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Wondering why Dave's Hot Chicken is reportedly in talks to sell itself to Roark Capital for $1 billion? One key reason is its strong growth potential. In 2024, chicken chains outpaced the broader QSR category in both new restaurant openings and increased visits per location. Dave's Hot Chicken stands out among them, with Placer's data showing it was one of the top performers in visit-per-location growth among chains with more than 100 locations last year.
The Kroger Company is one of the largest grocery retailers in the U.S, and the company continues to play a key role in the supermarket industry in 2025. We dove into traffic data for the company as a whole and for its leading banners to understand what 2025 may hold in store for the corporation.
Kroger and its variety of banners play a key role in the U.S. grocery landscape, with the company receiving around 16% of all visits to grocery stores nationwide (excluding non-traditional grocers such as superstores and wholesale clubs). And although Kroger’s visit share varies by state, the company receives more than a quarter of all grocery visits in 18 states, including four states – West Virginia, Utah, Colorado, and Kentucky – where Kroger receives more than half of the state’s grocery visits.
It seems, then, that the company is positioned to continue having a major impact on the U.S. grocery market in 2025 – even without the addition of Alberstons’ grocery portfolio.
The company’s recent visit performance also highlights Kroger’s ongoing resilience within an evolving grocery landscape. Traffic data shows that overall visits to Kroger chains held steady in 2024, with yearly visits just 1.3% lower than in 2023.
And the visit stability continued into 2025, with year-over-year (YoY) visits up every week in January 2025 just slightly below 2024 levels in February 2025 – indicating that shoppers are remaining loyal to Kroger’s chains amidst the inflationary environment.
Kroger operates a variety of banners, each catering to different regional markets and consumer segments. And analyzing 2024 visit data for Kroger’s largest chains shows overall stability across the portfolio – although some banners experienced slightly stronger growth while others did post minor visit gaps.
California-based Food 4 Less led the way with a 2.5% YoY visit increase in 2024, and Colorado-based King Soopers posted YoY visit growth as well. Smith’s, which operates in most of the West, Ralphs in California, and Harris Teeter in the Southeast and Mid-Atlantic stayed within one percentage point of their 2023 visit performance. Arizona-based Fry’s and the company’s namesake banner Kroger also remained close to their 2023 traffic levels, while Fred Meyer and Pick ‘n Save saw minimal YoY visit gaps.
Kroger’s steady foot traffic highlights its strong consumer loyalty and adaptability. And as the grocery sector continues to shift, the company’s ability to maintain its stable performance across its portfolio and regions of operations will ensure it maintains its status as a grocery giant in 2025 and beyond.
For more data-driven retail insights, visit placer.ai.
Walmart’s recent acquisition of the Pittsburgh, PA-area Monroeville Mall signals a new chapter for the retail giant, creating opportunities for both Walmart and the mall itself. Why did Walmart choose this particular property, what makes it such an appealing prospect – and what might the company do with the space?
We dove into the data to find out.
Unsurprisingly, shoppers also interact differently with malls – including the Monroeville Mall purchased by Walmart – than they do with Walmart. In 2024, for example, 39.4% of indoor mall visits nationwide took place on weekends, compared to just 33.6% for Walmart. Mall shoppers were also more likely to travel further for their visits and stay longer, partly due to the entertainment and dining options malls typically offer. (Monroeville Mall, for instance, is home to a Cinemark movie theater). By moving into the mall space, Walmart stands to reach a new kind of shopper, both demographically and behaviorally.
Why did Walmart choose to begin its foray into malls with the Monroeville Mall? Foot traffic data points to a unique balance here: The Monroeville Mall audience is different enough to expand Walmart’s reach, yet still similar in ways that could make it easier to convert new shoppers.
Analyzing Walmart’s trade areas with demographic data from STI: PopStats, for example, reveals that, on average, indoor mall shoppers tend to be more affluent than Walmart shoppers. In 2024, the median household income (HHI) of Walmart’s captured market was $64.5K – noticeably below the indoor mall median of $88.5K. But Monroeville Mall’s captured market had a median HHI of $62.8K – slightly below that of local Walmarts in the Pittsburgh, PA CBSA. Monroeville shoppers were also more likely to visit Walmart than shoppers at other malls, suggesting a natural overlap between the two visitor bases.
At the same time, Monroeville Mall offers Walmart access to new audience segments. In 2024, Monroeville Mall’s captured market showed significantly higher proportions of “Singles and Starters” and “Suburban Style” visitors (the latter encompassing middle-aged, suburban families with upscale incomes). Meanwhile, its share of the older “Autumn Years” segment – though still high – was smaller than that of Walmart’s base, highlighting the opportunity to engage a wider range of demographics.
