What are the reasons behind the prevalence of strip malls in the United States?
Approximately 62 trips to shopping centers are made by U.S. adults every year, as stated by the International Council of Shopping Centers.
More of those consumers are going to strip malls.
Despite challenges for traditional malls, strip malls have experienced a surge in foot traffic, with a 18% increase in annual visits last year, according to RetailStat data.
According to the International Council of Shopping Centers, there are over 68,000 strip malls across the United States.
The rise in convenience, hybrid work, and the migration of millennials to fast-growing suburbs are attracting more shoppers to shopping centers.
Hunton Andrews Kurth real estate attorney Jessica Vara stated that shorter lines and easier parking are due to smaller stores, and these locations are typically on the way home from dropping off kids at school or returning from work.
Last year, Macy's announced plans to open 30 new small-format stores in off-mall locations. These shops, which are about a fifth the size of traditional stores, offer a streamlined selection, according to the retailer.
Criticism is directed at strip malls for being unattractive in their communities, exacerbating environmental issues and accelerating the decline of traditional business areas.
What led to the proliferation of strip centers in the U.S., and could this format be the future of brick-and-mortar retail?
Business News
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