Triple Five, the development company behind some of the world’s largest malls, is thinking small. At West Edmonton Mall, once the world’s largest, the company has launched its RAAS (Retail As a Service) concept, which provides local businesses with microspaces at the mall, ranging from 64 square feet down to as small as a tabletop.
Small time The Retail As a Service concept could roll out to all of the firm's properties if successful.
“How do we get rid of all the barriers to … opening up a retail storefront for locals, for artisans?” asked Mark Ghermezian, general partner at T5 Capital, a venture capital firm, as reported by the Edmonton Journal. “We have done a great job of building megamalls. How do we build that micromall?” RAAS currently embraces 25 merchants selling health-and-beauty products, art, apparel, home decor and food.
The RAAS concept is being tested in Edmonton and in a smaller version opening next month at the Mall of America, but Triple Five says it will possibly be rolled out to all of its properties.
By Edmund Mander
Director, Editor-In-Chief/SCT
