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American Consumers Still Shopping in Malls

shopping mall

Rumors of the American mall’s demise have been slightly exaggerated.

According to Goldman Sachs’ list of the top 100 U.S. malls, published Thursday, the average sales per square foot at the best locations has increased from $773 to $792—despite foot traffic falling 13 percent over the past three years.

Among the leading properties were Westfield Century City in Los Angeles, Aventura, Florida’s Aventura Mall and Westfield Valley Fair in Santa Clara, Florida, while Palisades Center in New York’s West Nyack and Queens Center in Elmhust, New York, rounded out the top 10.

Goldman’s analysts based their ratings on eight factors, including the malls’ sales per square foot, the area’s population and tourism volumes, CNBC noted.

“Though discretionary spending has been shifting online, select malls have retained traffic as consumers are still attracted to specific locations, offerings and experiences,” the report said.

While 75 percent of the properties featured an Apple on site, Macy’s led the way on the department store side, with 85 locations in the top 100. But, as CNBC pointed out, that’s because its ownership of the Bloomingdale’s nameplate means it has more than 850 locations.

Nordstrom, meanwhile, has 57 of its 118 full-line stores in the top malls, and nearly half of Neiman Marcus’ 43 stores (its namesake as well as the Bergdorf Goodman brand) have a presence at the premier spots.