Around the world, malls are adding new electric vehicle (EV) charging stations to attract the high-income shoppers who own them and to get them to spend more time on site.
BP, for instance, announced Wednesday (July 10) that Simon Property Group, the largest mall owner and developer in the U.S., has partnered with BP Pulse to roll out ultra-fast EV charging stations at 75 of its shopping centers across the United States. The collaboration aims to install more than 900 ultra-fast charging bays, with the first ones set to be available in early 2026.
“Simon is committed to offering best-in-class brands, amenities, experiences and sustainable practices to our shoppers and the communities that we serve,” Simon Brand Ventures executive vice president Chip Harding said in a statement.
The initiative is a clear nod to the increasing number of affluent consumers who are shifting toward electric vehicles. EV owners, typically residing in higher income brackets, represent a lucrative market for retailers and service providers. As EV adoption continues to rise, the availability of ultra-fast charging stations could become a significant factor in these high-value consumers’ choice of shopping destinations.
“The EV early adopter profiles are a company’s dream: established, affluent, college-educated people (mostly men) living in the largest car markets in the country: California, Texas, Florida, and New York,” PYMNTS’ Karen Webster wrote in a feature.
Additionally, given that it takes time for vehicles to charge, Simon has the opportunity to seize on waiting car owners’ idle minutes. One report found that 61% of EV owners report being more likely to shop where they can charge their cars.
These high-income shoppers are the likeliest to continue to splurge even amid economic challenges such as inflation. PYMNTS Intelligence research finds that high-income shoppers are less likely than the population overall to have cut back on nonessential retail spending in response to price increases.
Malls around the world are looking to capture this opportunity. Three shopping centers in Metro Manila in the Philippines, for instance, added Shell EV recharging stations in April. Plus, Puerto Rico EV charging solution provider Velocicharge has added stations at several malls in the territory, according to El Vocero’s The News Journal.
These moves can also help retailers appeal to the growing share of consumers whose shopping decisions are influenced by merchants’ alignment (or lack thereof) with their values around environmental concerns.
The PYMNTS Intelligence report “Generation Zillennial,” which draws from a survey of more than 3,000 U.S. consumers, finds 31% of consumers said that it was very or extremely important to them when choosing a merchant that that merchant offers sustainable brands or products. That share is on the rise, with younger consumers caring more. Forty-three percent of zillennials, the bridge generation between Generation Z and millennials, said the same.
As the global shift toward electric vehicles accelerates, malls that incorporate EV charging stations are poised to capture the engagement and spending of affluent shoppers. By offering convenient charging options, these retail hubs not only enhance the shopping experience but also align with the growing consumer demand for sustainable practices. The integration of EV chargers is not just a nod to current trends but an investment that positions malls as leaders in both convenience and in aligning with shoppers’ environmental values.
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