Analytics firm Thasos has just released a new report revealing that foot traffic at U.S. malls has been dropping since last August, save for a small uptick during the holidays, CNBC first reported.
Thasos used mobile phone data to track when consumers enter and leave certain trade areas, which is creepy as hell, but also provides a good idea of who is shopping and when.
While landlords are courting notably strong brands like Apple and Tesla by offering them sweetheart lease deals in the hopes of increasing consumer traffic, it may not be a good investment.
Thasos’s data shows that the big-name stores and so-called experiential tenants like Italian food marketplace Eataly, which don’t use their brick-and-mortar locations to just sell products, aren’t luring in customers at a rate that would make it worthwhile for landlords as they reportedly haven’t been drawing in extra traffic.
According to CNBC, “indoor shopping malls with ‘experiential’ tenants didn’t benefit from greater shopper traffic on a year-over-year basis when compared with indoor malls without any of those unique, nonapparel tenants.”