— This is the script of CNBC's news report for China's CCTV on June 1, Monday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Being in the digital age, e-commerce has become a popular option when it comes to shopping.
But can tech help drive traffic back to brick and mortar malls?
As Westfield Corporation's Co-CEO Steven Lowy explains, DARWIN'S THEORY IS PLAYING OUT IN THE RETAIL SECTOR.
CNBC's Courtney Reagan has more.
START HERE THE IDEA OF "THE DEATH OF THE MALL" GETS A LOT OF ATTENTION...
(VO - THEN WESTFIELD TECH-ISH VO?)
...BUT THE TRUTH IS, AS RETAILERS LIKE SEARS, RADIOSHACK AND DELIA'S CLOSE STORES...MANY MALLS ARE MORPHING *WHAT FILLS THE SPACE*...
(VO - RESTAURANTS ON THE 4TH FLOOR, OMSIGNAL BIKES?) THE SMART MALLS ARE GOING AFTER EXPERIENCES ONLINE-ONLY RETAILERS LIKE AMAZON CAN'T DELIVER: RESTAURANTS, SALONS, FITNESS AND MORE.
(VO - MOVING SHOT FROM MALL INTO BESPOKE DOORS) MALL OPERATOR WESTFIELD WANTS TO LEAD THE WAY BY LAUNCHING "BESPOKE" ON THE 4TH FLOOR AT ITS SAN FRANCISCO CENTRE MALL.
(COURT STANDUP IN MALL)
The 37,000 square foot space has a little bit of everything. It's the first ever co-working space in a U.S. mall. Plus there's pop-up-shops, demo and event space all available for short-term rental."
(SOUND - NAT POP)
toy playing rainbow key musical instrument
(VO - MONTAGE OF THE POP-UP SHOPS/PRODUCTS?) IT'S A PHYSICAL HOME FOR INNOVATIVE COMPANIES FROM STARTUPS TO LARGE BRANDS, MOST OF WHICH HAVE A FOCUS ON THE INTERSECTION OF RETAIL AND TECHNOLOGY.
(SOT - LOWY) Steven Lowy, Westfield Corp. Co-CEO "...you can get seats or desks or offices or couches or bean bags you can get them for days, weeks, months. it's short term in nature because it's innovative in nature. It's designed for fast throughput: high turnover, innovation, adaption. And it's designed for companies to test the relevancy of their products so by nature its designed to be quick and fast..."
(VO - SHOES OF PREY)
SHOPPERS CAN DESIGN CUSTOM SHOES WITH "SHOES OF PREY"...
(VO - BO AND DRAPE)
OR CUSTOM TSHIRTS AT "BO AND DRAPE"...
(VO - FASHION INCUBATOR)
5 DESIGNERS WITH "FASHION INCUBATOR SAN FRANCISCO" WILL BE HERE FOR A MONTH...
(VO - ANGRY BIRDS)
...EVEN "ANGRY BIRDS" CREATOR ROVIO IS DEBUTING ITS NEW VIRTUAL REALITY GAME.
225307 it'll definitely draw me back to the store i think that like everytime i stop by the mall i'll come up here and see what new pop up shops are here.
WESTFIELD CO-CEO STEVE LOWY DOESN'T BELIEVE EVERY MALL IS DEAD, BUT HE ALSO THINKS DARWIN'S THEORY IS PLAYING OUT IN RETAIL.
(SOT - LOWY) Steven Lowy, Westfield Corp. Co-CEO "...those that cant adapt and haven't adapted are dying or will die. Malls like this that are located in unbelievable cities, great locations, have great retailers... (CUT HERE) like -- again -- bloomingdales and nordstrom and the global luxury and high street brands (PICKUP) ...those malls are actually growing and growing really well
WHILE THIS MALL IS ONE OF THE MORE HEAVILY TRAFFIC'D MALLS IN THE U.S., A LITTLE TRAFFIC-DRIVING EXCITEMENT CAN'T HURT...
FOR NIGHTLY BUSINESS REPORT, I'M COURTNEY REAGAN IN SAN FRANCISCO. END HERE
CNBC's Qian Chen, reporting from Singapore.