IRVING, Texas (NewsNation) — The nostalgic days of hanging out at the mall might be making a comeback.
While some malls across the U.S. are boarding up and major brick-and-mortar stores are closing, others are thriving after incorporating modern amenities like new local restaurants, arcades and more entertainment-based or mixed-use options for families and consumers.
Food and beverage space in malls has grown from 5% in the 1990s to 15% to 20% today, according to research from Deloitte. One developer told the consulting company it could go as high as 50% in the future.
It’s won’t be a return to the food court of the 1980s, 1990s, and 2000s, but more malls aim to implement an array of choices like a sushi bar, local microbrewery or new eateries with trendy concepts.
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What’s driving mall traffic?
According to Coresight Research data, traffic at both lower- and top-tier malls was up compared to prepandemic levels.
The State of the American Mall 2023 report found that top-tier mall traffic rose 12% on average in 2022 compared to 2019 levels. Non-top-tier mall traffic was up 10%.
The International Council of Shopping Centers estimated that 12.9% of consumer expenditure on retail goods, food services and other retail-adjacent services went through malls in the first quarter of 2023.
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Analysts suggest the increase is due to people spending more time in malls due to the food and beverage options offered.
“So, can it work? Yeah, it’s kind of like musical artists that keep reinventing themselves, they can last for a long time. The ones that are just in that narrow lane, they have a shorter rise,” said Gary B. Smith, a NewsNation contributor and hedge fund manager. “Same way with restaurants, same way with restaurants and malls.”
According to Deloitte, people of all generations are looking for “a sense of community,” and one of those options is to find it at a local mall.
