COLUMBUS, Ohio (WCMH) – For decades in the U.S., malls were the place to be. City Center Mall in Downtown Columbus was a hot spot in the 1990s, and Eastland and Westland malls were thriving.
That eventually led to some shopping giants like Easton Town Center and Polaris. This month, Easton is marking its 25th anniversary.
Most of those other malls have now faded from view, a retail trend that's not specific to central Ohio. The malls that have survived are pivoting to a new model.
Lee Peterson from WD Partners is a national retail expert based in Columbus. He's studied retail trends for decades. Lee and other retail experts say the data is clear---malls are not dying. But they're fighting a common opponent.
“The expression is, ‘You don't have to go to stores anymore; you have to want to go to the stores,’” Peterson said. “Time is the real enemy of stores right now.”
Yet malls remain competitive. According to Coresight research data from 2023, retail sales at malls grew 11%, and store occupancy rose to 95%, the highest level since before the COVID-19 pandemic.
“All in all, retail metrics are at their best level ever,” said Brandon Isner, head of retail research for CBRE, a commercial real estate services company.
Greenstreet, a retail analytics firm, completed a recent evaluation of our two main malls in central Ohio. It ranks Easton Town Center as an “A+” mall with 94% of its current space occupied. Polaris ranks as an “A-“ mall with 92% of its space occupied.
Store space into entertainment areas, more varied food service, offices and even housing are breaking out of the "mall mold."
Brands have figured out that their retail stores are not just to sell things; they can process returns and customers can pick up online orders in-store and save on shipping. So many brands still think an in-person presence is critical to their overall sales strategy.
