Mall momentum appears to be fading after a brief resurgence in the spring, when year-over-year visits increased across all formats. New data from Placer.ai shows a steady drop in foot traffic through the summer, with further softening into the fall.
Open-air shopping centers and outlet malls saw only minor declines in summer visits, but those gaps widened in September to 1.7% and 6.85%, respectively. Indoor malls performed slightly better, with modest year-over-year growth in July and August, but visits dipped 1.9% in September.
Some of September’s sluggishness may be due to a calendar quirk—there was one fewer Sunday this year compared to 2024. That shift likely impacted outlet malls the most, as they’ve seen roughly 18.2% of visits fall on Sundays this year, according to Placer.ai. In comparison, indoor malls see about 16% of traffic on Sundays, while open-air centers see around 15.4%.
Despite September’s slowdown, quarterly trends point to relative stability. In Q3, indoor mall visits were down just 0.1% compared to the same period last year. Open-air centers and outlet malls saw slightly larger but still small declines of 1.1% and 2.8%, respectively.
“Given the macroeconomic headwinds that have challenged retail this year—persistent inflation, tariffs, and higher living costs—these are mild declines,” said Placer.ai. “With the all-important holiday season approaching, retailers have an opportunity to shift the narrative. Strategic promotions, in-store experiences, and omnichannel integration could help convert cautious consumer sentiment into stronger end-of-year traffic.”
While the broader sector remains stable, outlet malls have consistently underperformed other mall types in year-over-year visits throughout 2025. The steeper decline may reflect shifting preferences among value-focused shoppers, who are increasingly turning to large discounters and online bargain platforms.
Outlet malls draw a higher share of lower- to middle-income shoppers than other formats—43.8% of households in their trade areas earn under $75,000 annually. That compares with 40.8% for indoor malls and 37.8% for open-air centers. These budget-conscious consumers are more likely to favor off-price retailers like T.J. Maxx, Ross Dress for Less, Burlington, Marshalls, and HomeGoods—all of which maintained steady year-over-year traffic through the summer and early fall.
Another factor may be outlet malls’ limited experiential offerings. Unlike indoor malls and open-air centers, outlets tend to lack entertainment, dining and events that drive repeat visits and dwell time. As shoppers increasingly prioritize mission-driven, efficient trips over leisurely browsing, outlet malls are struggling to differentiate themselves and maintain consistent foot traffic, the report said.
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