Shopping malls have been a part of the retail landscape for decades, and their impact on consumer spending is undeniable. From the first shopping mall in Edina, Minnesota to today’s sprawling megamalls like New South China Mall, these centers are an integral part of our economy. In 2020 alone, U.S. shopping centers and malls generated around $330 billion in revenue – but that number has taken a hit due to the COVID-19 pandemic as well as changing consumer preferences towards online shopping options over brick-and-mortar stores.
In this blog post, we will explore some interesting statistics about shopping malls from all over the world including average annual sales per square foot; visitor numbers at popular destinations such as The Mall of America; vacancy rates during 2021; tenant types across different countries; sustainability initiatives being implemented by LEED certified buildings; fashion industry trends related to mall visits pre/post pandemic levels and more.
Shopping Mall Statistics Overview
The largest shopping mall in the world, the New South China Mall, spans about 659,612 square meters (7.1 million square feet).
This statistic is a testament to the sheer size of the New South China Mall, highlighting its status as the largest shopping mall in the world. It serves as a reminder of the immense scale of the shopping mall industry, and the potential for growth in this sector.
Brick-and-mortar stores, like shopping malls, still generate the majority of consumer retail spending, accounting for roughly 86.5% of total transactions.
This statistic is a crucial reminder that brick-and-mortar stores, such as shopping malls, remain a major force in the retail industry. Despite the rise of online shopping, physical stores still account for the lion’s share of consumer spending, demonstrating the continued importance of shopping malls in the modern economy.
As of 2019, the average annual sales per square foot in U.S. shopping centers were $475.
This statistic is a valuable insight into the current state of shopping centers in the U.S. It provides a snapshot of the average sales per square foot, which can be used to compare the performance of different shopping centers and to identify trends in the industry. This information can be used to inform decisions about where to invest in shopping centers, as well as to develop strategies for increasing sales and improving the customer experience.
The Mall of America, one of the biggest malls in the United States, has over 40 million visitors per year.
This statistic is a testament to the immense popularity of the Mall of America, highlighting its status as one of the most visited shopping destinations in the United States. It speaks to the mall’s success in drawing in customers from all over the country, and serves as a reminder of the importance of shopping malls in the modern retail landscape.
Approximately 50% of shopping malls in the U.S. expect to incur substantial rent losses as a consequence of the COVID-19 pandemic.
This statistic is a stark reminder of the economic impact of the COVID-19 pandemic on shopping malls in the U.S. It highlights the fact that a significant portion of these malls are facing substantial rent losses, which could have a long-term effect on their operations and profitability. This statistic is an important indicator of the current state of the shopping mall industry and should be taken into consideration when discussing shopping mall statistics.
In 2021 there are reportedly over 115,810 shopping centers in the United States.
This statistic is a testament to the sheer size and scope of the shopping mall industry in the United States. It speaks to the immense popularity of shopping malls and the impact they have had on the American economy. It also serves as a reminder of the importance of shopping malls in providing a variety of goods and services to consumers. This statistic is a valuable piece of information for anyone interested in learning more about the shopping mall industry in the United States.
There are more than 12,000 shopping malls in Europe, representing 160 million square meters (1.7 billion square feet) of shopping space.
This statistic is a testament to the sheer size and scope of the shopping mall industry in Europe. It speaks to the immense popularity of shopping malls in the region, with more than 12,000 of them providing a staggering 160 million square meters of shopping space. This is a clear indication of the importance of shopping malls in Europe, and the impact they have on the economy.
Approximately 25% of the malls in the U.S. are expected to close by 2022.
This statistic is a stark reminder of the changing landscape of shopping malls in the U.S. It highlights the need for malls to adapt to the changing consumer preferences and the increasing competition from online retailers. It is a sign of the times that a quarter of malls in the U.S. are expected to close in the next few years, and this statistic should be taken into account when discussing the future of shopping malls.
Mall vacancy rates in the U.S. increased from 9.7% in the first quarter to 10.1% in the second quarter of 2021.
This statistic is indicative of a larger trend in the shopping mall industry, as it shows that the number of vacant stores is on the rise. This could be a sign of a weakening economy, as businesses are unable to keep up with the changing consumer demands. It could also be a sign of a shift in consumer preferences, as more people are opting to shop online instead of in-person. This statistic is important to consider when discussing the current state of shopping malls and their future prospects.