Walmart has yet to announce specific plans for its new acquisition – though some have speculated that its partnership with Cypress Equities to “reimagine” the space signals a mix of retail, entertainment, and other amenities. Location analytics hint at several potential directions Walmart might pursue.
As consumers have changed their shopping habits, many malls have doubled down on experiential offerings – including on-site gyms, which deliver regular, repeat visits. And location analytics show that adding a fitness club to the Monroeville property may be especially beneficial for Walmart. Over the past year, Monroeville visitors were more likely to visit leading gym chains like Planet Fitness, Anytime Fitness, and LA Fitness compared to the average mall-goer nationwide.
And examining some of Monroeville Mall’s successful tenants highlights additional potential strategies for Walmart. Malls have faced considerable headwinds in recent years, and the downturn appears to have impacted the Monroeville Mall as well, with overall foot traffic dipping somewhat year over year (YoY) in 2024. But some tenants – including Barnes & Noble and Harbor Freight Tools – saw YoY visit upticks.
Visits to entertainment-focused offerings also increased, with the complex’s Full Throttle Adrenaline Park logging a 6.1% YoY foot traffic boost. And taking a broader look at the consumer habits of Monroeville visitors reveals an affinity for eatertainment: In 2024, 14.3% of Monroeville Mall-goers frequented a Dave & Busters, compared to just 7.4% for indoor mall visitors nationwide.
While Walmart’s ultimate intentions for Monroeville Mall remain under wraps, location analytics reveal a world of possibilities. And as retail continues to shift, Monroeville Mall may stand as a powerful case study of how a traditional big-box brand can successfully bridge into the mall space, capturing new audiences and invigorating a retail property ready for reinvention.
For more data-driven retail insights, visit Placer.ai.
In February 2024, Gap Inc. hired Zac Posen as Creative Director, tasking the designer with revitalizing the companies’ portfolio of brands. A year later, we analyzed the data to understand where the company stands today and uncover untapped opportunities for growth.
In 2024, visits to most Gap brands declined slightly compared to 2023, with the company’s four banners collectively experiencing a year-over-year (YoY) traffic dip of 3.5%.
Athleta outperformed the other three brands as well as the overall apparel (excluding off-price and department stores) average, with yearly visits up 0.2% and positive quarterly traffic growth for two of the four quarters. Old Navy came in second, starting the year strong with a 4.2% YoY increase in Q1 visits and ending 2024 with Q4 visits down just 2.4% – outperforming the industry’s YoY dip of 3.3%. And though Gap did lag slightly behind the overall apparel average, the brand managed to stay relatively close to its 2023 visit levels, indicating that its performance is stabilizing.
Meanwhile, Banana Republic experienced the sharpest visit declines with 2024 traffic down 9.6% YoY – indicating that the brand continues to face significant challenges.
Banana Republic’s 2024 performance continues a multi-year trend of declining traffic, despite the brand’s relatively affluent consumer base – an audience that, in theory, should have positioned the brand to weather the current inflationary environment more effectively.
But the brand may be positioning itself for a comeback. Last year, Banana Republic underwent a leadership change, with Gap Inc. CEO Richard Dixon stating that “2024 will be about getting back to the basics.” The brand has been redesigning select stores and leaning into influencer marketing with the goal of “reestablishing the brand to thrive in the premium lifestyle space.”
And as return to office mandates continue to roll in – reinvigorating the long dormant demand for business casual and office wear – the chain is well positioned for a comeback.
Location intelligence analysis also reveals an additional growth opportunity. Banana Republic is the only Gap banner without a dedicated sportswear line. Athleta specializes in athletic wear, Gap offers GapFit, and Old Navy’s activewear line has been a core component of the banner’s success in recent years.
But the data indicates that Banana Republic shoppers are just as active as visitors of the other Gap banners – in fact, cross-visit data suggests that those who shop at Banana Republic frequent fitness chains at similar rates as Athleta customers.
Analyzing cross-visitation to leading sporting goods retailers also indicates high demand for sportswear among Banana Republic shoppers: Consumers who visit Banana Republic visit Dick’s Sporting Goods and Academy Sports + Outdoors at higher rates than Gap Shoppers, and visit lululemon and REI at higher rates than both Gap and Old Navy visitors. This data strongly suggests that Banana Republic customers would likely embrace an expanded product mix that includes premium athleisure and sportswear.
While Gap Inc. already offers premium women’s activewear through its Athleta brand, none of Gap Inc.’s existing brands cater to the growing demand for premium men’s athletic wear. Expanding Banana Republic’s offerings to include a high-end athleisure line – with a specific focus on menswear – could help the brand carve out a niche in this fast-growing segment while leveraging its existing customer base’s interest in performance apparel.
Beyond product expansion, this move could align with Banana Republic’s broader repositioning efforts, reinforcing its identity as a premium lifestyle brand that caters to both professional and active lifestyles. Given the increasing overlap between workwear and athleisure, a thoughtfully designed sportswear line could also strengthen Banana Republic’s appeal to younger, fashion-conscious consumers who seek versatility in their wardrobes.
