According to a new study by Placer.ai and ICSC, foot traffic has returned to pre-pandemic levels in malls and open-air centers. Shoppers have become more purposeful with their shopping habits, spending more money each trip. Malls have seen an average increase of $87.40 per transaction.
“These numbers are not only encouraging but reinforce the importance of physical retail to consumers. Retailers quickly adjusted to an increase in demand for online shopping, but it is evident from the data that the consumer is back and reconnecting with their prior shopping and spending patterns.” said Tom McGee, President and CEO of ICSC. “Clearly physical retail isn’t going away, but the most effective retailers have figured out how to leverage online and use their stores as consumer hubs whereby providing options for shoppers.”
ICSC data found that 48% of adults said they expect their adopted pandemic behaviors to fade rather quickly as the COVID-19 health crisis improves. For the first time in 2021, foot traffic surpassed 2019 levels at indoor malls and grocery-anchored centers.
“The pandemic’s early effects on retail were so significant that many questioned what the future of brick-and-mortar retail would look like and whether it could maintain its current level of importance. Yet, in recent months, the retail recovery has shown that consumer demand has remained resilient, and that the future of brick-and-mortar retail could be even brighter than its recent past,” stated Noam Ben-Zvi, Co-founder and CEO, Placer.ai. “A changing landscape is creating opportunities for those willing to embrace new approaches to tenant mix, the role of stores in omnichannel retail and the evolving demands on shopping centers themselves. Data is playing a significant role in helping to minimize risk and maximize the chances of success in this unique environment.”
Source: Consumer Shopping Behavior – Businesswire
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