While open-air centers are increasingly in vogue, especially in temperate climates, indoor malls still receive the bulk of holiday shoppers. Using Placer’s Mall Index, we see that both types of centers have a big bump over the Thanksgiving holiday, dip afterwards, and then slowly start increasing as it inches closer to Christmas.
We’ve got a new king in town when it comes to the most visits for an indoor shopping center from Nov. 1-Dec. 24, 2023. This year’s crown goes to Roosevelt Field, which was the second-most visited indoor center last year. In second place is Del Amo Fashion Center, which had been in first place the prior year and whose visitation holds fairly steady compared to last year. Lakewood Center, also in the South Bay area, comes in third for indoor holiday shopping.
For Open-Air Lifestyle Centers, nothing says Mele Kalikimaka like shopping at the Ala Moana Center in Honolulu on the island of Oahu. It holds the top spot this year. The Village at Topanga, now owned by Kroenke Corporation, holds the #2 spot. UTC Shopping Center in Sarasota, FL comes in third place.
There must be something in the water in Orange County, for Irvine Spectrum visits are up a whopping 23% year-over-year. The Grove also posted an impressive +10% year-over-year visitation rate for Nov-Dec. Could it be that massive Christmas trees are a magnetic draw this year for these outdoor centers?
High Street Corridors: Increased Visitation Over the Holidays
In great news for the Big Apple, NYC saw higher year-over-year visitation in major shopping areas like the 5th Ave Retail Corridor and SoHo. The week of Christmas in particular saw a huge jump in the East Coast shopping districts. This ties in with the "Urban Renaissance" we have written about in past issues, as well as renewed appetite for travel and experiences among consumers.
The effect was not as pronounced in Beverly Hills and Miami, compared to last year. This could be in part due to more large, outdoor shopping centers competing for attention in the area.
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