“Resurgence” of Past Financial Institutions Benefits Trendy Shopping Centers

LOS ANGELES, CALIFORNIA – A notable shopping mall, once considered obsolete due to the rise of online shopping and the decline of the traditional brick-and-mortar stores, is making a remarkable resurgence in a new and unexpected role. The Westside Pavilion in West Los Angeles has been revived as the UCLA Research Park, with a focus on biomedical research and innovation. The mall, which was once in decline, has been repurposed to serve a different mission with a renewed sense of purpose, now centering on cancer research, immunology, and quantum science.

Originally, the mall opened in the mid-1980s and was later leased to Google until plans were disrupted by the onset of the COVID-19 pandemic. The University of California Board of Regents then took over the space, seeing potential in its proximity to UCLA for research and educational purposes. The state government, with the backing of Governor Gavin Newsom, allocated resources to support the transformation of the former mall into a thriving center for scientific research.

This transformation is particularly intriguing considering the nationwide decline of traditional shopping malls, evidenced by a considerable number of such spaces being demolished or repurposed in recent years. The old concept of shopping malls emerged as a result of post-World War II suburban expansion, symbolizing a shift in American lifestyle choices and reshaping the retail landscape. However, their decline in recent years raises questions about the future of these structures.

Throughout the nation, many malls are struggling to adapt and survive, as shopping habits evolve and online retail gains dominance. Nevertheless, there is evidence of a renewed interest in high-end malls, with certain demographic groups, such as Gen-Z, showing a discernible preference for the mall experience. This resurgence in consumer interest poses interesting questions about the future role of shopping malls and how they might continue to evolve.

Furthermore, the reimagining of the Westside Pavilion raises broader considerations about the fate of vacant or declining malls across the country. While some have discussed converting these spaces into medical centers, housing complexes, or community hubs, the possibilities for reinventing these structures seem to be limited only by imagination and creativity. It appears that while traditional shopping malls may be in decline, they are far from being forgotten or considered obsolete in the eyes of developers, city planners, and society as a whole.