As Gap Inc. navigates its next phase under Zac Posen’s creative leadership, identifying and leveraging untapped opportunities—such as Banana Republic’s athleisure potential—will be critical for reinvigorating the company’s portfolio. By strategically diversifying its offerings, Gap Inc. can not only address shifting consumer preferences but also carve out a more competitive position in an evolving retail landscape.
For more data-driven retail insights, visit placer.ai/blog.
Department stores continue to adapt to evolving consumer preferences and an ever-changing retail landscape. We looked at the latest location analytics for traditional and luxury department stores to uncover how they are finding success in today’s dynamic apparel space.
Consumers’ prioritization of value has significantly impacted the apparel space in recent years.
Fueled by tepid consumer confidence and rampant inflation, demand for off-price has soared, putting pressure on department stores and traditional apparel retailers. As a result, off-price’s share of total visits to the apparel space steadily increased between 2021 (36.4%) and 2024 (41.5%), while the visit shares of our traditional department stores and other apparel segments declined.
But luxury department stores, which serve a higher-income clientele, appear to have remained relatively insulated from the rise in budget-conscious shopping, as the relative share of visits to this segment held steady over the past four years.
Diving into cross-visitation trends also reveals the impact of a growing off-price segment on the department store space.
Between 2021 and 2024, the share of both Nordstrom’s and Dillard’s visitors that also visited one of the leading off-price chains increased – suggesting that shoppers at both traditional and premium department stores feel the draw of off-price apparel. (Still, the shares of Dillard’s visitors that also visited one of the off-price chains was generally larger than that of Nordstrom’s, suggesting that visitors to the more upscale department store were less inclined to also visit an off-price store.)
And it seems that leading department stores are already trying to meet the growing demand for discounts within their consumer base. Dillard’s emphasis on private-label merchandise helps keep products affordable without compromising quality. Meanwhile, Nordstrom continues to expand its off-price format – Nordstrom Rack – to capitalize on demand for value in the apparel space.
Still, value-seeking behavior on the part of the consumer doesn’t always mean prioritization of discounts, and one way that several department stores are adding value – and finding success – is by investing in the shopping experience.
Bloomingdale’s emphasized experiential events and exclusive product launches to engage consumers last year, including several pop-culture-inspired collections. The department store’s visits increased 1.5% YoY in 2024, perhaps reflecting the demand for Bloomingdale’s immersive and culturally relevant environment.
Meanwhile, Nordstrom’s digital strategy demonstrated how a seamless omnichannel platform can elevate the shopping experience. The brand’s new app uses generative AI to make personalized style recommendations and allows users to check merchandise availability or make a stylist appointment at their local store. The app’s pre-holiday release may have contributed to Nordstrom’s resounding success in 2024, including a 2.2% visit increase compared to 2023.
And the investments in in-store experiences yielding visit dividends are not limited to premium chains. Dillard's, often considered a mid-range brand, has expert stylists ready to assist, and carefully manages inventory so stores are well-stocked but clutter-free, cultivating a classy retail environment. Dillard’s saw 2.3% YoY visit growth in 2024, indicating that its in-store experience is highly valued by shoppers.
Department stores are uniquely positioned to thrive in the current apparel retail landscape. Faced with demand for lower price points, department stores can harness the opportunity with affordable private-label merchandise or off-price formats. And while value-seeking is on the rise, retailers that provide an elevated shopping experience add a different kind of value to their brand.
For more data-driven retail insights, visit Placer.ai.
Dine Brands, which owns and operates IHOP, Applebee’s, and Fuzzy’s Taco Shop, is a major name in the full-service casual-dining restaurant segment. We took a look at how its two largest brands – IHOP and Applebee’s – performed in 2024.
The full-service dining segment has experienced its fair share of challenges over the past years, with pandemic-era closures and inflation weighing on restaurant visits. And Dine Brands’ largest chains, IHOP and Applebee’s, were not immune to these challenges, with YoY visits down by 3.6% and 3.0%, respectively, in 2024.
Applebee’s closed a number of locations throughout 2024, a move that likely contributed to the relative stability of its visits per location metrics: Q4 2024’s visits per location were just 1.6% lower than in Q4 2023 compared to a YoY decline of 3.9% in overall traffic. The brand’s emphasis on value may also have helped Applebee’s narrow its YoY visit gap between Q3 and Q4, as its $9.99 Really Big Meal Deal – launched in November 2024 and extended into 2025 – likely drove traffic from budget-conscious patrons.
IHOP and Applebee’s dominate in their own distinct dayparts – IHOP in the mornings and Applebee’s in the evenings. This diversity allows Dine Brands to effectively "own the clock" and cater to a range of dining preferences throughout various times of day.
