Grocery-anchored centers proved to be among the most resilient during Covid as people flocked to essential retailers at a time when discretionary retail was closed. Since then, they have continued to prove their mettle in being a steadier source of foot traffic, compared to outlet centers, indoor centers, and open-air lifestyle centers. We began seeing a dip in traffic around mid-year to many retailers and shopping centers, likely due to inflationary influences. In the latter half of the year, we are seeing a YoY decrease across many categories. January was a bright spot in YoY foot traffic increases, though this may partially be attributed to easy comparisons from an Omicron surge last January. February 2023 is seeing a decrease in YoY foot traffic, though to a lesser magnitude for grocery-anchored centers. Of note, Hines recently signed a deal for $112 million to purchase a suburban NY shopping center with a Whole Foods anchor.
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