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1、March 2024The Comeback of theMall in 2024This report explores the state of malls in 2024 by analyzingtrends driving mall traffic and seeing where consumerbehavior is changing and where its staying the same.1Table of ContentsMall Visits Heating Up As Inflation Cools3The Mall Lives On3Some Things Chan

2、ge,Some Stay The Same4Weekday Shopping Patterns Hold Steady4Changes in Hourly Visit Distribution5Non-Traditional Pulls Bringing Back Visits6Experience Is Key7New Restaurants Help Boost Mall Traffic8Eatertainment Is Here To Stay8The Power of Pop-ups9Longer-Term Residencies11Luxury:Those Who Can Spend

3、,Will12The Future Of Malls Looks Bright13Key Takeaways13This report includes data from Placer.ai Data Version 2.0,which implements improvementsto our extrapolation capabilities,adds short visit monitoring,and enhances visit detection.2024 Placer Labs,Inc.|More insights at placer.ai|2Mall Visits Heat

4、ing Up As Inflation CoolsThe first American mall opened in 1956 and reinvented retail within a decade therewere over 4,500 malls across the country.But a rise in e-commerce coupled with theoversaturation of mall options across the country paved the way for mall visits toslow,and many predicted that

5、malls would go the way of the dinosaur.But although malls were hit hard over the past few years as lockdowns and risingcosts contributed to a significant drop in foot traffic,shopping centers have provenresilient.Leading players in the space have consistently reinvented themselves andexplored altern

6、ate ways to draw in crowds and as inflation cools,malls are bouncingback as well.This white paper analyzes the Placer.ai Shopping Center Industry a collection of over3000 shopping centers across the United States as well as the Placer.ais MallIndexes,which focus on top-tier Indoor Malls,Open-Air Sho

7、pping Centers,OutletMalls.The report examines how visits are shifting and where behaviors are changing and where theyre staying the same and takes a closer look at the strategies mallsare using to attract shoppers in 2024.The Mall Lives OnMalls experienced a rocky few years as pandemic-related restr

8、ictions and economicheadwinds kept many shoppers at home,and visits to all mall types in 2021 werebetween 10.7%to 15.3%lower than in 2019.But foot traffic trends improvedsignificantly in 2022 likely due to the fading out of COVID restrictions.By 2023,visits to the wider Shopping Center Industry were

9、 just 2.3%lower than theyhad been in 2019,and the visit gaps for Indoor Malls and Open-Air Shopping Centershad narrowed to 5.8%and 1.0%lower,respectively.Outlet Malls also saw visits tickingup once again,with the visit gap compared to 2019 narrowing to 8.5%in 2023 afterhaving dropped to 11.3%in 2022

10、.This more sustained foot traffic dip may stem fromconsumers desire to save on gas costs or the impacts of inclement weather.2024 Placer Labs,Inc.|More insights at placer.ai|3However,the narrowing visit gaps suggest that shoppers are increasingly returning tothe segment,and foot traffic may yet pick

11、 up again in 2024.Some Things Change,Some Stay The SameCOVID-19 impacted more than just visit numbers it also changed in-store consumerbehavior.And now,with the Coronavirus a distant memory for many,some of thesepandemic-acquired habits are fading away,while other shifts appear to be holdingsteady.W

12、eekday Shopping Patterns Hold SteadyOne visit metric that appears to have reverted to pre-COVID norms is the share ofweekday vs.weekend visits.Weekday visits had increased in 2021 at the height ofCOVID as consumers found themselves with more free time midweek,but thebalance of weekday vs.weekend vis

13、its has now returned to 2019 levels.In 2023,the Shopping Center Industry,which includes a number of grocery-anchoredcenters along with open-air shopping centers and their relatively large variety of 2024 Placer Labs,Inc.|More insights at placer.ai|4dining options,saw the largest share of weekday vis

14、its,followed by Indoor Malls.Outlet Malls received the lowest share of weekday visits around 55%likely due tothe longer distances usually required to drive to these malls,making them idealdestinations for weekend day trips.Changes in Hourly Visit DistributionWhile the day of the week that people fre

15、quent malls hasnt changed significantlysince 2019,there is one notable difference in mall foot traffic pre-and post-pandemic.Almost all mall categories are seeing fewer during the late morning-midday and lateevening dayparts,while the amount of people heading to a mall in the afternoon andearly even

