You might not think shopping malls are a thing anymore, but did you know there are still shopping malls around? And some of the top shopping mall statistics might surprise you!
I have been looking into shopping mall statistics and have found several trends and interesting facts that I wanted to share with you, so read on to learn all about it!
Shopping Mall Statistics In 2023
1. 25% Of Shopping Malls Expected To Close Within 5 Years
A sad shopping mall trend that we are seeing is that shopping malls are closing at an alarming rate, expecting that 25% of all shopping malls will be closed within five years.
2. There Are 1,000 Shopping Malls Left In America
Did you know that only about 1,000 shopping malls are left in America? With that, this trend will continue in the next several years to worsen as more malls close.
3. Mall Of America Is The Biggest Shopping Mall
The biggest mall in America is the Mall of America, located in Minnesota, and it is 5.6 million total square feet!
4. At The End Of 2021, Malls Had The Highest Vacancy Rate At 8.3%
Shopping malls haven’t been doing well, and in the retail sector, shopping malls had the highest vacancy rate in 2021 at 8.3%.
Furthermore, the vacancy rate for shopping malls will continue to climb as more malls lose business to online stores and other types of industry.
5. Malls Most At Risk For Closing Are B-, C-, and D- Rated Malls
Malls considered B-, C-, and D- are the most at risk of closing down within the next few years because the sales per square foot of these malls are significantly less.
For example, an A++ mall can make $1,000 in sales for each square foot, whereas a C+ mall can bring in about $320 per square foot, so C- and D- malls are not profitable enough.
6. There Are 380 C- And D- Shopping Malls In America
While speaking about C- and D- shopping malls, did you know that about 380 shopping malls in America have this low rating?
Further, these are the malls most at risk of closing and going bankrupt, so if any of those malls are near you, you should enjoy them while you can.
7. American Dream Is The Second-Largest Shopping Mall
The second-largest shopping mall is American Dream, located in the Meadowlands Sports Complex in East Rutherford, New Jersey.
8. Malls Are Transforming Into More Of A Community Space
Malls have been learning to transform into a community space instead of just housing for multiple shops, enticing the consumer since consumer habits have changed.
For example, people want to be able to take pictures and post them on social media, so malls are transforming into community centers with activities, rides, and even adding gardens.
9. Simon Property Group Is the Biggest Operator Of Malls In America
Simon Property Group is the biggest shopping mall operator in the United States and is a well-known name within the retail sector.
Furthermore, it owns an interest in over 232 properties throughout the world, so it’s not just a company that owns shopping malls in the United States.
10. Ala Moana Center Had 50 Million Visitors In 2019
In Hawaii, the Ala Moana Center had the most visitors to any mall in 2019, with over 50 million visitors, which is a huge and surprising statistic.
11. Kimco Realty Is One Of The Biggest Mall Operators In America
Another one of the big mall operators is Kimco Realty, and it’s a name that you may not know, but it owns a ton of shopping malls and centers throughout the United States.
12. SITE Centers Also Is One Of The Biggest Mall Operators In America
Although this company has nothing on Simon Property Group, SITE Centers is on the list of top mall operators in America.
13. Simon Property Group Owns 180 Million Square Feet of Stores
Simon Property Group is the biggest shopping mall operator in America, and it owns more than 180 million square feet of stores, which is an incredible fact about this company!
14. Brookfield Properties Owns 121 Malls
Brookfield Properties owns about 121 malls and about 119 million square feet of stores, which is a huge accomplishment!
15. Kimco Realty Owns The Most Open-Air Shopping Centers In America
Did you know that Kimco Realty owns the most open-air shopping centers in the United States, with more than 400 locations?
16. Mall Of America Had 40 Million Visitors In 2019
The Mall of America might be the biggest, but in 2019, it only had 40 million visitors, putting this mall in second place in terms of popularity.
17. CF Toronto Eaton Center Had Over 52 Million Visitors In 2019
In 2019, the CF Toronto Eaton Center had more than 52 million visitors, making it the most popular mall in Canada.
18. Malls Are Creating Apps To Interact With Customers
Just as other retailers have figured out, one great way to interact with customers is to create an app and entice shoppers into your store.
Therefore, the fact that shopping malls are getting into the app world shouldn’t be a surprise, especially given how shopping malls are going extinct and losing business left and right!
19. Europe Inspired The First American Mall
One interesting fact about shopping malls is that Europe inspired the first shopping mall in America.
20. The Mall Of America Has A Flight Simulator, Aquarium, & Amusement Park
While some people know about the Mall of America, one cool fact about this mall is its amusement park, flight simulator, and aquarium inside it.
Therefore, the Mall of America is more than just a traditional shopping mall.
Instead, it’s an experience that you and your family can spend the day enjoying inside of a traditional mall setting.
21. Malls Have A “Gruen Transfer,” Which is Pleasant Disorientation
Malls have what’s known as a Gruen Transfer effect which is the pleasant disorientation you feel inside of a mall where you lose both a sense of direction and time.
Furthermore, the name “Gruen Transfer” comes from the original creator of malls, and you feel like you’re walking in a maze with the ability to impulse purchase more easily.
22. Dead Malls Exist & There Is A Website
Deadmalls.com is a website that you can visit to look at all of the dead malls in America; several of them were never converted into another business and sit empty.
23. Mall Santas Make Great Money
If you want a good-paying job but don’t want to work for very long, consider becoming a mall Santa, since they work only six weeks and make five figures!
Furthermore, a mall Santa is paid via a salary and not hourly, but it can be well worth your time if you can pull off the look!
Also, did you know there is a Santa University, and many mall Santas graduate from Santa University before starting the job?
Are Shopping Malls Dying?
An unfortunate reality is that shopping malls are dying, with 25% expected to close within five years, but I don’t think shopping malls will disappear completely.
However, for shopping malls to continue to exist, they need to change how they interact with consumers and compete better with other businesses.
How Many People Visit The Mall Each Year?
About 105 million people went to a mall in 2018, which was nearly half of the adults in America, although it’s expected that in the past couple of years, this number significantly declined.
To know more, you can also read our posts on WiFi statistics, gig economy statistics, and passport statistics.
There are several interesting shopping mall statistics, such as there are about 1,000 shopping malls left in America, but 25% of them are expected to close within the next five years.
Additionally, Mall of America is the biggest mall in terms of square footage, but Ala Mona Center had the most visitors in 2019, with more than 50 million.
Also, if you’re a mall Santa, you’re going to make five figures just for working less than two months out of the year, which is a pretty good gig for a little work!