《Placer.ai:2023年购物中心的多样性研究报告(英文版)(15页).pdf》由会员分享,可在线阅读,更多相关《Placer.ai:2023年购物中心的多样性研究报告(英文版)(15页).pdf(15页珍藏版)》请在三个皮匠报告上搜索。
1、September 2023Exploring the Diversityof Malls in 2023This report analyzes mall-based consumer behavior and looksat the different functions played by the various shoppingcenter formats within the wider retail landscape.Table of ContentsUnpacking Visit Trends To Malls3How Have Visits Changed?3Malls Ar
2、e Attracting Higher-Income Visitors4Visits Vary By Region5Summer Sun Brings out the Shoppers7Dwell Time Across Regions and Seasons9Shelter from the Heat9Exploring the Urban/Suburban Divide11Year-Over-Year Urban Visits Outpace Suburban11Suburbs Favor Weekends,Cities Prefer Weeknights12Suburban Visito
3、rs More Likely To Turn Mall Visits Into An Outing13Malls:Uniquely American,Uniquely Relevant14 2023 Placer Labs,Inc.|More insights at placer.ai|2Unpacking Visit Trends To MallsFrom the pandemic to inflation to a general consumer sentiment downturn,the pastfew years have thrown plenty of challenges a
4、t the mall space.In the face of a rockyeconomic landscape,how are visits to shopping centers changing?Where do pocketsof optimism shine,and what can demographic insights reveal about the segment?This white paper looks at recent location intelligence data to understand the currentstate of the Placer.
5、ai Mall Indexes,which include class-A Indoor Malls,Open-AirLifestyle Centers,and Outlet Malls.The report reveals how visitation patterns differbased on region;explores visitor demographics to the various mall formats;usesvisitor journey data and daily and hourly foot traffic patterns to understand t
6、heurban/suburban mall divide;and uncovers how seasonality can impact mall dwelltimes.Keep reading to find out how mall trends have changed over the past year.How Have Visits Changed?Retail growth was muted for much of 2023 as lingering economic challenges keptmany would-be shoppers at home.Still,som
7、e pockets of optimism shine through theyear-over-year(YoY)visit trends.Visits to all three mall formats experienced visitgrowth in January 2023,helped by comparisons to the previous years Omicron wave.But even after the Omicron comparisons faded in February and March,YoY visits heldrelatively steady
8、 foot traffic to Indoor Malls and Outlet Malls stayed on par with2022 levels while visits increased for Open-Air Lifestyle Centers.And while YoY visitsdipped in the middle of the year,June visits rose once again as consumer sentimentimproved.Traffic then dropped in July and August as concerns over s
9、avingsheightened.But even as the economic headwinds hampered visit performance within the widershopping center space,some formats performed better.Since the start of 2023,Open-Air Lifestyle Centers consistently stayed ahead of the pack perhaps thanks tothe formats higher-income audience,which will b
10、e explored in the next section.2023 Placer Labs,Inc.|More insights at placer.ai|3Malls Are Attracting Higher-Income VisitorsOpen-Air Lifestyle Centers may attract the most affluent shoppers but top-tiercenters from the two other formats still drive audiences with significant disposableincome.Diving
11、into the trade areas of the various mall types and comparing the mallscaptured and potential markets indicates that all three formats attract a relativelyhigh-income crowd.A chains potential market consists of the chains trade areas the census blockswhere visitors to the chains venues come from weig
12、hted according to thepopulation size of each census block group in the trade areas.The chains capturedmarket consists of the census blocks in a chains trade area,weighted according tothe actual visit share to the Point of Interest(POI)from each census block.Analyzingthe three mall formats trade area
13、s using STI:Popstats 2022 data showed that themedian household income(HHI)in the potential markets of the three formats washigher than the nationwide median for 2022.In the captured market of all threemalls,the median HHI was even higher.This means that many of the top performing 2023 Placer Labs,In
14、c.|More insights at placer.ai|4malls are located within relatively affluent communities(hence the relatively highpotential market median HHI)and attract the higher-income shoppers within thoseareas(as shown by the even higher captured market median HHI).Of the three mall types,Outlet Malls had the l
15、owest median HHI both in its capturedmarket and potential market.Outlet Malls also had the smallest gap between theircaptured market and potential market median HHI.So although visitors to OutletMalls still tend to come from higher HHI neighborhoods than the nationwide baseline,the data does indicat
16、e that this type of shopping center may be more accessible to awider visitor base.At the same time,the HHI data also suggests that Outlet Mallsaudience may be more impacted by inflation which could explain the formatsrecent challenges.Visits Vary By RegionJust as median HHI patterns across mall form
