Malls have proved their strength as the retail space evolves. Even before the pandemic, many enclosed malls made clear changes to create a community meeting place and provide a holistic approach to shopping experiences.
According to Placer.ai mall data, visits were up 51.2% year-over-year in 2021. Q4 saw an 11.3% visit increase compared to a summer period that was both especially strong and included the initial surge of pent up demand that followed retail’s reopening.
A majority of the strength throughout 2021 for malls is shown based on monthly data. Visits jumped year-over-year every month throughout the year. The back-to-school season saw a major surge in traffic. With the same uptick occurring around Black Friday and the holiday season. Visits in December were down compared to 2019 numbers, but only by 4.2%.
As we enter 2022, this creates a continued sense of optimism for malls. There has become a new-found focus on dining and entertainment to diversify the overall tenant mix. This will likely continue in the new year. There’s still plenty of room for improvement, but malls are going to continue to show their strength and resilience throughout 2022 and beyond.
Source: Placer.ai Mall Index
Photo Credit: Freepik
