolution mirrors shifts seen in developed markets, where foot count alone is no longer the metric of success. Property managers are being measured on dwell time, emotional engagement and relevance to consumer lifestyles. And in a country grappling with high inflation, relevance is a critical currency. Several global studies confirm what South African consumers are showing through their behaviour, that shopping is no longer the primary driver of mall visits. A 2023 report by PwC found that 59% of global consumers say they value experiences as much as products, and that number climbs in younger cohorts. The trend is echoed in how South Africans are choosing to spend their time in these places: they're showing up for culture, social interaction, curated events and community moments and not just convenience. This behavioural shift is partly generational. Millennials and Gen Z are digital natives with easy access to online retail, yet they're also wanting physical connection and shared experiences. It's also economic. In a tight market, consumers are being selective with how and where they spend their money and time. They are less likely to make incidental visits, and more likely to prioritise destinations that offer meaning and value beyond the sale. The mall is no longer just a place to transact. Internationally, this shift has led to a rise in 'retailtainment', immersive exhibitions and experiential zones designed to draw footfall and create memory-making moments. In South Africa, leading property portfolios are adapting too. Commercial property owners are recognising that retail is no longer about square meterage alone. The future belongs to those who can transform malls into destinations, places where customers don't just shop, but feel seen, inspired and connected. Innovation in this context doesn't mean novelty for its own sake, it must be relevant and resonate with consumers. What is interesting is the idea of intersecting fashion and emerging technology, using generative AI to reimagine iconic wardrobe pieces. Malls are creating family experiences, fusing live theatre into the mall environment, making entertaining children more affordable during the high-pressure holiday period. Malls can also serve as community learning hubs. Liberty Promenade in Mitchells Plain is a good example of this. In a community that has significant problems because of socioeconomic hardships, substance abuse and inadequate support services, the mall's Unmasking Strength campaign earned a gold award in the CSI category at the recent Solal Awards in Warsaw, Poland for its innovative approach to supporting youth mental health, opening conversations and building resilience. This is a reminder that malls, especially in under-served areas, have a role to play as a form of civic centre, and not just as retail hubs. A strategic shift from short-term sales-led activations to longer-term brand-building, storytelling and placemaking is required. Malls are also becoming proof points in the debate about the future of brick-and-mortar retail. Far from being obsolete, physical spaces are finding new purpose, if managed with intent. The data supports this. A study by CBRE showed that shoppers who take part in an experiential component spend up to 40% more per visit than those who don't. The implication is clear, experience is a revenue driver. Importantly, many of the most successful initiatives are rooted in purpose rather than pure promotion. This is aligned with broader retail trends, where consumers increasingly reward brands that reflect their values. Deloitte's 2024 Global Consumer Pulse found that 57% of consumers are more loyal to brands that take a stand on social or environmental issues. Purpose-led initiatives such as Unmasking Strength show that retail spaces can host meaningful discourse, not just commerce. For landlords, this means developing strategies that go beyond leasing and footfall metrics. But relevance will require intentional innovation. Jonathan Sinden is the chief operations officer at Liberty Two Degrees.
