Thursday, May 24, 2018

ICSC Says Malls Still Have a Future

For more than four decades Elliot Feuerstein has served as an officer of Mira Mesa Shopping Center, where he has primarily been responsible for overseeing a number of San Diego, CA, area shopping centers. Active in his industry outside of his everyday professional work, Elliot Feuerstein is a longtime member of the International Council of Shopping Centers (ICSC).

The ICSC recently released a report dispelling the myth that retail shopping centers have lost the ability to attract and maintain loyal customers, especially among younger demographics. Over a three-month period earlier this year, more than 160 million Americans visited shopping malls, with more than a third of that figure (60 million) consisting of millennial shoppers. Additionally, 61 percent of surveyed adults say they plan to continue visiting brick-and-mortar storefronts to conduct the bulk of their shopping. 

According to ICSC President and CEO Tom McGee, these figures and other key data points show that, while some malls may be closing, the notion that the entire concept of the mall is going by the wayside is unfounded. As shopping trends among consumers evolve, the malls that evolve with them are proving that they can still capture strong retail traffic.