Perhaps unsurprisingly – the word “pancake” is in its name – IHOP primarily attracts guests during morning hours, with 46.6% of its visits occurring between 6:00 AM and 12:00 PM. In contrast, Applebee’s serves as a popular post-work and dinner destination, with 56.0% of its visits taking place after 6:00 PM.
And recognizing the value of owning the clock in this way, Dine Brands unveiled its newest concept – a dual-branded IHOP-Applebee’s, with the first opening in February in Seguin, Texas and another twelve slated to open throughout 2025. This approach, which Dine Brands already piloted in international markets, allows diners the option to mix and match from IHOP and Applebee’s most popular menu items.
Beyond visit timing, IHOP and Applebee’s also serve distinct customer demographics, further reinforcing their complementary strengths. In 2024, 28.5% of households in IHOPs’ captured market were households with children, compared to 26.7% for Applebee’s. IHOP also saw larger shares of “Singles & Starters” in its captured market – defined by the Experian: Mosaic dataset as young singles and starter families living a city lifestyle.
Meanwhile, Applebee’s attracted visitors coming from captured markets with older audiences, with 9.4% of its visitors falling into the "Autumn Years" category – nearly double IHOP’s 5.0% share.
These distinctions mean that Dine Brands isn’t just spreading its traffic across different times of day – it also is capturing consumers across different life stages. By offering something for a variety of diners, the restaurant group can continue driving visits across multiple dining needs and occasions.
Despite weathering their fair share of challenges in 2024, IHOP and Applebee’s are innovating as 2025 gets underway.
For the latest data-driven dining insights, visit Placer.ai.
The grocery industry has navigated unprecedented challenges in recent years – from pandemic-driven shifts in consumer behavior and supply chain disruptions to rising costs, labor shortages, and increased operational demands. In the face of these hurdles, the category has been pushed to innovate, adapting everything from product selections to shopping formats to meet changing consumer expectations.
But within the grocery industry, some segments resonate particularly strongly with the 2024 consumer. This white paper dives into the data to explore two segments that have been leading category-wide visit growth for some time: specialty and fresh format stores, which focus on produce, organic foods, and culturally specific items (think Trader Joe’s, Sprouts Farmers Market, and H Mart, to name a few), and value grocery chains like Aldi, WinCo Foods, and Grocery Outlet Bargain Market. Location analytics show shoppers are increasingly drawn to these two grocery store types, a shift that has the potential to reshape the grocery landscape.
How did value and specialty grocery chains perform in Q3 2024 in comparison to traditional supermarkets like Kroger, Albertsons, and H-E-B? How does visitor behavior vary between the three grocery segments, and what differences can be observed in the demographic and psychographic make-ups of their trade areas? The report explores these questions and more below.
The grocery industry has performed well over the past few months, with steady weekly year-over-year (YoY) visit increases throughout Q3 2024. During the week of July 1st, the segment saw a 4.6% YoY foot traffic boost, likely driven by shoppers loading up on ingredients for Independence Day barbecues and picnics. And after tapering somewhat in early August, visits picked up again in September, with YoY increases ranging from 2.0% to 2.9% throughout the month. This positive growth is a good sign for the segment – which has experienced more than its fair share of challenges over the past few years.
Though the grocery category as a whole is thriving, a closer look at different segments within the industry reveals that some are seeing more significant growth than others.
Indeed, digging deeper into grocery visits throughout Q3 2024 reveals that much of the industry’s growth is being driven by specialty and fresh format stores and value grocery chains. The two segments offer markedly different shopping experiences: Specialty chains tend to emphasize harder-to-find ingredients and fresh produce – sometimes even at higher price points than traditional grocery stores – while value grocery stores focus on affordability. But both categories are experiencing outsize visit growth in 2024, highlighting consumers’ dual interest in both quality and value.
In July and August 2024, traditional supermarkets, specialty grocers, and value chains all experienced positive YoY visit growth. But while traditional grocery stores saw a 3.1% increase in July and just a 0.9% uptick in August, value and specialty chains saw YoY growth ranging from 4.7% to 7.7% during the two months. In September 2024, YoY visits to traditional grocery stores fell by 0.5%, while value and specialty chains saw 5.0% and 5.2% increases, respectively. For today’s consumer, it seems, savings are key – but specialty offerings also resonate strongly.
Today’s grocery shoppers are increasingly embracing specialty grocery options – and analyzing consumer driving habits to grocery stores shows that they are willing to go the extra mile to reach them.
Breaking down grocery visits by distance traveled reveals that just 18.5% of visits to specialty and fresh format grocery chains came from less than one mile away in Q3 2024 – compared to 23.9% for traditional grocery stores and 23.2% for value chains. Similarly, 31.3% of visits to specialty and fresh format grocery stores originated from one to three miles away, compared to 34.7% and 34.5% for the other analyzed segments.
