In recent years, malls and shopping centers have seen a resurgence in popularity, despite the challenges of inflation. According to a report by Placer.ai, consumer confidence is on the rise and this trend is expected to continue into 2024.
Placer.ai predicts three specific trends for the upcoming year:
1. Greater diversity among tenants: This strategy has been used by owners to attract more shoppers and it’s expected to be taken even further in 2024 through placemaking – creating spaces that encourage social interaction.
2. Attraction of higher-income shoppers: Malls are already attracting high-income consumers due to their location in affluent areas. With these shoppers displaying strong consumer confidence, this trend is likely to continue into 2024.
3. Increase in younger visitors: While teens were once regular mall-goers during the late 20th century and early 2000s, they are now returning as Gen-Z rediscover physical stores and seek out unique mall experiences.
Placer.ai advises retail center owners that providing diverse experiences catering towards higher income or younger demographics can lead them towards success in the coming year.
