Thanks for Visiting!

Register for free to get the full story.

Sign Up
Already have a Placer.ai account? Log In

Placer.ai Mall Index March 2023

by 
Ethan Chernofsky
 on 
April 6, 2023
Placer.ai Mall Index March 2023

About the Placer.ai Mall Indexes: These Indexes analyze 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, in both urban and suburban areas. Placer.ai uses deidentified, aggregate location analytics from a panel of 30 million devices and processes the data using industry-leading AI and machine learning capabilities to make estimations about overall visits to specific locations.

Following a brief respite in January 2023, year-over-year (YoY) visits to malls fell again in February as ongoing economic headwinds impacted the shopping center space. But last month also provided some reasons for optimism, including the relative strength from the Open-Air Lifestyle Center format and a promising weekly visit trend in the latter half of February. Still, the inflation that continues to weigh on consumer spending could mean that mall traffic may struggle to reach 2022 levels in the near future. 

So how did the contraction in discretionary spending impact traffic for the different shopping center formats in March 2023? And are shoppers adapting their behaviors to the current economic conditions? 

Positive Month-over-Month Growth

March has 10.7% more days than February, so some month-over-month (MoM) increase is to be expected – but foot traffic data shows that March 2023 visits increased 15.6%, 15.3%, and 23.4% MoM for Indoor Malls, Open-Air Lifestyle Centers, and Outlet Malls, respectively. This means that the three formats saw real MoM growth last month, even when adjusting for the number of days in each month, which could indicate that the challenges facing the space are beginning to ease.

Persistent Year-over-Year Visit Gaps 

But looking at year-over-year (YoY) numbers reveals that the difficulties facing malls – and discretionary categories more generally – are not quite over yet. The February YoY visit gaps persisted in March 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.

Still, the YoY visit gaps for Open-Air Lifestyle Centers were especially minor, which could highlight the changing role of shopping centers. Open-Air Lifestyle Centers have led the pack with the smallest YoY visit gaps (and largest YoY visit gains in January) since the beginning of the year, and our latest white paper also shows that this format receives the largest relative share of evening visits and weekday visits. Since lifestyle centers often include bars, gyms, and carefully designed outdoor socializing space, it is possible that many people are visiting this format as a budget-friendly option for afterwork recreation. 

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. 

Longer, Less Frequent Visits 

And although YoY visits for all formats were down in March, the median visit length was up. Indoor Malls, Outlet Malls, and Open-Air Lifestyle Centers all saw their share of short visits decrease while the share of longer visits grew. This indicates that consumers are still trying to consolidate drives and accomplish more with each trip and are visiting less frequently but spending more time browsing the mall during each visit. It also shows the power of shifts many top tier malls have made to create locations that drive more extended and impactful visits.

And like with the relative success of Open-Air Lifestyle Centers, the longer dwell times may also reflect shopping centers’ renewed emphasis on facilitating recreation and socializing as the format maintains its relevance despite the challenging economic climate. 

Although the economic headwinds are still constraining retail visits, mall traffic is showing some signs of progress, with March 2023 visits significantly up relative to February. And while traffic may be slightly below 2022 levels, location intelligence reveals that visits have gotten longer, indicating that the format continues to provide significant value to consumers. 

Will the MoM recovery continue in April? Will malls continue attracting longer visits? 

Visit Placer.ai to find out.

Get 3 brand & industry
breakdowns every week

Subscribe to the newsletter

Great! Prepare your inbox for data-driven insights...
Oops! Something went wrong while submitting the form.

Get a Demo

Please enter your first name
Please enter your last name
Please provide a valid email
Please enter your email
Please enter company name

Thanks for reaching out!