On the flip side, some 26.4% of visits to specialty and fresh format stores were made by people traveling at least seven miles to do their shopping – compared to 22.7% and 21.4% for traditional and value chains, respectively. Specialty grocery operators can account for this difference, locating stores in areas accessible to geographically dispersed audiences eager to shop their unique offerings.
And a look at changes in visitor behavior at three key specialty chains – Trader Joe’s, Sprouts Farmers Market, and Great Wall Supermarket – shows that even as these brands expand their footprints, customers are increasingly willing to travel the distance to visit them. Between 2019 and 2024, all three chains saw a marked increase in the share of visitors traveling over seven miles to shop their offerings. .
Asian grocery chain Great Wall Supermarket, a relatively small regional chain with some 22 locations across eight states, saw the most significant increase in visits from afar over the analyzed period. In Q3 2024, 32.3% of visits to the chain originated from seven or more miles away, up from 28.3% in Q3 2019. Ranked America’s Best Supermarket by Newsweek in 2024, the chain’s wide selection of everything from seafood to fresh produce has made it a hit among Asian food aficionados – and as the supermarket’s reputation grows, so does its draw among customers living further away from its venues.
Consumer favorite Trader Joe’s and organic grocery chain Sprouts Farmers Market also grew their shares of long-distance visits between 2019 and 2024 – no small feat for the two chains, given their expansion over the past several years.
This travel distance snapshot serves as a reminder of the unique role played by specialty grocery stores that offer their customers unique shopping experiences, premium or organic products, and culturally specific items. Shoppers will go out of their way to travel to these stores – and even as they expand and become more readily accessible, their growing popularity makes them ever-more attractive destinations for customers coming from further away.
While visitors to specialty grocery chains often travel long distances for unique offerings, cost-conscious consumers at value stores exhibit other behaviors that differentiate them from traditional and specialty grocery shoppers.
The rising cost of living has pushed the discount retail segment into overdrive – and value grocery chains are also benefiting. The category has flourished in recent years, with many bargain-oriented grocery chains adding new stores at a rapid clip to meet burgeoning consumer demand.
Like visitors to specialty grocery chains, value grocery shoppers demonstrate segment-specific behaviors that reflect their preferences and habits. And perhaps most strikingly, foot traffic data reveals that these shoppers tend to stay longer in-store than visitors to traditional and specialty grocery chains.
In Q3 2024, 26.5% of visits to value grocery chains lasted longer than 30 minutes, compared to 23.4% for traditional grocery chains and 23.7% for specialty and fresh format chains. This suggests that these stores attract shoppers who take their time and carefully consider price points, looking for the best value for their dollar – a need that the chains they frequent seem to be meeting.
Given the tremendous success of the value grocery space in recent years, it may come as no surprise that some traditional supermarkets are getting in on the action by opening or expanding discount banners of their own. How do such off-shoot banners impact these grocers’ reach?
Cult-favorite Texas grocery chain H-E-B opened the first branch of its value banner, Joe V’s Smart Shop, in 2010. The discount arm currently includes 11 stores – mainly in the Houston area – with several new stores opening, or in planning stages, in Dallas.
And foot traffic data shows that Joe V's attracts mission-driven shoppers who make less frequent but significantly longer trips than visitors to traditional grocery stores. In Q3 2024, the average visit duration at Joe V’s was 37.8 minutes, compared to just 26.8 minutes at H-E-B – a full 11 minute difference. At the same time, while 38.5% of Q3 visits to H-E-B were made by customers frequenting the chain, on average, at least four times a month, just 11.8% of visits to Joe V’s were made by visitors reaching that threshold.
Joe V’s is also more likely than H-E-B to attract parental households, with 36.8% of its captured market made up of households with children – significantly higher than H-E-B’s 32.0%.
Together, these data points paint a picture of the average Joe V’s shopper: cost-conscious, likely to have children, and inclined to carefully plan shopping trips to maximize savings and cut down on grocery runs. This suggests that they are mission-driven and focused on stocking up rather than running out to grab ingredients as the need arises.
Major grocery store operators often operate a variety of store types at different price points to appeal to as many shoppers as possible, and Hy-Vee is no exception. The regional grocery favorite launched a discount chain, Dollar Fresh, in 2018 and currently operates 25 stores under that banner, aiming to attract middle-class, cost-conscious shoppers.
Using Experian’s Mosaic dataset to analyze Dollar Fresh’s trade area reveals that the chain’s captured market features significantly higher shares of lower-middle-class family consumers than its potential one – highlighting its special draw for these shoppers. (A chain’s potential market is obtained by weighting each Census Block Group (CBG) in its trade area according to population size, thus reflecting the overall makeup of the chain’s trade area. A business’ captured market, on the other hand, is obtained by weighting each CBG according to its share of visits to the chain in question – and thus represents the profile of its actual visitor base. Comparing a chain’s captured market to its potential one can serve as a helpful gauge of the brand’s success at attracting key audience segments.)
