Cushman & Wakefield says Gen Z drives mall shift toward experience-led “third places”

Cushman & Wakefield says a shift to “third place” malls is underway as Gen Z drives a return to physical retail.

Gen Z accounts for 64% of consumers who prefer in-store shopping, raising pressure to rework tenant mix, programming and layout.

Store performance is increasingly tied to brand experience, trust and engagement; flexible leasing, pop-ups and modular formats are highlighted as key levers.

APAC pop-up retail is projected at $4.8 billion in revenue in 2025, representing 32.4% of global share.

South Korea was cited as a case study: 2025 visitors hit 18.93 million; Seoul’s Myeongdong vacancy was 5.6%, and Seongsu’s was 3.7%.