The new report Placer.ai Mall Index — May 2022 Update indicates that visits to all types of shopping malls, indoor, open-air lifestyle centers, and outlet malls, decreased between April and May, compared to the same months in 2019, but on a month-over-month basis, mall visits actually have been steadily increasing since a major jump between February and March.
May visits to indoor malls declined 3.8% versus the month in 2019, as visits to open-air lifestyle centers slipped 5.9% and visits to outlet mall visits slid 7.7%. The numbers are worse than they were in April, Placer pointed out, but far better than they were during March. Visits are still gaining each month. In May, visits were up 4% month-over-month at indoor malls, 6.2% at open-air lifestyle centers and 2.8% at outlet malls.
The report suggests that the mall sector is absolutely rebounding, Placer maintained, but simply not at the same pace in the face of significant economic headwinds. So the mall rebound has been limited but not stymied by high inflation rates and gas prices.
The growth demonstrates the unique resilience of consumer attraction to the mall environment, Placer asserted. Still, the outlet mall visit usually entails a lengthier trip, and the Placer results highlight how that the travel distance has become a serious impediment in a period marked by rising gas prices. But, conversely, the results indicate that, as economic headwinds dissipate, top-tier indoor malls, open-air lifestyle centers and outlet malls could be uniquely well-positioned for gains.
