Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
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stuff online, par- ticularly if free shipping is of- fered. "Over the last couple of years, the miles driven by Ameri- can consum- ers has actually dropped," John- son said. "This hadn't happened since the OPEC oil embargo of 1973, and it is continuing as we speak." Trip consolidation could partly ac- count for the reduced frequency of vis- its tracked in recent years by mall own- ers in Canada and the U.S., says Robert Boyle, head of operational research at Ivanhoé Cambridge. But particularly in Canada, which has not been plagued by retail overbuilding, mall spending is up considerably despite a drop in overall frequency of visits, says Boyle. In the Ivanhoé Cambridge portfolio, the average shopper expenditure has risen steadily over the past decade, he says. "People are more efficient and purposeful, more methodical, when they go to the mall today, staying longer and spending more on average," Boyle said. "I suspect that technology has con- tributed to that, as well as enhancements to tenant mix and sig- nificant reinvestment in Canadian malls." The rapid growth of dollar stores and outlet malls is but one manifestation of this sea change. Naturally, some of the major U.S. landlords seek to uncover subtler shifts in shopper behavior as well, includ- ing those related to demographics and e-commerce. During 2008 and 2009 some of these REITs either suspended or reduced their exit interviews amid belt-tightening across the industry. When the taking of surveys rebounded in 2010, they handed the data to ICSC Research for analysis. Thus the report provides the first in-depth look at U.S. mall shopper patterns since the onset of the meltdown, says Lambert. The trends indicated, culled from some 16,000 interviews that mall RE- ITs conducted in 2010, will have to be confirmed through future surveys, the researchers say. Lambert and Connolly caution that no firm conclusions about shopping habits in the post-recession environ- ment should be made based only on 2010 data. "There are indications that the recent recession modified previous patterns," they wrote in the conclusion to the report. "Malls saw a younger crowd but the older — and most often wealthier — shoppers spent the most. Spending shifts in 2010 were toward mall shops rather than department stores. In addition, the entertainment component grew — as reflected by the increased spending in restaurants and for food." But as more survey data roll in (another report is due later this year), these findings could start to influence tenant mix and, ultimately, the com- petitive positioning of regional and super-regional malls. The full report is available in Retail Property Insights, Vol. 18, No. 2, 2011. SCT APRIL 2012 / SCT 39