Sky News
21-06-2025
- Entertainment
- Sky News
From niche to a billion pound industry: How immersive events have taken over
While cinemas are struggling and London's West End has witnessed a significant escalation in ticket prices, creatives behind immersive experiences say their sector is experiencing "a gold rush moment". From shows built around obvious fan bases - such as Mamma Mia! The Party - to those working with established intellectual property, including Squid Game: The Experience, the UK has proven to be a world leader when it comes shows that make audiences feel part of the action, rather than just observers. Little Lion Entertainment are the team behind two shows currently running in the UK: Pac-Man Live in Manchester and the Crystal Maze Live in London. Its CEO Tom Lionetti told Sky News: "There has been a real boom in the experience economy… It kind of feels like a bit of a gold rush moment in this industry. "It's not nascent anymore, it really is a big industry and it's getting bigger. "West End theatre is incredibly expensive at the moment and even cinema can be expensive for what it is, so I think it's about caring about the experience … you've got to consider value for money these days." Their Crystal Maze show challenges ticketholders to climb through tunnels and collect crystals just like contestants on the '90s programme. And it's one of the longest-running immersive shows in the world, still going strong in London 15 years after the concept was first staged. "The genesis really was this idea of breaking the fourth wall," Lionetti says. "I was an actor and I come from a theatre background, but what we were really intrigued with was giving people agency so you become the star of the show." Last year, according to the Gensler Research Institute's 2025 Immersive Entertainment & Culture Industry Report, the global market for immersive entertainment was valued at £98bn - and it's projected to reach £351bn by 2030. Despite times being financially tough post-pandemic, while cinemas have been struggling to put bums on seats, the continued popularity of experience events could indicate consumers are being a little more choosy about what they spend their hard-earned wages on. Our eagerness to show off on social media could also account for some of what's driving the boom, as well as the isolating nature of how technology-dependant we've become. As Secret Cinema's senior creative director, Matt Costain, explains: "Whether it's competitive socialising or immersive experiences, people are look for something that offers them more… and this is an example of an activity where people can come together and have a sense of community." Secret Cinema - which combines live performance and film screenings - has been staging events for 15 years now. In that time, they've partnered with major studios from Marvel to Netflix. Their latest offering will run from August see them bring Grease's Rydell High to life. Costain says: "When we first started this was niche, film fans who wanted to dress up and keep a secret… but immersive has moved mainstream and we've found ourselves one of two or three companies who've been in it since the beginning. "Part of our job as artists is to help people remember that they really love to play." He jokes that those "who find it the most difficult to get started" are invariably the ones "at 11pm with their tie tied around their head and dancing on a table". While there are many shows working with established intellectual property (IP), there are also some hugely creative original works also being produced - Storehouse being one of those. For 16 weeks, attendees at Staged in Deptford, which was once the archival store for Rupert Murdoch's News International, will be guided through a story that takes place inside a 'digital memory palace' that supposedly houses every story, message, memory, and meme since the dawn of the internet. Produced by Sage & Jester, its lead producer Rosalyn Newbery explains: "You're not moving into a theatre with infrastructure, put it this way, we literally had to bring electricity to the venue, bring power to the venue, bring water to the venue, none of that was there for us… it's a big old job and there's a lot of detail that you can't take for granted." Over 7,000 crew worked more than 57,000 hours to build the set. Getting a show of this size and scale off the ground is a feat in itself. As creative director Sophie Larsmon says: "There are a lot of people trying to get these projects off the ground and there are a lot of projects that never see the light of day…because of the hoops that have to be jumped through for licensing and financing. "It takes huge amounts of creative effort, I've seen a lot of projects where quite late in the process the green light is taken away." While some creators might struggle to access support because the work doesn't fit into traditional cultural boxes, it is certainly an industry that's worth shining a spotlight on. As Larsom says: "The UK has always led the way in developing this form… I think people are cottoning on to the fact that this is a sector [that's] going to be a big revenue earner for the UK."
