Shakespeare may have turned Richard III's winter of discontent into glorious summer. But in the modern US, the hazy, lazy, crazy days aren't being overly kind to mall operators and their tenants, according to data from Placer.ai.
Inflation and high gas prices have hit the general retail landscape hard. Placer analyzed data about "more than 100 top-tier indoor malls, 100 open-air lifestyle centers (not including outlet malls) and 100 outlet malls across the country, in both urban and suburban areas" using anonymized location data from 30 million devices. That may not be statistically representative, but imperfect data can be better than none.
In this case, the data says that malls aren't shaping up all that well. "Visits for indoor malls continued to outperform the equivalent month from 2021, but the overall strength did wane," the report said. "Visits were up 1.5% for indoor malls, and 0.5% for open-air lifestyle centers."
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