High Prices Continue to Impact Shopping Mall Traffic
High prices at the pump and at the grocery store are impacting shopping mall traffic, according to a new report from Placer.ai.
In a June 2022 update to the foot traffic analytics firm’s Mall Index, malls and shopping centers saw a 6.7% year-over-year decrease at outlet malls, up .5% at open-air lifestyle centers (OALCs) and up 1.5% at indoor malls. In April, though, compared to April 2021, visits were up 1.3% at outlet malls, up 11.3% at OALCs, and up 19.1% at indoor malls.
Comparing visits to the pre-pandemic period shows even larger visit declines. During June (compared to June 2019), visits were down 14.3% at outlet malls, down 9.4% at OALCs, and down 9.5% at indoor malls, whereas during April, visits were down only 5.1% at outlet malls, down 4.8% at OALCs, and down 1.8% at indoor malls.
“While the situation is certainly challenging, there were also positive trends as the month concluded,” wrote Ethan Chernofsky, VP of marketing at Placer.ai in the new report. “After seeing visits hit their lowest point the week beginning June 6th from a year-over-three-year perspective, traffic has been steadily improving. Visits beginning the week of June 20th and June 27th were down just 5.3% and 6.8% for indoor malls, and 5.4% and 7.9% for open-air lifestyle centers respectively, bringing them in line with April and May numbers. This positive trend is critical heading into a very important July and August back-to-school season.”
The full report from Placer.ai can be found here.