16、ing has increased.In 2019,Indoor Malls saw 20.1%of visits occurring between 10:00am and 1:00pm,butthat share decreased to 18.6%in 2023.Meanwhile,the share of visits between4:00-7:00 pm rose from 29.1%in 2019 to 32.4%in 2023.Similar patterns repeatedacross all shopping center categories,with the 1:00

17、-4:00pm daypart seeing a slightincrease,the 4:00-7:00 pm daypart receiving the largest boost and the 7:00-10:00 pmdaypart seeing the largest drop.So although changes in work habits have not alteredthe weekly visit distribution,it seems like hybrid workers are taking advantage of their 2024 Placer La

18、bs,Inc.|More insights at placer.ai|5new,and likely more flexible schedules to frequent malls in the afternoon instead ofreserving their mall trips for after work.The significant numbers of Americans movingto the suburbs in recent years may also be contributing to the decline of late nightvisits,with

19、 these suburban newcomers perhaps less likely to spend time outside thehouse during the evening hours.Non-Traditional Pulls Bringing Back VisitsAlthough malls have enjoyed consistent growth in foot traffic over the past two years,visits still remain below 2019 levels.How can shopping centers attract

20、 more shoppersand recover their pre-COVID foot traffic?2024 Placer Labs,Inc.|More insights at placer.ai|6Experience Is KeySome malls are attracting visitors by looking beyond traditional retail with offeringssuch as gyms,amusement parks,and even entertainment complexes.And with moretraditional mall

21、anchors shutting their doors than ever,even smaller shopping centersare adding lifestyle experiences options in newly vacant spaces and incorporatingunique elements into traditional retail spaces.In September 2023,the Chandler Fashion Center in Arizona opened a giant SCHEELSstore in its mall.The 250

22、,000-square-foot sporting goods store boasts more than justsneakers visitors can ride on a 45-foot Ferris Wheel or marvel at a 16,000-gallonsaltwater aquarium.And monthly visitation data to the mall reveals the power of thisnew retail destination,with foot traffic to the mall experiencing a major ju

23、mp fromOctober 2023 onward.The excitement of the new SCHEELS seems to be sustainingitself,with February 2024 visits 23.3%higher than the same period of 2023.2024 Placer Labs,Inc.|More insights at placer.ai|7New Restaurants Help Boost Mall TrafficRestaurants,too,can help bring people into malls.The S

24、outhgate Mall in Missoula,Montana,experienced a jump in monthly visits following the opening of a TexasRoadhouse steakhouse in November 2023.Customers seem to be receptive to thisnew addition the mall saw a sustained increase in foot traffic from November 2023onward,with year-over-year(YoY)visit gro

25、wth of 17.0%in February 2024.The addition of Texas Roadhouse provides Missoula residents with a family-friendlydining experience while tapping into the evergreen popularity of steakhouses.Eatertainment Is Here To StayMalls that dont want to choose between adding a dining option and incorporating ano

26、vel entertainment venue can blend the two and go the“eatertainment”route.Oneshopping center North Carolinas Cross Creek Mall is proving just how effectivethese concepts can be for a mall looking to grow its foot traffic.2024 Placer Labs,Inc.|More insights at placer.ai|8Eatertainment destination Main

27、 Event opened at the mall in August 2023,bringinglaser tag,video games,virtual reality,and 18 bowling lanes with it.Main Eventsopening also provided a boost in foot traffic to the mall monthly visits to CrossCreek Mall surged following the opening.And this foot traffic boost sustained itself,particu

28、larly into the colder winter months January and February 2024 saw YoYgrowth of 12.3%and 25.1%,respectively.The Power of Pop-upsIntegrating entertainment options at malls is one strategy for driving visits,but thereare plenty of other ways to bring people through the doors.Pop-ups have been aparticul

29、arly popular option of late,especially as more online brands venture into theworld of physical retail.And malls,which typically tend to leave a small portion oftheir storefronts vacant,can be the perfect place to host a retailer for a limited time.One brand Shein has been a leader in the pop-up spac

30、e,bringing its affordablefashion to malls in Las Vegas,Seattle,and Indianapolis.These short-term residencies 2024 Placer Labs,Inc.|More insights at placer.ai|9 typically no longer than three to four days allow shoppers to try the popular onlineretailers products before they buy.Shein has enjoyed suc