In Q3 2024, the “Pastoral Pride” family segment represented 11.4% of Dollar Fresh’s captured market, compared to just 5.3% of its potential market. This over-representation of lower-middle-class consumers from small towns in Dollar Fresh’s captured market indicates that the chain is especially effective at drawing customers that belong to this segment. Though Hy-Vee’s captured market also boasted a higher share of this demographic than its potential one in Q3, the difference was much smaller – and the chain’s overall reach among these consumers was more limited.
In contrast, Hy-Vee excels at attracting “Flourishing Families” – affluent, middle-aged families and couples – who made up 10.3% of the supermarket’s captured market in Q3 2024. Dollar Fresh’s captured market, on the other hand, featured a smaller share of this segment than its potential one – showing that the discount chain is of less interest to these consumers. So while Hy-Vee tends to appeal to higher-income families with more spending flexibility, value-conscious shoppers have been making their way to Dollar Fresh.
This audience segmentation analysis shows how value offerings help grocery chains attract wider audiences – and highlights the advantage of operating multiple store types to appeal to a broader range of shoppers.
People will always need access to a variety of fresh foods – ensuring that grocery stores and supermarkets continue to play a vital role in in the retail landscape. And while the category as a whole has continued to thrive even in today’s challenging environment, specialty and value grocery chains resonate particularly strongly with the 2024 consumer. As grocery retailers diversify their formats, those aligning with consumer preferences for affordability, uniqueness, and quality are well-positioned for continued growth.
Malls have come a long way since their introduction to the world in the 1950s. These gleaming retail hubs promised shoppers a taste of the American dream, offering a third place for teens, families, and everyone in between to shop, socialize, and hang out.
And though malls have faced challenges in recent years, as e-commerce and pandemic-induced store closures led to shifts in consumer habits, the outlook is brightening. Malls have embraced innovation, incorporating enhanced entertainment, dining, and experiential offerings that attract a diverse range of visitors and redefine their purpose.
This white paper takes a look at the recent location intelligence metrics to gain an understanding of the changes taking place at malls across the country – including both indoor malls and open-air shopping centers. The report explores questions like: Why do malls experience foot traffic bumps during the summer months? How much of an impact do movie theaters have on mall visits, and what can mall operators learn from the Mall of America and American Dream malls’ focus on experiential entertainment?
Mall visitation is highly seasonal, with strikingly consistent monthly visitation patterns. Each year, visits decline somewhat in February, pick up in March, and begin to trend upward again in May – before peaking again in August. Then, after a slower September and October, foot traffic skyrockets during the holiday season, spiking dramatically in December.
And while these trends follow similar patterns every year, comparing monthly visits throughout 2019, 2023, and 2024 (YTD) to each year’s own January baseline shows that this seasonality is growing more pronounced - especially for indoor malls.
Following a lackluster 2023, visits to both indoor malls and open-air shopping centers peaked higher in March 2024 than in 2019. And this summer, indoor malls in particular saw a much larger visit boost than in previous years. In August 2024, for example, visits to indoor malls were 27.3% higher than in January 2024 – a substantially higher baseline jump than that seen either in August 2019 (17.0%) or in August 2023 (12.0%). And though open-air shopping centers experienced a smaller summer visit boost, they too saw a bigger bump this year than in 2019 or in 2023.
But malls aren’t just seeing larger visit spikes this year relative to their January baselines – they are also drawing bigger crowds than they did in 2023.
Between June and August 2024, indoor malls and open-air shopping centers both experienced year-over-year (YoY) visit growth. Indoor malls saw the largest YoY foot traffic boost (3.7%) – perhaps owing in part to 2024’s record-breaking heat, which led many patrons to seek refuge in air conditioned spaces. Still, open-air shopping centers, which feature plenty of air conditioned stores and restaurants, also enjoyed a YoY visit boost of 2.8% during the analyzed period.
Malls’ strong summer baseline and YoY foot traffic growth built upon the strong performance seen during most of 2024 so far, leading to the question: What is driving malls’ positive momentum? We delve into some of the factors propelling these changes below.
One offering that continues to play a significant role in driving foot traffic to malls is on-site movie theaters. Summer blockbuster releases, in particular, help attract crowds to theaters, in turn boosting overall visits to malls.
Much like malls, movie theaters have also proven their resilience over the past few years. While pundits fretted about the theater’s impending death, production houses were busy releasing blockbuster after blockbuster and shattering box-office records at an impressive clip. And while 2023 was certainly a banner year for blockbuster summer releases, 2024 has had its fair share of stunning box-office successes, leading to major visit boosts at theaters across the country.
