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MARKETS LIVE BLOG:

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Mall foot traffic remains below pre-pandemic levels: Placer.ai data

Yahoo Finance Video

Yahoo Finance Live's Brian Cheung breaks down the chart of the day.

Video Transcript

BRIAN CHEUNG: Time now for our Chart of the Day. You may have noticed the malls getting busier compared to the winter, but interestingly, we're still not back to pre-pandemic levels just yet. This data comes from Placer.ai. And it shows that foot traffic to malls in May were still a few percentage points below where they were in the pre-pandemic times of May 2019.

Interestingly, indoor malls, which is the purple bar here, closing the gap a little bit faster than outlet malls, which are still down about 7.7%, compared to May of 2019. So even though people are going out and spending, not all that is necessarily in-person, at least in the malls, Akiko.

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AKIKO FUJITA: Hmm, it feels like there's still a bit of a omnichannel approach, which is the word we like to use a lot. But it's sort of online shopping maybe returning in the malls, but not necessarily going straight into malls for all the shopping.

BRIAN CHEUNG: Yeah, and outdoor malls interestingly not getting a big boost, even though you might expect that with the nicer weather coming out, also just kind of people worried about the surge that we've seen in Omicron, still down actually about 6% compared to pre-pandemic levels. And we'll see if that remains a trend. But of course, commercial real estate remaining an issue as well in some malls. They just haven't been able to find tenants or replace tenants. That's certainly something worth watching in the space as well.

AKIKO FUJITA: Yeah. When was the last time you went to a mall?

BRIAN CHEUNG: The last time I went to a mall-- well, we talked about the Grove yesterday. We're a big mall-- I feel like we're a big mall centric show on the 11:00 to 12:00. I went to-- oh, I went to one in my hometown in New Jersey, which is-- yeah.

AKIKO FUJITA: Yeah, I was going to say, you don't have to go to malls when you're in New York City.

BRIAN CHEUNG: I went to a--

AKIKO FUJITA: When you go out to the suburbs.

BRIAN CHEUNG: Yeah, I went to a Hot Topic to buy one of those chain wallets because I went to a concert.

AKIKO FUJITA: No, you didn't.

BRIAN CHEUNG: I did, yeah.

AKIKO FUJITA: No, you didn't. Brian Cheung shops at Hot Topic.

BRIAN CHEUNG: I don't have it on me. I don't have it on me right now, so.