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Retail

Placer.ai Mall Index: August 2024 Recap – Back-To-School In Full Swing

Discover how malls - indoor, open-air shopping centers, and outlet malls - fared during 2024's back-to-school season.

By 
Ezra Carmel
September 9, 2024
Placer.ai Mall Index: August 2024 Recap – Back-To-School In Full Swing
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About the Mall Index: The Index analyzes data from 100 top-tier indoor malls, 100 open-air shopping centers (not including outlet malls) and 100 outlet malls across the country, in both urban and suburban areas. Placer.ai uses de-identified location information from a panel of tens of million devices and processes the data using industry-leading big data and machine learning capabilities to make estimations about overall visits to specific locations. 
Key Takeaways
  • Fueled by back-to-school shopping, year-over-year (YoY) visits in August 2024 increased by 7.3% for indoor malls, 5.8% for open-air shopping centers, and 6.1% for outlet malls
  • Of the three mall types, open-air shopping centers were most likely to draw college students in August 2024 – their captured markets were over-indexed for Spatial.ai’s “College” segment by 170% compared to the nationwide baseline. Outlet malls, on the other hand, were most likely to draw households with children, with captured markets that were over-indexed for this demographic by 3%. Indoor malls, meanwhile, drew somewhat higher-than-average shares of both demographics.

Back To School Was Hot

Malls ended summer with a bang. In May and June 2024, indoor malls, open-air shopping centers and outlet malls all experienced year-over-year (YoY) visit growth, with indoor malls – which offer an escape from the sweltering heat – leading the way. 

In July 2024, all three mall types experienced slight YoY visit gaps. But these were likely due to a calendar shift rather than to any flagging back-to-school momentum: July 2024 contained one less Saturday and Sunday than the equivalent period of 2023, when malls draw some of their biggest crowds. (In January-August 2024, weekends accounted for 39.0% of visits to indoor malls, 35.6% for open-air shopping centers, and 43.0% for outlet malls.) This shift, which likely had the most pronounced impact on outlet malls, may have obscured stronger YoY performance in July 2024. 

And this year’s intense weather didn’t stop consumers from visiting malls in droves to take advantage of back-to-school shopping – which was in full swing by August 2024. That month saw the most substantial YoY foot traffic growth of the analyzed period, with YoY visit increases of 7.3% for indoor malls, 5.8% for open-air shopping centers, and 6.1% for outlet malls.

Students and Families Drive Mall Visits

Who shopped at malls in August 2024? With back-to-school shopping being a significant motivator for consumers, it may come as no surprise that college students and families with children were overrepresented among end-of-summer mall hoppers – though not for all mall types.

Analysis of all three mall segments’ captured markets reveals that in August 2024, the share of college students in the trade areas of indoor malls and open-air shopping centers exceeded the nationwide average by 67% and 170%, respectively. These malls may be popular with college students due to their greater accessibility for students without cars, and for their recreational atmosphere – making them a good place to catch up with friends while shopping. 

Meanwhile, the captured markets of outlet malls included slightly higher-than-average shares of households with children, perhaps as families on tight back-to-school budgets prioritized steep discounts. Indoor malls were also slightly more likely than average to draw this demographic.

Looking Ahead

With Summer 2024 in the books, it’s fair to say that mall foot traffic thrived during this critical retail season. How will mall visits shape up come spring? 

Visit Placer.ai to find out.

This blog includes data from Placer.ai Data Version 2.1, which introduces a new dynamic model that stabilizes daily fluctuations in the panel, improving accuracy and alignment with external ground truth sources.

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