The Independent
20-06-2025
- Business
- The Independent
World's largest Legoland set to open with replica of iconic skyline
Legoland Shanghai, poised to become the world's largest version of the popular theme park, is set to open its gates on July 5, marking a significant expansion into the Chinese market. Among its star attractions is expected to be a meticulously crafted mini replica of the Shanghai waterfront and the towering skyscrapers of the Lujiazui financial district, all constructed from the iconic colourful plastic bricks. The sprawling resort, the first of its kind in China, boasts eight distinct themed sections familiar to Lego enthusiasts, including Ninjago, Lego Friends, and Monkie Kid lands. These areas bring classic Lego pieces to life, featuring supersized constructions designed to immerse visitors in the vibrant world of Lego. While the scale of some attractions may not meet every visitor's initial grand expectations, the overall experience appears to resonate. Lyu Xiaole, a seven-year-old who secured a coveted pre-opening ticket, remarked: "I thought it would be huge, but it turned out to be half of the scale I dreamed ... But the attractions are beyond my expectation." The park's launch comes at a time when China's economy has faced headwinds, including weak consumer spending, a prolonged property slump, and high youth unemployment. However, Legoland Shanghai is banking on the resilience of domestic travel and the robust "experience" economy, sectors that have demonstrated continued strength despite broader economic challenges. Legoland Shanghai is operated by a joint venture between Merlin Entertainments, which runs Legoland parks around the world, and the Shanghai Jinshan District local government. The replica of downtown Shanghai and the city's waterfront is housed in the "Miniland" building at the site, where skyscrapers face the colonial era splendour of buildings along Shanghai's famed Bund promenade. The Miniland creations took 168,000 hours to complete, using more than 20 million bricks. "I think it's best to play Lego in Legoland because I have much less Lego at my place," said seven-year-old Shen Jieqi. Lego, the Danish family-owned toymaker that produces the bricks, is a familiar name in China where it has more than 400 stores. In Shanghai, Legoland will offer another leisure space in the city for those who can afford it. Tickets will start from 319 yuan ($44.46) in low season and up to 599 yuan on peak days. "We came very early in the morning. The atmosphere in the park is very joyful. The staff are full of passion," said Huang Xuanhua, 44, who lives close by the resort in Shanghai's Jinshan district and visited on Friday. "It has been a joyful day." ($1 = 7.1756 Chinese yuan renminbi)
Zawya
09-06-2025
- Business
- Zawya
Transform your business culture through customer experience
In today's experience-driven economy, customers aren't just purchasing products or services — they're investing in the entire experience. Even the best product on the market won't guarantee customer satisfaction or loyalty on its own. Not knowing and understanding your customers experience (CX) is the silent killer of small and medium businesses (SMBs). Far too many SMBs believe that customer feedback programs are the domain of large businesses with big budgets. It's a costly myth, since customer feedback is the key to creating sustainable competitive advantage. The experience economy demands more than a great product Transactional focus, such as 'get the product, deliver it efficiently, minimize errors', describes value in terms of functionality and efficiency. However, today the approach needs to be more relational and experiential, where customers are seen, valued and respected. Furthermore, customers are spoiled for choice and loyalty is only skin-deep. Price is not the only driver! At the core of the experience economy, is how you make people feel matters as much as what you offer! Of course, your offering still needs to work. But when your product is functional AND your service is effortless, responsive, and pleasant, your business becomes truly resilient - even in tough economic times. Shep Hyken's 2024 research backs this up: - 59% of customers will pay more for a great experience - but only if it justifies the cost. - One in four satisfied customers still won't return - because satisfaction isn't the same as loyalty. - 81% are willing to switch brands if they believe another offers a better experience. - 75% are more likely to return after seeing how well you handle a negative review. Research consistently shows that emotions shape loyalty, trust, recommendation behaviour, and willingness to pay more. The key takeaway: your product gets you in the game. Your customer experience is what keeps you there. CX is a culture not a campaign CX isn't a one-off initiative or job title - it's a way of working. And it starts at the top. The starting point is to define what you would like customers to feel when they do business with you. Many founders of small businesses initially worked directly with customers and know them well. They instinctively deliver the product or service, intending to do it differently. And that 'differently' is the CX essence. It is the secret differentiator and should be used to guide decision-making. Leaders need to model how to deal with customers, invest in service skills (especially