Analyzing visits to malls with and without movie theaters highlights the impact of these summer Hollywood hits. Between June and August 2024, malls with theaters saw bigger visit boosts compared to a monthly year-to-date (YTD) average than malls without – an effect observed both for indoor malls and for open-air shopping centers.
For both mall types, the gap between centers with and without movie theaters was most pronounced in July 2024, likely owing to the release of Inside Out 2 in mid-June as well as the July releases of Deadpool & Wolverine and Twister. But in June and August 2024, too, centers with movie theaters sustained particularly impressive visit boosts – a solid sign that movie theaters and malls remain a winning combination.
Malls with movie theaters also drew higher shares of evening visits (7:00 PM - 10:00 PM) this summer than those without. Between June and August 2024, for example, evening outings accounted for 22.9% of visits to open-air shopping centers with movie theaters – compared to 18.2% of visits to centers without theaters. Indoor malls with theaters also saw a larger share of evening visits than those without – 18.1% compared to 15.0%.
This increase in evening traffic is likely driven by major summer movie releases and the flexibility of summer schedules, with many visitors – including families – taking advantage of late-night outings without the concern of early wakeup calls. These summer visitation trends benefit both theaters and malls, opening up opportunities for increased sales through concessions, promotions, and evening deals that attract a more relaxed and engaged crowd.
Analyzing the demographics of malls’ captured markets also reveals that centers with movie theaters are more likely to attract certain family-oriented segments than those without. (A mall’s captured market consists of the mall’s trade areas – the census block groups (CBGs) feeding visitors to the mall – weighted according to each CBG’s actual share of visits to the mall.)
Between June and August 2024, for example, 14.2% of the captured markets of open-air shopping centers with movie theaters were made up of “Wealthy Suburban Families” – compared to 9.7% for open-air shopping centers without theaters.
Indoor malls saw a similar pattern with regard to “Near-Urban Diverse Families”: Middle class families living in and around cities made up 9.0% of the captured markets of indoor malls with movie theaters, compared to 7.1% of the captured markets of those without.
This increase in foot traffic from middle-class and wealthy family segments can be a boon for malls and retail tenants – driving up food court profits and bolstering sales at stores with kid-friendly offerings.
Malls have long positioned themselves as destinations for summer entertainment as well as retail therapy, holding – in addition to back to school sales – events like Fourth of July celebrations and even indoor basketball and arena football games. And during the summer months, malls attract visitors from further away.
Between June and August 2024, indoor malls drew 18.2% of visitors from 30+ miles away – compared to just 16.7% during the first five months of the year. Similarly, open-air shopping centers drew 19.6% of visits from 30+ miles away during the summer, compared to 17.1% between January and May.
Extended daylight hours, summer trips away from home, and more free time are likely among the contributors to the summer draw for long-distance mall visitors. But in addition to their classic offerings – from movie theaters to stores and food courts – malls have also invested in other kinds of unique experiences to attract visitors. This next section takes a look at two mega-malls winning at the visitation game, to see what sets them apart.
The Minneapolis-based Mall of America opened in 1992, redefining the limits of what a mall could offer. The mall boasts hundreds of stores, games, rides, and more – and is constantly expanding its attractions, cementing its status as a top destination for retail and entertainment.
Between June and August 2024, Mall of America experienced a 13.8% YoY visit increase, far outperforming the 3.7% visit boost seen by the wider indoor mall space. And as a major tourist attraction – the mall hosted a series of Olympic-themed events throughout the summer – it also drew 41.6% of visits from 30+ miles away. This share of distant visitors was significantly higher than that seen at the mall during the first five months of 2024, and more than double the segment-wide summer average of 18.2%.
The Mall of America also seems to be attracting more upper-middle-class families during the summer than other indoor malls: Between June and August 2024, some 18.0% of Mall of America’s captured market consisted of “Upper Suburban Diverse Family Households” – a segment including upper-middle-class suburbanites – compared to just 11.1% for the wider indoor mall segment. The increased presence of these families at the Mall of America may be driven by the variety of events offered during the summer.
In 2019, the American Dream Mall in New Jersey opened and became the second-largest mall in the country. Since the mall opened its doors, it has also focused on blending retail and entertainment to draw in as wide a range of visitors as possible – and summer 2024 was no exception.
The mall hosted the Arena Football League Championship, ArenaBowl XXXIII, on Friday, July 19th. The event successfully attracted a higher share of visitors traveling from 30+ miles away compared to the average summer Friday – 35.4% compared to 25.7%.
Visits to the mall on the day of the championship were also 13.6% higher than the Friday visit average for the period between June and August 2024, showcasing the mall’s ability to draw in crowds by hosting major events.
