Recent data from Placer.ai indicates that malls are on the rise once again, emerging from the pandemic stronger than ever. Malls are more resilient than most predicted they would be, showcasing that American retail has rekindled an old flame. Year-over-year levels indicate a rise in traffic, with a 2.1% increase in monthly visits to outdoor malls. Month-over-month, July visits to outdoor malls grew by 20.8% while visits to indoor malls grew by 10.6%. This growth is evident, and will continue to jump as back-to-school season approaches. These indicators show that malls are here to stay.
Recovery patterns show that the “one-size-fits-all” approach to malls is an outdated narrative. Top-performing centers pride themselves on community and the experience-driven offerings they provide. Leaders in the narrative that consistently reinvent themselves to become a neighboring place will be positioned for long-term success.
“As customers are willing to drive further if it means visiting a ‘better’ shopping centers, malls will need to step up their offerings if they wish to stay in the game and continue to attract customers who are increasing expecting their malls to provide not just shopping, but also a diverse array of dining options, entertainment choices, and services,” according to an article from Globe St.
Source: Placer.ai Mall Data, Mall Traffic Globe St
Photo Credit: Unsplash
