Thanks for Visiting!

Register for free to get the full story.

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

Malls and Shopping Centers 2021 Yearly Review

By 
Shira Petrack
February 22, 2022
Malls and Shopping Centers 2021 Yearly Review
SHARE
Explore our free tools to get timely insights into key industries
Check out the latest trends for
No items found.
Key Takeaways

Our latest white paper looks at recent mall performance from a location analytics perspective. Consumer behavior trends indicate that shopping behavior is stabilizing, and foot traffic data shows that visits are bouncing back, with some months in 2021 even exceeding 2019 visit levels. 

The Mall Deep Dive - 2021 Yearly Review white paper looks at top tier indoor malls, outlet malls, and open-air shopping centers to evaluate nationwide and regional foot traffic trends, analyze the correlation between online searches and mall visits, understand the impact of out-of-the-box tenants, and assess the current state of mall consumer behavior. Below is a taste of our findings. For the full report, download the free white paper

Recapping 2021 Mall Foot Traffic 

Consumers affected by the economic uncertainty started 2021 with a clear preference for outdoor, bargain-focussed outlet malls. Non-outlet open air shopping centers also outperformed indoor malls as consumers avoided enclosed spaces and due to the lingering impact of restrictions in certain areas.

But as the year progressed, vaccination rates climbed, and unemployment rates fell, shoppers felt more comfortable spending extended amounts of time indoors with others. By June, indoor malls had caught up, and the different mall types saw very similar foot traffic trends throughout much of the summer. 

The Delta wave did set the mall recovery back slightly, with year-over-two-year (Yo2Y) visits dipping between mid-August and the beginning of October. But the extended holiday shopping season brought visits right back up, and the push towards earlier holiday shopping was so successful that October ended as the only month of 2021 where visits to all three mall types exceeded 2019 levels. And while visits dipped again in November – likely due to the decline of Black Friday – Yo2Y visits climbed back up in December, serving as a further testament to malls’ resilience. 

Getting Creative with Empty Mall Space 

The rightsizing of store fleets combined with the empty storefronts still leftover from shops that didn’t weather the lockdowns meant that malls need to think outside the box to fill all the open spaces. Early in the pandemic, many mall operators simply cut rental rates, since a high share of empty stores can affect a mall’s attractiveness – and therefore profitability – more than a temporary rent discount. 

But as 2020 turned to 2021, and then 2022, malls were forced to get more creative – literally – to occupy the newly empty spaces. Brookfield Properties, for example, filled a space at its Oakbrook Center near Chicago that Sears occupied before its bankruptcy with a traveling exhibition about the Sistine Chapel. Such events “draw people from miles away,” said Katie Kurtz, Brookfield’s senior vice president for retail business development.

The result was an increased ability to leverage the space to boost overall interest in a mall visit. And while the concept of a mall-based “event” is nothing new, the ability to manufacture interest could play even more value in the coming years as more top tier shift their focus and increasingly privilege experiences.

Pop-Up Stores 

Pop-up stores were another popular option for filling empty mall space. Landlords like pop-ups because they can limit risks on new, untested concepts, while pop-up tenants appreciate the opportunity to test out new markets and store layouts without making a long-term commitment to something that may not work or may only have short term value.

In late November and early December, the Somerset Collection mall near Detroit opened seven pop-up stores for the 2021 holiday season – and month-over-month (MoM) visit data indicate that this seems to have given the mall a visit boost. Most of the stores opened on Black Friday, and the mall’s November foot traffic increase compared to the previous month was almost a third larger than the national mall average. And in December, when all the pop-up stores were up and running, the mall saw a MoM visit hike of 71.4% – compared to the 46.2% average MoM increase for indoor malls nationwide. 

The ability to effectively leverage “empty” space and to create timely activations that drive urgency will be a critical element for mall owners in the coming years.

For more insights and to access the full report, download the Mall Deep Dive - 2021 Yearly Review

Learn how downtown regions across US cities are measuring up with our free tools.
Check out the latest trends for
No items found.

Related Topics

Explore our free tools to get timely insights into key industries
Check out the latest trends for
No items found.
SHARE
Get 3 brand & industry
breakdowns every week
Subscribe to the newsletter
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.