A survey conducted in 2020 found that 61% of respondents prefer indoor shopping malls over open-air malls and outlet centers.
This statistic is a valuable insight into the current shopping preferences of consumers. It indicates that the majority of people prefer the convenience and comfort of indoor shopping malls over open-air malls and outlet centers. This information can be used to inform decisions about the types of shopping centers that should be built and maintained in order to meet the needs of the public. It is also an important factor to consider when discussing the future of the shopping mall industry.
In 2019, shopping mall food court sales in the U.S. reached $104.6 million.
This statistic is a testament to the fact that shopping mall food court sales in the U.S. are booming. It shows that people are increasingly turning to shopping malls for their food needs, and that the industry is thriving. This is an important piece of information for anyone interested in shopping mall statistics, as it provides insight into the current state of the industry.
There are about 1,000 shopping malls in Canada as of April 2021.
This statistic is a testament to the sheer number of shopping malls in Canada, highlighting the importance of the shopping mall industry in the country. It serves as a reminder of the vast number of opportunities for shoppers to find what they need, as well as the potential for businesses to reach a large customer base. It also speaks to the economic impact of shopping malls in Canada, as they provide jobs and generate revenue for the local economy.
Retail shopping malls in Asia are estimated to have around 5.5 billion visits annually.
This statistic is a testament to the immense popularity of retail shopping malls in Asia, highlighting the sheer number of people who visit them annually. It is a powerful indicator of the immense potential of the retail shopping mall industry in Asia, and serves as a reminder of the importance of this sector in the region.
In 2017, 70.6% of the shopping mall tenants in South Africa were chain stores.
This statistic is a telling indication of the current state of shopping malls in South Africa. It reveals that the majority of tenants in these malls are chain stores, which suggests that the shopping mall industry is dominated by large, established companies. This could mean that smaller, independent businesses are struggling to compete in the market, and that the shopping mall industry is becoming increasingly consolidated.
In 2019, there were 484 LEED-certified shopping malls, contributing to sustainable retail spaces.
This statistic is a testament to the progress being made in the retail industry towards sustainability. It shows that more and more shopping malls are taking the initiative to become LEED-certified, which is a major step towards creating a more eco-friendly environment. This is an encouraging sign that the retail industry is taking the necessary steps to reduce its environmental impact and create a more sustainable future.
By 2025, fashion revenue in malls is predicted to decline by about 20% in comparison to pre-pandemic levels.
This statistic is a stark reminder of the impact the pandemic has had on the fashion industry. It highlights the need for malls to adapt to the changing landscape and find new ways to generate revenue. It also serves as a warning to shoppers that the mall experience may not be the same as it was before the pandemic.
As of 2019, the average consumer visited a mall 3.5 times per month.
This statistic is a telling indication of the popularity of shopping malls, demonstrating that the average consumer visits a mall on a regular basis. It is an important piece of information for anyone interested in the shopping mall industry, as it provides insight into the frequency of visits and the potential for sales.
Conclusion
The shopping mall industry is a major contributor to the global economy, generating billions of dollars in revenue each year. Shopping centers and malls in the U.S. alone generated around $330 billion in 2020, while brick-and-mortar stores still account for 86.5% of total transactions worldwide. The first shopping mall opened its doors back in 1956 and today there are over 115,810 such establishments across America with an average annual sales per square foot of $475 as well as 12,000 malls throughout Europe representing 160 million square meters (1.7 billion square feet) of retail space combined with 5.5 billion visits annually from Asia shoppers alone.
However, due to the COVID-19 pandemic many retailers have been forced to close their doors or reduce operations resulting in substantial rent losses for some 50% of all American shopping malls by 2022 and a predicted 20% decline fashion revenues compared pre-pandemic levels by 2025; this has also led to decreased foot traffic at these locations down 47%. Despite this downturn however it appears that consumers still prefer indoor shopping experiences visiting them on average 3 times per month according to 2019 statistics – although LEED certified sustainable spaces may be more attractive going forward given current trends towards ecofriendly practices globally..
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