Fewer Americans headed to shopping malls during the Black Friday weekend compared to last year, new data suggests, as rampant inflation and economic uncertainty took a toll on retailers during the shopping holiday.
Malls fared even worse when compared to 2019, the last Black Friday weekend before COVID-19 triggered retail closures and a shift to online shopping. Traffic at indoor malls was down 14.2 percent relative to three years ago, while lifestyle centers and outlets witnessed declines of 11.7 percent and 17.8 percent.
But the federation’s survey of consumers covers a longer time period and includes online sales along with brick-and-mortar store visits. Placer.ai reports on physical store visits only and computes footfall by using cameras, in-store sensors, data sent from mobile devices, and visitor interviews, as well as actual counting of shoppers.
Department stores fared the worst of all retail sectors in the company’s report, with visits falling 10.5 percent from last year and 26.6 percent from 2019, following the closure of many locations in recent years.
Clothing stores experienced a 5.3 percent annual drop in foot traffic, while electronics stores and recreational and sporting goods retailers also saw declines, likely because inflation is prompting consumers to cut back on discretionary spending.
The beauty and self-care sector bucked these negative trends with an 11.7 percent annual increase in visits and a nearly 30 percent increase compared to three years ago.