Recent Publications

Get 3 brand & industry breakdowns every week

Subscribe to the newsletter
Convention Centers: Post-Pandemic Comeback
‍Elongation of the 2024 Holiday Season Helped to Offset Shorter Peak Time Frame
Whiskey Business: BevAlc Retailers In 2024
Placer.ai Office Index: December 2024 Recap
David’s Bridal and JCPenney: Finding the Right Fit
Placer 100 Retail & Dining Index: A Robust Holiday Season
Placer.ai Mall December 2024 Index: Recapping the Holiday Season 
2024 Retail Foot Traffic Recap
How the Pandemic Reshaped Florida’s Population
Christmas Dining Trends: Three Courses of Holiday Fare
Cookie Chains: Baking It Up A Notch
Super Saturday 2024 Recap
C-Store Visits Well-Positioned For a Strong 2025 
Detroit’s Domestic Migration Resurgence 
Barbecue Chains: All Fired Up  
Chicken Chains Charge Ahead in 2025 
Darden Restaurants: Holiday Growth Ahead
Placer 100 Retail & Dining Index: Strong Kickoff to the Holiday Season
Placer.ai Office Index: November 2024 Recap
Placer.ai November 2024 Mall Index: Black Friday Boosts Mall Visits
“Glicked” and Moana 2: A Thanksgiving Box Office Surge
‍Placer.ai Ranked Number 160 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™‍
Jersey Mike’s: On A (Sandwich) Roll
Black Friday Weekend: Plenty of Reason for Cheer
Pre-Thanksgiving Travel & Leisure Visitation Patterns
2024 Pre-Thanksgiving Consumer Traffic Trends 
Turkey Wednesday 2024: A Veritable Grocery Feast 
Starbucks’ Red Cup Day Makes a Comeback 
Eatertainment in Q3 2024: Dave & Buster’s and Chuck E. Cheese
Dollar Stores Ahead of the Holidays
Five Below and Ollie’s Bargain Outlet: A Pre-Holiday Snapshot
Kroger: Getting into The Seasonal Swing 
Avison Young Launches Office Busyness Index Powered by Placer.ai to Provide Unmatched Insights on Office Utilization Across Major U.S. Markets
Off-Price Ahead of the 2024 Holiday Season
A Beautiful Season Ahead: Ulta and Sally Beauty Supply
Sportswear Ahead of the 2024 Holiday Season 
Placer 100 Index: October 2024 Recap 
Placer.ai Office Index: October 2024 Recap
Placer.ai Mall Index: October 2024 Recap 
Halloween’s 2024 Retail & Dining Impact – Party City Carries the Season
Checking in With Department Stores: Nordstrom and Macy’s
Superstores and Wholesale Clubs Ahead of the Holidays
Home Depot and Lowe’s Heading Into the Holidays
Starbucks and Dutch Bros: Short Visits Lead the Way
Planet Fitness: Raising the Bar(bell)
Checking in With Full-Service Restaurants: First Watch, Chili’s, and Outback Steakhouse
RBI and Yum!: QSR Resilience in 2024
Boot Barn and DSW: Stepping Up Their Game
Target’s October Circle Week: A Data-Driven Snapshot
Chipotle, Shake Shack & Wingstop: Dining Success in Q3 2024
Playa Bowls and Tropical Smoothie Cafe: Berry Big Business
Cheesecake Factory & BJ’s Restaurants: Full-Service Success
Checking in on McDonald's and Wendy's 
Sprouts Farmers Market: A Specialty Grocer With a Traditional Twist
CAVA: The Craze Continues
Placer.ai Reaches $100M Annual Recurring Revenue
Catching Up With Carter's 
A Texas Roadhouse and LongHorn Steakhouse Showdown
Placer.ai Mall Index: September 2024 Recap – Labor Day Peaks and Holiday Season Predictions
Albertsons Q3 Check-In
Looking Ahead to the 2024 Holiday Season
Trader Joe's: Continuing to Thrive in 2024
Bowlero and AMF: A Ten-Pin Knockout
Recreational Retail: Store Performance in 2024
Placer.ai White Paper Recap – September 2024
A QSR and Fast-Casual Face-Off
Sam’s Club’s In-Store Retail Media Network Opportunity
The Rising Stars: Six Metro Areas Welcoming Young Professionals
Costco in 2024: A Deep Dive
Sherwin-Williams in 2024: Brighter Than a New Lick of Paint
Life Time and Orangetheory: Premium Fitness Flourishing
C-Stores: More Than A Pit Stop
Darden: Dining Dominance Undeterred 
Placer 100 Index for Retail and Dining: August 2024 Recap
Placer.ai Office Index: August 2024 Recap
Placer.ai Mall Index: August 2024 Recap – Back-To-School In Full Swing
Auto Parts Retailers: The Traffic Continues
Pumpkin Spice Works its Magic Once Again
School Season Sparks Retail Growth
Placer.ai White Paper Recap – July & August 2024
Big Lots’ Big Rightsizing Move in Four Data Points
Fun Away From The Sun: Checking in With Eatertainment
Domestic Migration and Population Growth: Strong Currents Off The Carolina Coast
The Civic Impact of Summer Events
Retail Trends in College Towns: A Back-to-School Snapshot
Five Below and Ollie’s Bargain Outlet: Consumers Still on the Hunt for Discounts
Macy’s & Bloomingdale’s: Into 2024 and Beyond
Limited Time Only: The Trend Continues
Beauty in 2024: Many Ways to Win
Dollar General & Dollar Tree: Powering Ahead in Q2 2024
The Home Depot and Lowe's Foot Traffic Remodel in Q2 2024
Superstore Update: Summer Savings Spree
Placer.ai Mall Index: July 2024 Recap – From Fourth of July to Back-to-School
Placer.ai Office Index: July 2024 Recap
Summer Movie Madness: Blockbuster Films Boost Foot Traffic
Driving Success: Toyota in 2024
Denny’s and IHOP: An All-Day Breakfast Matchup
Warby Parker: Seeing Clearly Now
Planet Fitness at the 2024 Halfway Point
Serving Summer 2024: RBI and Yum! Brands Q2 Foot Traffic