17、ats could be impacting the variedperformances,regional median HHI could also help explain regional disparities in mall 2023 Placer Labs,Inc.|More insights at placer.ai|5visit trends.Taken together,Indoor Malls,Open-Air Lifestyle Centers,and Outlet Mallshave seen the strongest 2023 YoY visit trends i
18、n the West,where the median HHI instates like California,Washington,and Utah is significantly higher than the nationwidebenchmark.The mall sector in the relatively affluent Northeast also performed well,with mall visits between January and August 2023 up 0.3%relative to 2022.Meanwhile,the Midwest wh
19、ich has fewer high-income states than the coasts,butmore than the South saw its mall visits dip 1.9%YoY.And in the South,where themedian HHI in a large share of states is below the nationwide benchmark,visitsdropped by 3.2%relative to 2022.Some of the dip could be due to last years relative overperf
20、ormance in the region.The drop may also stem from the lower-than-average median HHI in certain Southernstates,with inflation continuing to take a heavy toll on lower-income households.Once the wider economic situation stabilizes,these trends may reverse regions withlower YoY growth in 2023 could per
21、form particularly well in 2024 as pent-up demandin the South and Midwest drives shoppers back to malls.2023 Placer Labs,Inc.|More insights at placer.ai|6Summer Sun Brings Out The ShoppersWhile looking at YoY visitation trends brings out differences between the mall formats with Open-Air Lifestyle Ce
22、nters outperforming its counterparts diving intoseasonal visit patterns highlights similarities.Comparing 2023 monthly visits to amonthly average baseline(the average number of visits per month between Januaryand August 2023)reveals that visits tend to drop in the winter months and rise in thesummer
23、 months across all mall formats.Still,the seasonal fluctuations are not uniform across the mall space.Outlet Malls,which have predominantly outdoor layouts and fewer indoor experiential offerings 2023 Placer Labs,Inc.|More insights at placer.ai|7(such as movie theaters or bars)see the steepest drop
24、in the winter and the mostsubstantial boost in the summer.Open-Air Lifestyle Centers are also mostly open-air,but this format tends toincorporate various enclosed establishments beyond retail shops,including gyms andrestaurants,which drive visits during the colder months.So while Open-Air LifestyleC
25、enters see more pronounced seasonal patterns than Indoor Malls,the variance isless extreme when compared to Outlet Malls.Meanwhile,Indoor Malls exhibit the smallest seasonal fluctuations between Januaryand August although this format also sees a boost in visits during the warmermonths as consumers l
26、ook to escape the heat.2023 Placer Labs,Inc.|More insights at placer.ai|8Dwell Time Across Regions and SeasonsShelter from the HeatWhile focusing solely on visit numbers to Indoor Malls seemed to show relativelyminor seasonal fluctuations,diving into the seasonal median dwell time reveals thatthis f
27、ormat also gets a substantial summer boost particularly in warmer states.Asthe chart below highlights,each state has its own unique median dwell time range shoppers in Florida and Texas spend more time in the mall,on average,thanshoppers in Michigan or New York.But each state also has its own season
28、al pattern,with hotter states such as California,Georgia,Florida,and Texas all seeing a markedincrease in their indoor mall median dwell time in July and August.The seasonal median dwell time data suggests that residents of states with coldwinters like New Yorkers and Michiganders may prefer to take
29、 advantage of the 2023 Placer Labs,Inc.|More insights at placer.ai|9summer sun and not waste the warm weather on Indoor Malls.But in states withyear-round sunshine,such as California,Georgia,Florida,and Texas,consumers mayfavor extended mall visits during the peak of summer to beat the heat and enjo
30、ysome air conditioning with their retail therapy.Shoppers visiting the Mall of America in Minneapolis,United StatesLooking at 2023 median dwell time on a YoY basis indicates that these trends may bestrengthening.The median dwell time for Indoor Malls in July and August 2023 washigher than in 2022 fo
31、r all states analyzed,with the biggest increases seen inCalifornia,Georgia,Florida,and Texas.Whether this increase is due to the rise inconsumer confidence in June and July 2023 or the higher-than-normal temperaturesremains to be seen.Either way,the rise in dwell time highlights the enduring appealo
32、f malls as versatile spaces that offer more than just shopping.2023 Placer Labs,Inc.|More insights at placer.ai|10Exploring The Urban/Suburban DivideYear-Over-Year Urban Visits Outpace SuburbanMalls vary by format and location,but they can also be divided along urban andsuburban lines.Over the pande
