Asian shopping centres are at the forefront of a global shift towards experience-led retail, according to Cistri’s latest report, “The Changing Face of Malls Globally.” The report, released in 2026, examines 70 super and mega regional malls worldwide, each boasting at least 74,320 square metres of gross leasable area, and highlights the evolving tenant mix and role of these malls since 2018.
The report identifies a decline in traditional department stores, a rise in online retail, and an increased focus on experience, place, and community as key drivers of change. Jack Backen, Regional Director at Cistri, stated, “What this research shows is that the retail sector isn’t in decline, it’s being reshaped.”
Key findings reveal that Asian malls allocate 44% of their floorspace to speciality retail, compared to 32% in the UK and 31% in the US. Additionally, the share of floorspace dedicated to food and beverage is rising, with Asia leading at 17%. Entertainment uses have also expanded, particularly in Asia and the Middle East, each at 14%.
Globally, department stores now occupy only 17% of mall floorspace, down from 29% in 2018. Instead of replacing these anchors, malls are converting space into smaller, more productive formats. This strategy has improved performance in regions like Australia.
The report concludes that the most resilient malls are evolving into mixed-use destinations, integrating non-retail services and focusing on community and experience to remain relevant in a changing retail landscape.
