Shopping Centers Today

AUG 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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Page 57 of 59

R E TA I L T R E N D S AT A G L A N C E T H E L A S T S T O P 58 S C T / A U G U S T 2 0 1 8 W hat happens to foot traffic when new venues open at American malls? Social-media platform Foursquare investigated and determined that the most significant factor in the success or failure of a new retail location's open- ing  is its "categorical fit" with the mall's existing ecosystem. Foursquare focused on the foot-traffic changes resulting across the entire mall when certain types of venues or specific retailers are introduced. The study involved nearly 1,000 malls from the Foursquare Places database, including enclosed and open-air malls, but excluding strip malls, outlet malls, and malls with fewer than 25 venues. The company studied malls with venues that opened in 2016, tracking the foot traffic trends over the sub- sequent four quarters while correcting for seasonality. "Consumers have certain expectations when they visit a mall," said Felix Peutsch, Foursquare's head of analytics. "For a new tenant to add to the overall health of the mall, it should land within the expectations of the existing consumer set and make sense for the ecosystem that exists." Foot traffic to high-end malls  —  those with such retailers as Apple or Saks Fifth Avenue  —  increases when those centers bring in food establishments that are healthy and trendy. One notable success story is Tysons Corner Center, outside Washington, D.C., which saw a roughly 20 percent lift in foot traffic year on year, driven in part by an ongoing renovation and expansion that has included the openings of a Sweetgreen salad shop, Kung Fu Tea bubble tea shop and Jinsei Organic Juice Bar. n THE RIGHT INGREDIENTS Foursquare data prove a complementary tenant mix boosts foot traffic Designing the mall of the future SALAD PLACES ART GALLERIES SPORTS BARS MOVIE THEATERS GYM/FITNESS CENTERS BURGER JOINTS High-end malls Midrange malls Budget malls Types of stores that correlate with an increase in mall visits Methodology: Foursquare's data specialists examined the foot traffic at U.S. malls whose visitors have been active on the Foursquare City Guide or Foursquare Swarm apps, among other apps, and who had visited a mall at the opening of any type of venue in 2016 and the first half of 2017. The data were analyzed in the aggregate and compared against U.S. census data to avoid possible age, gender or geographical bias. (foot-traffic increase) 0% 10% 20% 30% 40%

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