One of our experts will be in touch soon

Try Placer.ai Free
Oops! Something went wrong while submitting the form.
Text Link
Indoor Malls
Text Link
Outlet Malls
Text Link
Open-Air Malls
Darden Brands: Location Analytics and Consumer Behavior
Nike and lululemon: a Strong 2023, Sprinting into 2024
Where Is Retail and Dining Foot Traffic Thriving in Early 2024?
Placer.ai White Paper Recap – February 2024
Three Retail & Dining Chains That May Surprise in 2024
Specialty Discount Chains Rock Retail Therapy
Placer.ai Mall Index: February 2024
Placer.ai Office Index: February 2024 Recap
Ulta Beauty Continues To Shine
First Watch Sails Into 2024
Hibbett Sports and DICK’S Sporting Goods: A Psychographic Analysis
Checking in With Discount & Dollar Stores
Peeking Behind The Curtain: Movie Theaters in 2023 and Beyond
Diving Into Brick-and-Mortar Eyewear
Getting Into Gear: Exploring The Auto Part Industry
Recapping Valentine’s Day 2024 Foot Traffic Trends
Fitness: A Strong Start to 2024
Dutch Bros. Continues To Percolate Visits
Super Bowl 2024: Placer.ai’s Postgame Foot Traffic Analysis
CAVA & sweetgreen Are On the Rise
Hats Off For Off-Price
Who Is Shopping at Malls?
Drilling Down Into Home Improvement
Walmart, Target, Costco & Superstore Space 2023 Recap
Catching Up With Shake Shack and Wingstop
Something To Chew On: Demographic Shifts at Steakhouse Chains
Placer.ai Office Index: Looking Back at 2023
Recapping RBI & Yum! Brands’ 2023 Foot Traffic Performance
Placer.ai White Paper Recap – January 2024
Who Shops at Anthropologie and Urban Outfitters?
Three Taco Chains to Watch in 2024
Starbucks and Dunkin’: 2023 in Four Data Points
Who Visits CVS and Walgreens?
Fashionably Frugal: Apparel in 2023
Catching Up With Fast Food
The Grocery Sector in 2023: An End-of-Year Recap
3 Mall & Shopping Center Trends for 2024
Bakery Chains Rising To The Top
Placer.ai and Esri Partner to Deliver Geospatial Analytics
Tampa Tourism Trends
Going For The Green: The Changing Dynamics Of Country Clubs
Christmas Day Dining Recap
Major Urban Shopping Districts – Holiday Season Recap
Placer.ai Office Index: December 2023 Recap
Recapping the 2023 Holiday Shopping Season
Placer.ai White Paper Recap – December 2023
7 Retail & Dining Segments to Watch in 2024
Diving Into Holiday Season Favorites
Super Saturday and Christmas Eve Eve: A Winning Combination
3 Budget Grocery Chains Finishing 2023 On a High Note
Making It In America: International Chicken Chains Bring The Heat
Domestic Tourism at a Glance: A Q3 2023 Roundup
Five Pizza Chains On The Rise
Jewelry Brands Taking Advantage of the DTC Opportunity
Secondhand News: Kids' Thrift Shops
Recapping 2023’s Dining M&As
MetLife Stadium Kicks Off Football Season
Placer.ai Office Index: November 2023 Recap
Small Coffee Chains Brewing Big Success
Placer.ai White Paper Recap – November 2023
Thanksgiving Travel 2023 Recap
Checking in With Nike and Lululemon
Black Friday 2023 Retail Recap
Starbucks’ 2023 Holiday Menu & Red Cup Day Performance
Turkey Wednesday 2023
Who Attended the 2023 Pickleball Championship? 
Three Surprising Holiday Shopping Trends
What’s in Store for Ulta Beauty This Holiday Season?
Best Buy and Department Stores: A Holiday Deep Dive
Discount & Dollar Stores: Strength Toward The End of the Year
The State of Off-Price Retail: Discounts Seal The Deal
Placer Mall Index Recap: October 2023
Placer.ai Office Index: October 2023 Recap
Retail Corridors Ahead of the 2023 Holiday Season
California, Here Gap Comes
Checking in With Home Improvement
Getting Into the Glasses Game: Warby Parker Takes Over
Fitness Positioned for a Strong 2023 Finish
White Paper Recap: October 2023
Coffee Giants Brewing Up Business
Popeyes and Burger King Lead the Way
Diving into Yum!
Looking Ahead to Black Friday 2023
Blockbusters Drive Movie Theater Comeback
Crocs and Boot Barn: Shoe-Ins for Success
McDonald’s and Chipotle's Winning Recipe
The State Of Steak: Checking in With Texas Roadhouse
Pleasant Pastimes: Pickleball Potential Proves Potent
Who’s Driving Downtown Manhattan’s Weekend Revival?
Diving into Downtown Manhattan Foot Traffic Trends
Rite Aid: Rightsizing Right
Major League Soccer: Its Die-Hard and Casual Fans
The Anchor Recap: September 2023
Placer.ai Office Index: September 2023 Recap
Placer Mall Index Recap: September 2023
September White Paper Recap
The Consumer Habits of College Students
JCPenney: Rightsizing and Revitalizing
Pent-Up Demand Ahead of October Sales Events
4 Strategies Retailers are Using to Drive Traffic to Their Venues