In the past, virtually every mall was anchored by a department store that was meant to attract a broad range of consumer segments to the shopping center with its widespread appeal and diverse merchandise. But as the role of both malls and department stores in the wider retail landscape evolved, mall operators have gotten more creative with their anchor strategy. We analyzed three malls that have replaced anchor tenants in recent years to see how the change impacted audience composition and visits to the shopping center.
Non-Traditional Anchors Rival Department Stores
Edens Plaza is a strip mall in Wilmette, IL, that was anchored by Carson Pirie Scott & Co. until the department store closed its doors in 2018. Following Carson’s closure, traffic to the mall plunged, with Q1 2019 visits falling 14.5% year-over-year (YoY) – and visits remained relatively weak until May 2024, when Wayfair opened its first large-format store in the vacant anchor space previously occupied by Carson’s.
Since Wayfair’s opening, visits to the mall have climbed back up – and the type of visit has changed as well. The share of returning monthly visitors fell from 43.2% to 30.8%, while the share of weekend visits, visits lasting 30+ minutes, and visitors coming from 10+ miles away also increased following Wayfair’s opening.
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This suggests that Wayfair’s home goods emporium is attracting a new visitor base beyond the mall’s usual patrons who visit the center’s grocery store, pharmacy, and other essential retailers regularly. And thanks to the store, consumers are coming to the mall from further away, are now willing to spend their precious days off visiting the mall, and are staying for longer. The arrival of Wayfair also seems to be attracting new tenants to Eden's Plaza – such as Uncharted – which might not have opened there without the furniture giant.
So even though Wayfair operates in the relatively limited home goods sector, its opening boosted visits, brought in a wider audience, and attracted new tenants to the mall – highlighting the potential of non-traditional anchors to strengthen overall mall performance.
Thriving Despite Anchor Vacancies
Putting a popular retailer with a wide visitor base in a vacant anchor space is one way for malls to drive higher visits and better visit quality. But the data suggests that shopping centers can also thrive when the anchor space is left (partially) vacant – as long as other tenants pull their weight.
The Danbury Fair Mall in Danbury, CT – an upscale super-regional shopping center – has three anchor spaces. In 2019, these spaces were occupied by Sears, Lord & Taylor, and Forever21, but all three stores had shuttered by mid-2020. In March 2024, Round1 Bowling & Arcade opened in the space previously occupied by Forever21, and Target opened the following month (April 2024) in part of the space vacated by Sears. The site vacated by Lord & Taylor remains empty, as Macerich, the mall owner, plans to build 140 apartments on the lot previously occupied by the luxury department store.
Since the Round1 and Target openings, traffic to Danbury Fair Mall has skyrocketed and is now higher than it was in 2018, when all three former tenants were open – even though one of the anchor spaces still stands empty. The mall’s visitor composition has also shifted. The share of ultra-wealthy families visiting the mall fell (likely due to the absence of Lord & Taylor) while the share of other family segments either remained stable or increased. The share of young professionals in the mall’s captured market rose as well, suggesting that the addition of Target and Round1 bowling grew and diversified the shopping center’s visitor base.
It seems, then, that even malls with vacant anchor lots can drive strong traffic if the remaining anchors are strong enough to make up for the vacancy.
Zeroing in On Target Market
Mall operators typically look for anchors who can attract as wide an audience as possible. Danbury Fair saw success with Target and its comprehensive general assortment. Edens Plaza drove visits thanks to Wayfair’s large-format home goods store, which, while operating in a single retail category, still offers an extensive collection of home goods that can serve almost all consumers looking to improve their living space. But another anchor strategy consists of going for quality over quantity by adding a relatively niche retailer that might not draw in crowds but will drive visits from consumer segments that will contribute to the mall’s overall success.
The Walmart Supercenter in Alton Marketplace – an outdoor shopping center in Irvine, CA – shuttered in March 2021, and traffic to the center dropped dramatically following the closure. In March 2024, Bass Pro Shops opened in the anchor space formerly occupied by Walmart, and visits surged – though traffic did not quite reach 2019 levels. Still, diving deeper into the data reveals that the visitors drawn by the Bass Pro Shop were more likely to also visit other parts of the mall.
Visitors to Bass Pro Shops tended to be wealthier than the previous Walmart shoppers ($122.6K median household income in Bass Pro Shop’s captured market compared to $116.3K median HHI for the captured market of the now-closed Walmart) – so visitors to the new Bass Pro Shop likely have more disposable income to spend in other shops and dining venues. Visitors to the new Bass Pro Shops also tended to come from further away compared to the previous Walmart visitors, and so were more likely to make an outing of it and engage with the mall’s other tenants, including restaurants. So while overall visits may not be quite as high as they were when Walmart was anchoring the center, the types of visitors drawn by the niche retailer may be more valuable to the wider mall’s ecosystem.
R.J. Hottovy is Head of Analytical Research at Placer.ai and Shira Petrack is Content Manager at Placer.ai.
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