SPDR S&P 500 ETF (ETF: SPY) – Pedestrian traffic in shopping malls exceeds pre-pandemic levels for the first time in 2021: report

Pedestrian traffic in shopping malls in July surpassed pre-COVID-19 pandemic levels by 0.7%, new data report from analytics platform shows Place.ai. This is the first time that 2021 shopping mall visit data has surpassed pre-2019 pandemic levels.

What a difference two years make: The new data report also determined that shopping mall visiting hours have changed since the pandemic disrupted the economy.

In the second quarter of this year, 33.4% of visits took place between 12 p.m. and 3 p.m. while 34.3% of visits took place between 3 p.m. and 6 p.m. However, in the second quarter of 2019, only 27.2% of visits took place between 12 p.m. and 3 p.m. while 28.5% of visits took place between 3 p.m. and 6 p.m.

The time difference is explained by the significant difference in evening visits between 6 p.m. and 9 p.m. These represented 25.4% of visits in the second quarter of 2019 but only 15.9% in the second quarter of 2021.

Before the pandemic, the percentage of mall visitors arriving from work was around 6.5%. But with more Americans transitioning to a work-from-home scenario, that percentage has fallen to the current level of 2.8%.

Related Link: Target Goes Fashionistas With Fall Designer Collection

Waiting for a wake-up call: The new data has also identified several large shopping centers that are still struggling to return to pre-pandemic levels. The America Mall in Minnesota, the nation’s largest mall, saw a 9.8% drop in visits over two years.

Other major shopping centers reporting declines between the second quarters of 2019 and 2021 are Destin United States mall in Syracuse, New York (a -17.6% drop in pedestrian traffic), Florida Aventura shopping center (-16.8%) and Del Amo Fashion Center in Torrance, California (-16.4%).

Photo: Mall of America, photographed by jpellgen / Flickr Creative Commons.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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Peggy P. Gilmore