Visits to top tier malls continued to decline off July highs last month, with traffic to indoor malls down 6.5% over September 2019 and visits to outdoor malls down 5.% over the same period.
The decline marks a continued interruption in the steady recovery the sector had enjoyed since the beginning of the year, which was driven by pent-up demand, the lifting of various COVID-related restrictions and the back-to-school shopping season.
"Rising COVID cases and the end of the unique confluence of factors that drove the summer visit surge all came together to expand the visit gap," says Placer.ai's Ethan Chernofsky in a recent analysis of the firm's data.
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