33、mic,a shift toward suburban living took place aspeople sought out more space.But cities proved remarkably resilient,and shoppingpatterns evolved to meet the needs of both suburban shoppers and urban citydwellers.Urban shopping centers YoY visit performance serves as a testament to thisresilience.Bet
34、ween January and August 2023,visits to urban shopping centers grewby 3.0%,while suburban shopping centers received 1.7%fewer visits than in 2022.While some of this growth is due to suburban malls relative strength in 2022,theongoing recovery of urban malls highlights its staying power.2023 Placer La
35、bs,Inc.|More insights at placer.ai|11And,critically,while suburban malls did see a YoY dip in visits,both urban andsuburban malls experienced an increase in unique visitors although urban malls didsee significantly higher growth in that metric as well.The rise in unique visitors acrossthe board sugg
36、ests that while overall foot traffic may have decreased for suburbanshopping centers,core customers remain engaged even if they visit less frequently.Suburbs Favor Weekends,Cities Prefer WeeknightsUrban and suburban shopping centers dont just differ in their recovery rates looking at the daily and w
37、eekly visit breakdown as well as visitor journey dataindicates that they also serve a slightly different purpose.Urban shopping centers aremore likely to see late-night shoppers,while suburban malls tend to receive moreweekend visits.Urban mall visitors also tend to travel shorter distances than the
38、irsuburban counterparts.The driving force behind these trends is most likely accessibility:urban shoppingcenters are closer to where people live and work,making it easy to drop in after aworkday.In contrast,suburban malls often serve shoppers coming from further away 2023 Placer Labs,Inc.|More insig
39、hts at placer.ai|12and so tend to attract more visitors on weekends when people have more free timeto make a mall trip.Suburban Visitors More Likely To Turn Mall Visits Into An OutingPost-mall visit trends further highlight the different functions played by suburban andurban malls,with suburban mall
40、-goers more likely to follow their mall visits with stopsat food establishments or additional shops.This behavior suggests that manysuburban visitors view a trip to the mall as an opportunity for leisurely outings orexcursions.Urban shoppers,meanwhile,who likely go out to eat or run small errandsmor
41、e regularly owing to the wider array of restaurants and shops near their homesand offices,were less likely to grab food or visit an additional store following theirmall trip.2023 Placer Labs,Inc.|More insights at placer.ai|13The larger trade areas and higher share of weekend visits and of shoppers v
42、isitingrestaurants or other shops following their mall trip suggests that suburban visitorstreat their mall visits as part of a larger outing.Urban malls larger share of eveningvisits,lower share of weekend visits,and smaller trade area indicates that city-basedshopping centers might serve a more ut
43、ilitarian purpose than their suburbancounterparts.Malls:A Format For Every AudienceWhile the function of malls has shifted in recent decades,shopping centers remainintegral to the American retail landscape.Location analytics reveals that each malltype Indoor Malls or Open-Air Lifestyle Centers,urban
44、 or suburban,California-basedor Georgia-based tends to serve a different consumer group.Examining foot trafficdata,trade area characteristics,and visitation patterns for these retail destinations 2023 Placer Labs,Inc.|More insights at placer.ai|14reveal consumer trends and highlights the unique role
45、 that each mall type plays in thewider retail space.Key Takeaways1.Each Mall Format Serves Its Own Functions.The shopping center space inthe United States is extremely diverse.Indoor Malls,Open-Air LifestyleCenters,and Outlet Malls attract audiences of distinct income levels,seasonalmall-based shopp
46、ing behavior varies by state,and suburban and urban mallsexperience unique visitation patterns.2.Malls Are Attracting Wealthier Households.Analyzing the median HHI dataacross different mall types reveals that,while the wealthiest mall shopperstend to visit Open-Air Lifestyle Centers,all mall visitor
47、s are wealthier than thenational median.Audience median HHI may also impact regional trends wealthier areas of the country experienced the greatest YoY visit growth tomalls.3.Visits and Dwell Times Differ By Season.Malls see the most visits in the hotsummer months,perhaps as people take vacations an
48、d want to freshen uptheir wardrobes.Dwell times are also longer,especially in hotter states,aspeople take advantage of the air conditioning.4.The Urban/Suburban Divide Persists.While plenty of people moved to thesuburbs over the past few years,urban shopping centers are thriving,withvisits up YoY.But suburban malls serve their own purpose,attracting moreweekend visitors looking for an outing,while urban visitors are more likely tovisit malls during the week or after work.2023 Placer Labs,Inc.|More insights at placer.ai|15