How Online Shopping Saved Malls
Malls play an increasingly important part in retailers’ omnichannel strategy.
By
June 20, 2024
The death of the department store was supposed to mean the death of the U.S. mall.
The U.S. mall is not dying, per Coresight Research:
- Between 2020 and 2022, top-tier malls (Class A, indoor malls, etc.) reported an annual growth rate of 5%, and low-tier malls (strip malls) experienced a 9% annual growth rate
- Between 2019 and 2022, luxury malls saw foot traffic increase by 12%, and foot traffic at low-tier malls grew by 10%
Strangely enough, online shopping is playing a major part in the growth of U.S. malls. Retailers' omnichannel strategy increasingly relies on brick-and-mortar locations inside malls to serve as fulfillment hubs and meet consumers' demand for personalized shopping experiences.
As inflation eats away at our wallets, more Americans are flocking to malls for bargains and a free place to meet their friends and family.