31、cess with its mall residencies,evidenced by the foot traffic atthe Woodfield Mall in Illinois,which hosted a three-day pop-up from December 15-17,2023.The retail event was hugely popular,with visits reaching Super Saturday(thelast weekend before Christmas)proportions even though this years Super Sat

32、urdaycoincided with Christmas Eve Eve(December 23rd)and drove unusually high trafficspikes.Longer-Term ResidenciesShein pop-ups are typically very short no more than three to four days.This format,known for creating a sense of urgency among shoppers,has proven powerful indriving store visits.But can

33、 longer-lasting pop-ups find success as well?2024 Placer Labs,Inc.|More insights at placer.ai|10Foot traffic data from pop-ups hosted by Swedish home furnisher IKEA suggests thatyes longer-term residencies can be successful.The chain is working on growing itspresence across the country,particularly

34、in malls.To that end,IKEA has beenexperimenting with mall pop-ups,beginning with a six-month residency at theRosedale Center in Roseville,Minnesota.IKEA opened its store on February 16,2024,and visits to the mall increasedsignificantly immediately after.The first week of the pop-up saw a 12.9%growth

35、 invisits compared to a January 1-7,2024 baseline.And by the third week of the pop-up,there were still noticeably more people frequenting the mall than before the launch.Luxury:Those Who Can Spend,WillThe luxury retail segment has had a great few years,and malls are tapping into thispopularity.Nearl

36、y 40%of new high-end store openings in 2023 were in mall settings,2024 Placer Labs,Inc.|More insights at placer.ai|11many in Sunbelt states like Texas,Florida,and Arizona,perhaps driven in part bydemand from an influx of wealthy newcomers to those states.A comparison of upscale shopping malls to sta

37、ndard shopping centers across SunbeltStates reveals just how popular high-end retail is in the region.Malls with a highpercentage of luxury and designer stores like the Lenox Square Mall in Georgia or theNorthPark Center in Texas saw considerably more YoY visit growth than the averagevisit growth fo

38、r shopping centers in their respective states.Lenox Square Mall saw foot traffic increase 31.2%YoY in 2023,while shopping centersin Georgia saw their visits grow by just 2.7%YoY in the same period.Similar trendsrepeated in Louisiana,Arizona,California,and Florida.And while some of this growthmay be

39、due to the resilience of these wealthier shoppers in the face of inflation,onething is clear luxury is here to stay.2024 Placer Labs,Inc.|More insights at placer.ai|12The Future Of Malls Looks BrightMalls are thriving,carving out spaces for themselves in a competitive retailenvironment.By prioritizi

40、ng experiential retail,entertainment,pop-up shops,andluxury offerings,shopping centers across the country are remaining relevant in arapidly changing retail world.And mall operators that recognize the power ofinnovation and evolve along with their customers can hope to meet with continuedsuccess.Key

41、 Takeaways1.Mall Visits Are Returning to Pre-COVID Levels.Although foot traffic toshopping centers took a hit over the pandemic,analyzing visit trends from thepast couple of years reveals that most types of malls are seeing their visitsslowly but surely return to their pre-COVID baseline.2.While the

42、 visit distribution during the week has remained stable,thehour visit distribution has shifted.The relative share of mall visitors going tomalls on weekdays vs.weekends remained stable between 2019 and 2023.Butpeople are taking advantage of flexible work schedules to make moreafternoon trips to mall

43、s while slowing the pace of morning and late eveningvisits.3.Experiences are key in driving mall traffic.Adding entertainment or diningoptions can help bring crowds in and keep them there.When SCHEELSopened in an Arizona mall,visits jumped and remained high for the followingmonths.Other malls receiv

44、ed visit boosts following the additions of new diningand entertainment options like Texas Roadhouse and Main Event,indicatingthat shoppers are responsive to many kinds of retail.4.Pop-ups are a powerful tool to drive traffic.When Shein opened a pop-up inDecember 2023,visits not only jumped significa

45、ntly compared to theDecember daily average,they also matched those of the most important retailevent of the month Super Saturday,which coincided with Christmas Eve Eve.5.Luxury is winning everywhere,but especially in Sunbelt States.Malls areadding high-end and designer stores at a rapid clip as demand for luxury 2024 Placer Labs,Inc.|More insights at placer.ai|13goods soars.And Sunbelt States like Texas,Florida,and Arizona all of whichexperienced influxes of wealthy newcomers are seeing some of the strongestluxury mall visit patterns.2024 Placer Labs,Inc.|More insights at placer.ai|14