Malls – both indoor and open-air – continue to evolve while playing a central role in the American retail landscape. Increasingly, malls are emerging as destinations for more than just shopping – especially during the summer – driving up foot traffic and attracting visitors from near and far. And while much is often said about the impact of holiday seasons on mall foot traffic, summer months offer another opportunity to boost mall visits. Malls that can curate experiences that resonate with their clientele can hope to see foot traffic growth – in the summer months and beyond.
New York City is one of the world’s leading commercial centers – and Manhattan, home to some of the nation's most prominent corporations, is at its epicenter. Manhattan’s substantial in-office workforce has helped make New York a post-pandemic office recovery leader, outpacing most other major U.S. hubs. And the plethora of healthcare, service, and other on-site workers that keep the island humming along also contribute to its thriving employment landscape.
Using the latest location analytics, this report examines the shifting dynamics of the many on-site workers employed in Manhattan and the up-and-coming Hudson Yards neighborhood. Where does today’s Manhattan workforce come from? How often do on-site employees visit Hudson Yards? And how has the share of young professionals across Manhattan’s different districts shifted since the pandemic?
Read on to find out.
The rise in work-from-home (WFH) trends during the pandemic and the persistence of hybrid work have changed the face of commuting in Manhattan.
In Q2 2019, nearly 60% of employee visits to Manhattan originated off the island. But in Q2 2021, that share fell to just 43.9% – likely due to many commuters avoiding public transportation and practicing social distancing during COVID.
Since Q2 2022, however, the share of employee visits to Manhattan from outside the borough has rebounded – steadily approaching, but not yet reaching, pre-pandemic levels. By Q2 2024, 54.7% of employee visits to Manhattan originated from elsewhere – likely a reflection of the Big Apple’s accelerated RTO that is drawing in-office workers back into the city.
Unsurprisingly, some nearby boroughs – including Queens and the Bronx – have seen their share of Manhattan worker visits bounce back to what they were in 2019, while further-away areas of New York and New Jersey continue to lag behind. But Q2 2024 also saw an increase in the share of Manhattan workers commuting from other states – both compared to 2023 and compared to 2019 – perhaps reflecting the rise of super commuting.
Commuting into Manhattan is on the rise – but how often are employees making the trip? Diving into the data for employees based in Hudson Yards – Manhattan’s newest retail, office, and residential hub, which was officially opened to the public in March 2019 – reveals that the local workforce favors fewer in-person work days than in the past.
In August 2019, before the pandemic, 60.2% of Hudson Yards-based employees visited the neighborhood at least fifteen times. But by August 2021, the neighborhood’s share of near-full-time on-site workers had begun to drop – and it has declined ever since. In August 2024, only 22.6% of local workers visited the neighborhood 15+ times throughout the month. Meanwhile, the share of Hudson Yards-based employees making an appearance between five and nine times during the month emerged as the most common visit frequency by August 2022 – and has continued to increase since. In August 2024, 25.0% of employees visited the neighborhood less than five times a month, 32.5% visited between five and nine times, and 19.2% visited between 10 and 14 times.
Like other workers throughout Manhattan, Hudson Yards employees seem to have fully embraced the new hybrid normal – coming into the office between one and four times a week.
But not all employment centers in the Hudson Yards neighborhood see the same patterns of on-site work. Some of the newest office buildings in the area appear to attract employees more frequently and from further away than other properties.
Of the Hudson Yards properties analyzed, Two Manhattan West, which was completed this year, attracted the largest share of frequent, long-distance commuters in August 2024 (15.3%) – defined as employees visiting 10+ times per month from at least 30 miles away. And The Spiral, which opened last year, drew the second-largest share of such on-site workers (12.3%).
Employees in these skyscrapers may prioritize in-person work – or have been encouraged by their employers to return to the office – more than their counterparts in other Hudson Yards buildings. Employees may also choose to come in more frequently to enjoy these properties’ newer and more advanced amenities. And service and shift workers at these properties may also be coming in more frequently to support the buildings’ elevated occupancy.
Diving deeper into the segmentation of on-site employees in the Hudson Yards district provides further insight into this unique on-site workforce.
Analysis of POIs corresponding to several commercial and office hubs in the borough reveals that between August 2019 and August 2024, Hudson Yards’ captured market had the fastest-growing share of employees belonging to STI: Landscape's “Apprentices” segment, which encompasses young, highly-paid professionals in urban settings.
Companies looking to attract young talent have already noticed that these young professionals are receptive to Hudson Yards’ vibrant atmosphere and collaborative spaces, and describe this as a key factor in their choice to lease local offices.
Manhattan is a bastion of commerce, and its strong on-site workforce has helped lead the nation’s post-pandemic office recovery. But the dynamics of the many Manhattan-based workers continues to shift. And as new commercial and residential hubs emerge on the island, workplace trends and the characteristics of employees are almost certain to evolve with them.