the hard skills such as empathy, dealing with challenging conversations or complaints), and respond to issues with urgency underpinned by emotional intelligence - when they do, when it's clear that CX is everyone's business, it becomes entrenched as culture. Training your people matters. Ensure that the training content covers not just what to do, but how to deliver service - how to apologise with empathy, how to read customer cues, how to make a situation right, and how to make it easy for someone to say 'yes' to you again. Teach your staff HOW to develop a YES culture and ensure that training is continuous and everyone participates. Whether they directly interact with customers or not, every person in your business affects the experience. Delivery, finance, inventory, operations, HR - these all contribute to the ease, accuracy, and emotional tone of customer interactions. Finally, make sure that your employees have access to the right tools to perform their duties and empower them to do the right thing for customers. Even luxury giants like Ritz-Carlton allow employees to spend up to $2,000 to resolve a guest issue without needing manager approval. While your budget may differ, the mindset shouldn't: train, empower and trust your people to do the right thing for your customers. Voice of the customer: It's not corporate 'speak' Voice of the Customer (VoC) is often dismissed as 'corporate talk.' But SMBs can and must own it - precisely because they're closer to their customers and more agile in execution. You don't need fancy dashboards or expensive tools. What you do need is openness, responsiveness, and consistency. That starts with listening. Customer feedback is a gift for alignment, improvement and growth - even when it stings. Every complaint, comment or compliment is an opportunity to ensure that your systems, your staff, your processes or your product meet their expectations or identify where the gaps are. And don't stop at your customers. Ask your staff - the ones at the till, on the phone, in the van, on the floor. They hear things management never does. It's frontline insight, and it's often gold. Complaints are emotionally charged moments, but they are also powerful turning points. Most customers aren't looking for a refund. They want to be heard, respected, and helped. Train your team to stay calm under pressure, de-escalate with empathy, fix what's fixable on the spot and know when and how to escalate. When people feel understood and cared for, even when things go wrong, they're more likely to forgive, and more likely to return and stay loyal. And remember: action changes perception. When customers see you take feedback seriously and respond meaningfully, trust grows. Silence or inaction, on the other hand, is a loyalty killer. VoC is not about sending surveys. It's about what you do with the feedback. Make VoC visible in your business. Identify who will be accountable and responsible for the VoC internally. Share feedback in team meetings. Track trends. Design fixes. Celebrate wins. Most importantly, close the loop. When customers raise issues, ensure they are contacted and action is taken. Become known for taking customers seriously. Retention is the new growth Too many SMBs chase new customers while quietly losing their existing ones. Retention isn't just cheaper - it's smarter. Track your customer churn and analyse exit patterns. Understand dissatisfaction before it becomes defection. Your existing customers already know you - they're your best bet for sustainable growth. Don't forget to involve your staff in understanding customer churn and how to reduce it. In 2025 and beyond, the businesses that thrive will be those that understand one truth: customer experience is the opportunity to remain sustainable. Product alone won't cut it. Discounts won't build loyalty. But a consistently great experience? That's what customers remember, talk about, and come back for. If you're an SMB serious about sustainable growth, invest in CX. It will earn you more than any promotion ever could.
Sky News
05-06-2025
- Business
- Sky News
Harry Kane-backed SeatUnique to score with £10m funding
A premium ticketing platform backed by the England football captain Harry Kane is raising a further £10m in funding to take advantage of the fast-growing 'experience economy'. Sky News has learnt that SeatUnique, which is run by co-founder Robin Sherry, is in talks to secure the new capital in an extension of its recent Series A round. The funding is expected to be committed entirely by existing investors, led by Nickleby Capital, which has backed a string of technology unicorns. SeatUnique has deals with venues such as Wembley Stadium, Manchester's Co-op Live arena and the 16 racecourses operated by Arena Racing. A number of additional contracts are said to be under negotiation. Ben Stokes, the England men's Test cricket captain, and Dame Jessica Ennis-Hill, the 2012 Olympic heptathlon champion, are also backers of SeatUnique. One source close to the situation said the new funding was likely to be followed by a much larger Series B fundraising next year. The company is chaired by Richard Flint, the former SkyBet chief who also chairs the investment platform Hargreaves Lansdown. It markets original ticketing inventory, unlike secondary platforms which have come under growing political pressure for their treatment of consumers.
