Retail Technology Innovation Hub’s Post

U.S. shopping mall foot traffic delivered a robust performance in November, signalling a potential renaissance for brick-and-mortar retail that could extend into the December shopping season, according to the latest industry data. The revival is particularly noteworthy for indoor shopping centres, which registered a 6.4 percent year-over-year increase in visitor numbers.

More #brickandmortar retail good news! "Back-to-school #shopping helped boost #mall visits across the board in August to close out the summer. According to data from #retail analytic firm Placer.ai’s Mall Index: August 2024 Recap,  year-over-year visits in August 2024 increased by 7.3% for #indoormalls, 5.8% for open-air #shoppingcenters, and 6.1% for #outletmalls." #larrytheleasinglawyer #shoppingandtheretailindustry

Great article by Rosen Report on why in-store retail is NOT DEAD. Visits to indoor malls have increased by 8.6% since 2023, open-air shopping centers by 6.2%, and outlet malls by 5.7%. GenZ is boosting mall growth, with 97% valuing in-person shopping. They go to malls to hang out with friends, showing a preference for the brick-and-mortar experience. Customers appreciate trying products in-store, getting expert advice, and enjoying dynamic experiences that blend technology. And, Luxury Outlet Sales have surged by 35% from 2021, according to Forbes. Embracing technology and creating engaging in-store events is key to drawing people back to physical retail spaces. #RetailTrends #GenZShopping #LuxuryRetail #outlets #customerengagment #malls #technology #customerexperience #rosenreport #NBC #GenZ #retailers #TopRetailExpert #Forbes #events Stephen Yalof Chris Igwe Tanger Olivia MeyerClay Lute Ian Scott Matt Mueller RETHINK Retail Ghalia Boustani. Ph.D Lisa Quier Wagner

Shopping center traffic has rebounded to near-pre-pandemic levels, led by open-air centers and innovative uses, Chain Store Age reports. Editor Zachary Russell points to Scheels at #Macerich's Chandler Fashion Center as an innovative use that helps drive traffic, benefiting all tenants at the center. The article also calls out Scottsdale Fashion Square among a handful of upscale centers outperforming others in the sunbelt. These trends demonstrate how Macerich delivers an exciting, appealing tenant mix at properties that mean more things to more people — creating shopping centers that are here to stay. #Macerich #PropertiesWithPurpose #RetailRealEstate #ChainStoreAge #ScottsdaleFashionSquare #ChandlerFashionCenter #SCHEELS #Retail #FutureOfMalls #ShoppingCenters #Placer.ai #ShoppingCenterTraffic

#Retail foot traffic continues to increase, with #Atlanta's own Lenox Square Mall seeing a 31% increase from the previous year. As retail #realestate continues to evolve to meet consumer demands and preferences, this trend should only continue.

Optimizing Shopping Mall Footfall and Conversion through Maslow's Hierarchy of Needs Why Maslow's Hierarchy? Maslow's Hierarchy of Needs provides a universal model for understanding human needs, from basic physiological requirements to higher-level self-actualization. Applying this model in the context of shopping malls allows for the creation of a comprehensive and attractive experience for visitors, thereby enhancing their loyalty and frequency of visits. In a highly competitive retail market, understanding and meeting these needs is critical for retaining and attracting customers. How It Works 1. Physiological Needs: - Providing quality food and beverages through diverse cafes and restaurants. - Comfortable rest areas and sanitary facilities. - Modern ventilation and air conditioning systems for a comfortable environment. 2. Safety Needs: - High-level security through surveillance systems and guards. - Cleanliness and hygiene of all premises. - Availability of medical points and access to first aid. 3. Social Needs: - Spaces for meetings and socializing, such as lounge areas and playrooms. - Hosting events and promotions to engage the community. - Creating thematic and atmospheric spaces that encourage social interactions. 4. Esteem Needs: - Organizing contests, exhibitions, and workshops to recognize visitors' achievements and talents. - Loyalty programs and special offers for regular customers. - Personal shopper services and VIP areas to create a sense of exclusivity and respect. 5. Self-Actualization Needs: - Providing educational programs and training aimed at personal and professional development. - Spaces for creative expression and innovative projects. - Sports and wellness activities that help achieve personal goals. Conclusion Constantly updating and improving these offerings based on feedback and innovation helps increase footfall and conversion rates, strengthen market position, and build strong customer relationships. Shopping malls that strive for this not only enhance their competitiveness but also create a sustainable business development model. #ShoppingMalls #Marketing #MaslowHierarchy #Conversion #BusinessStrategy #Innovation

What brings me to the mall? There 3 malls near me that come to mind. I'll go in order of distance: 1. Mall One: Decent mall that's managed to survive throughout the pandemic and gets a good amount of traffic today. When I was a teenager and mall culture was still prevalent, I would spend the occasional afternoon here with my friends. So there's some nostalgia factoring in... They have a few stores that draw me in still including a Barnesandnoble.com, Inc. that I enjoy browsing and buying gifts from for the holidays. 2. Mall Two: You couldn't pay me to go into this mall. It's been declining and making the wrong business moves for years. It's not just dead, but dangerous (that's a story for another day). It's a real shame because the mall above was more of a hang out, but this one I used to buy from often. Rumor has it they'll be using it for RV storage in the future... but who knows. 3. Mall Three: (Going to actually call this one out by name because they're doing something right - Lighthouse Place Premium Outlets in Michigan City, IN.) I recently drove an hour to shop here. I had only been here once when I was in high school on a Black Friday trip with a friend, so I didn't know what to expect. I'd say it was a successful revisit - I got some great deals, and was impressed by the stores and displays. Most importantly, the customer service (at every store I stopped in) stood out! The associates were all knowledgable, friendly, and ready to help (without hounding me down for a sale). We're planning on making a trip once or twice a year now because it was actually worth it! #shoppingmalls #outletstores #shoppingexperience #customerexperience

🤔 QUESTION: What (if anything) brings you to the mall these days? 🛍️ This article points out that malls are getting back to pre-pandemic traffic levels – especially those with an open-air concept. And “non-traditional experiences, new restaurants and “eatertainment” are all factors in driving mall visits.” Not surprising. As consumers, we still want in-person shopping experiences. So, it needs to be just that – an experience! Brick-and-mortar locations have inherent strengths, but it takes more than a spot at the mall to bring in customers… You’ve heard of LOCATION LOCATION LOCATION. For retailers today, it’s more like LOCATION LOCATION LOCATION… AND flexible omnichannel fulfillment, great customer service and communication, the right products in stock, an enticing loyalty program, accurate inventory, a web presence that’s an extension of your brand… the list goes on. 😮💨 You need to offer an exceptional experience across EVERY channel. Not just at your physical locations! Check out the article from Chain Store Age for more insights on how different types of malls & shopping centers are performing today. #customerexperience #brickandmortar #malls #futureofretail

Mall visits return to near pre-pandemic levels in 2023 Mall traffic continued to return towards pre-pandemic levels in 2023, with open-air centers leading the way. According to location intelligence and retail foot traffic data firm Placer.ai’s report, “The Comeback of the Mall in 2024,” which analyzed over 3,000 American shopping centers, visits to the wider shopping center industry were just 2.3% lower than they had been in 2019. This is compared to 10.9% in 2021 and 5.9% in 2022, showing continued improvement since the COVID-19 pandemic began. Last year, the visit gaps for indoor malls and open-air centers had narrowed to 5.8% and 1% lower, respectively. Outlet also saw visits increase once again, with the visit gap compared to 2019 narrowing to 8.5% in 2023 after having dropped to 11.3% in 2022. #retail #store #shoppingcenter #improvement #footfall