Latest Placer Mall Index for March With March having 10.7% more days than February, mall visits month-on-month increased in real terms: 15.6% for indoor malls, 15.3% for open-air lifestyle centers and 23.4% for outlet malls.
The index analyzes data from more than 100 top-tier indoor malls, 100 open-air lifestyle centers (not including outlet malls) and 100 outlet malls across the country. Placer.ai is a provider of location intelligence and foot traffic data software.
The relative strength of the open-air lifestyle center format and a promising weekly visit trend in the latter half of February are reasons to be optimistic, the Placer.ai report on the findings said, although year-on-year comparisons are less favorable.
March 2023 figures were down for all three shopping center formats, with traffic to indoor malls, open-air lifestyle centers, and outlet malls down 7.4%, 5.0%, and 8.6% relative to March 2022. “While growth is obviously the ideal, declines of this small a magnitude considering the wide array of economic challenges continue to reinforce the sustained strength of top malls across categories,” the report said.
The small declines for open-air lifestyle centers potentially point to a changing role for shopping centers. Additional Placer.ai data showing this format receives the largest relative share of evening visits and weekday visits suggests many people are visiting the bars, gyms and outdoor social spaces in these centers as budget-friendly recreation options.
“The relative strength of open-air lifestyle centers highlights the enduring appeal of malls as much more than just a place to shop several stores under one roof,” the report said.