What: Placer.ai Mall Index looks at mall foot traffic for five malls that have been outperforming their own 2019 levels.

Why it is important: There is no set formula for malls to succeed, but offering unique experiences remains key for longevity.

By offering a mix of stores, experiences and dining options that can appeal to the surrounding community within the mall’s reach, some retail leaders are leveraging the damage caused by the pandemic.

Despite challenges and household income dropping over the past couple of years, all five malls that were analysed managed to exceed their 2019 monthly visitation levels. The common factor between these locations was an offer of attractions and events established to bring in customers.

Attracting customers today comes from offering exciting and stimulating spaces for people to meet, be entertained, eat, shop and discover new products. The top-performing malls are moving beyond the traditional offering into art exhibits, pop-up shops, events, live performances, gaming, and immersive installations that draw visitors in for more than just shopping.

The pandemic was inhospitable to many retailers leading to closures and empty spaces that have yet to be filled. Thus, adaption to the evolving consumer habits will necessitate capitalizing on the gaps in the market left by the pandemic.

Experience remains key for drawing in customers