The Mall Index for August 2024, published by Placer.ai, found that foot traffic for the month, fueled by back-to-school (BTS) shopping, increased by 7.3 percent year-over-year (y/y) for Indoor Malls, 5.8 percent y/y for open-air shopping centers, and 6.1 percent y/y for outlet malls.

Of the three mall types, placer.ai said the open-air shopping centers were most likely to draw college students in August 2024 – their captured markets were over-indexed for Spatial.ai’s “College” segment by 170 percent compared to the nationwide baseline. Outlet malls, on the other hand, were most likely to draw households with children, with captured markets that were over-indexed for this demographic by 3 percent. Indoor Malls, meanwhile, drew somewhat higher-than-average shares of both demographics.

Back To School Was Hot
The research and data analytics firm said that malls ended summer with a bang.

“In May and June 2024, Indoor Malls, open-air shopping centers and outlet malls all experienced year-over-year (y/y) visit growth, with Indoor Malls – which offer an escape from the sweltering heat – leading the way,” the company said in a recent blog post.

In July 2024, all three mall types experienced slight year-over-year visit gaps, according to the Placer.ai data. But the company acknowledged that these gaps were likely due to a calendar shift rather than to any flagging back-to-school momentum. July 2024 contained one less Saturday and Sunday than the equivalent period of 2023, when malls draw some of their biggest crowds.

In January-August 2024, weekends accounted for 39.0 percent of visits to Indoor Malls, 35.6 percent for open-air shopping centers, and 43.0 percent for outlet malls.) This shift, which likely had the most pronounced impact on outlet malls, may have obscured stronger y/y performance in July 2024.

And this year’s intense weather didn’t stop consumers from visiting malls in droves to take advantage of back-to-school shopping – which was in full swing by August 2024, the company noted. The month saw the most substantial year-over-year foot traffic growth of the analyzed period, with year-over-year visit increases of 7.3 percent for Indoor Malls, 5.8 percent for open-air shopping centers, and 6.1 percent for outlet malls.

Students and Families Drive Mall Visits
With back-to-school shopping being a significant motivator for consumers, it may come as no surprise that college students and families with children were overrepresented among end-of-summer mall hoppers – though not for all mall types, the company suggested.

“Analysis of all three mall segments’ captured markets reveals that in August 2024, the share of college students in the trade areas of Indoor Malls and open-air shopping centers exceeded the nationwide average by 67 percent and 170 percent, respectively. These malls may be popular with college students due to their greater accessibility for students without cars, and for their recreational atmosphere – making them a good place to catch up with friends while shopping,” Placer.ai revealed.

Meanwhile, the company said the captured markets of Outlet Malls included slightly higher-than-average shares of households with children, perhaps as families on tight back-to-school budgets prioritized steep discounts. Indoor Malls were also slightly more likely than average to draw this demographic.

Looking Ahead
With Summer 2024 in the books, placer.ai said it’s fair to say that mall foot traffic thrived during this critical retail season but also wonders, “How will mall visits shape up come spring?” Visit Placer.ai to find out.

Images courtesy Mall of America, Data and Infographics courtesy Placer.ai.