The Washington Post: Retailers Embrace the Great Outdoors
There’s no better way to make a case for this week’s blogs on investing in infill, than providing evidence of both the economic benefits and market demand:
– An International Council of Shopping Centers (ICSC) survey found that ‘outdoor malls’ (urban-oriented town centers) produce better sales than enclosed, typically suburban shopping malls. Last year they reported median retail sales of $270 per square foot of total area vs. $242 for enclosed malls.
– The ICSC also found that two-thirds of 1500 shoppers surveyed preferred the upscale open-air shopping centers. It becomes even more apparent when looking at their bank account – shoppers spent an average of $84 an hour there vs. $58 at a regional mall.
– Here’s a typical shopper’s quote in the article by 31-year old Stacey Hill: “I can jump in and out of stores I actually like instead of having to pass ten of them I don’t care about in the mall. Plus there is just something about being outdoors.”