Foot traffic has been one of the main measures CRE uses to gauge the health of a shopping center. However, dwell time and frequency can also come into play. With Placer’s new Shopping Centers Benchmarking function, CRE executives are able to take a look at shopping centers based on their categorization (Lifestyle Centers, Power Centers, Super-Regional Malls, etc.) and filter based on additional metrics beyond foot traffic including visitors, visits/sq ft, visit frequency, and average dwell time.
As one example, let’s look at the top 5 Lifestyle Centers according to average dwell time:
The winner for longest dwell time by a mile is The Battery Atlanta. This experiential lifestyle center at SunTrust Park, home to the Atlanta Braves, has such a wide variety of things to do, watch, and eat that it’s no wonder people are there for hours. In addition to a Punch Bowl Social and Good Game Powered by Topgolf, there is also a Silverspot Cinema and ASW Distillery. And that’s only the “Play” portion of their “Shop, Dine, Play” attractions. When it comes to shopping, tenants run the gamut from charming home goods at Sugarboo & Co to the 5,000 ft Braves Clubhouse Store. The dining options are globally inspired - from fan favorite Mac McGee Irish Pub to Eataliano Kitchen for Italian comfort food--no customer will go away hungry.