6/5/2023 0 Comments Foot traffic![]() ![]() More foot traffic means more eyes on the street–eyes that can reduce crime. Studies have shown that there is a direct correlation between foot traffic and the safety of an area. The Rate of Crime Can IncreaseįWith so many people shopping online, foot traffic has decreased not only in brick-and-mortar retail stores but also in the surrounding neighborhoods. It’s possible that high-end luxury stores could be successful in malls because they have such a strong brand presence, but even luxury brands are having trouble staying profitable in brick-and-mortar spaces because their profit margins are lower than those for apparel retailers. Some retailers have tried to adapt by opening smaller stores that are easy to get into and easy to get out of - think dollar stores - but it’s a tough space. Malls and large retail chains have suffered from these trends and from competition from other forms of entertainment such as casinos, racing tracks and concert venues. ![]() In fact, some customers are so used to shopping online that they feel uncomfortable buying in person with cash - they prefer to shop online where they can pay with a credit card and get free shipping. The physical experience of shopping is important to many people, even those who buy most or all of their goods online. The convenience and cost savings of online retail may be too much for some shoppers to resist, but there’s still something to be said for the personal touch of brick-and-mortar stores. Without a doubt, the single biggest factor in the decline of foot traffic at shopping malls has been the rise of online shopping. Traffic at malls is down, and many retailers are struggling to compete with the convenience and efficiency of online shopping. The rise of online retail in recent years has led to the downfall of many brick-and-mortar storefronts. What is the social and economic impact of declining foot traffic at malls around the country? To get insight into this question the Host of Retail Refined, Melissa Gonzalez, sat down with Karen Bomber, the Vice President of Global Marketing for Honeywell, at NRF 2022 to discuss the direct correlation between foot traffic and the greater economic trends of the area. ![]()
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