Why Macy’s And Other Brands Are Moving Into Strip Malls
October 6, 2024
890,577
9,258
1,429
1.20%
Search the Record
IndexedEvery word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
Cnbc Episodes Around October 6, 2024
See what was published immediately before and after this episode.
Chapters
YouTube Description
as posted by the channelU.S. adults make about 1.3 billion visits to shopping centers each month or about 62 trips per person annually, according to the International Council of Shopping Centers.
While some outlets, like malls, have struggled to retain shoppers, foot traffic to strip malls is booming.
Data compiled by analytics company RetailStat shows annual visits to strip malls surged 18% last year compared with prior to the pandemic.
Convenient shopping options, hybrid work and millennials moving to fast-growing suburbs are driving that trend.
"Lines are shorter because of smaller stores, parking is easier, they're usually on your way home from dropping your kid off at school or on your way home from work," said real estate attorney Jessica Vara of Hunton Andrews Kurth.
And retailers are trying to get a slice of the action. Macy's announced last year it was opening 30 new small format stores in off-mall locations. The new stores, about a fifth the size of traditional stores, offer a slimmed-down selection, according to the retailer.
But strip malls face criticism for being an eyesore to their communities, adding to environmental problems and contributing to the demise of traditional business districts.
The U.S. has more than 68,000 strip malls from coast to coast, according to the International Council of Shopping Centers.
So how did the U.S. become covered in strip centers, and could the format be the future of brick-and-mortar retail?
Chapters:
Produced by: Shawn Baldwin
Edited by: Nora Rappaport
Supervising Producer: Jeniece Pettitt
Animation: Christina Locopo, Jason Reginato
Additional Footage: Getty Images, Macy's
» Subscribe to CNBC
» Subscribe to CNBC TV
About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more.
Want to be a successful, confident communicator? Take CNBC’s online course Become an Effective CommunicatorMaster Public Speaking. We’ll teach you how to speak clearly and confidently, calm your nerves, what to say and not say, and body language techniques to make a great first impression. Get started today
Connect with CNBC News Online
Get the latest news
Follow CNBC on LinkedIn
Follow CNBC News on Instagram
Follow CNBC News on Facebook
Follow CNBC on Threads
Follow CNBC News on X
Follow CNBC on WhatsApp
#CNBC
#Malls
#retail
#Stripmalls
Why Macy’s And Other Brands Are Moving Into Strip Malls
Guests & Subjects Covered
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.