With covid-19 raging and e-commerce taking away a significant volume from all businesses that sell products to consumers. The question on our mind was what do they think of malls and how has the virus impacted on them?
Some 49.3% of the public still visit malls even during the pandemic. But as you will note in the graphic 36.4% do so only when they really have to. However 17.9% have not visited a mall since the pandemic started. That is a significant level of revenue lost and once again streaming into the pockets of e-commerce and other retailers.
The we have 31.8% of the public that no longer finds malls appealing as a shopping venue. The question is will they return when we have the virus under control.
We continue to monitor the impact of the virus on the retail sector. However we believe that consumers have retrenched from many activities and will likely continue to be apprehensive for sometime in the foreseeable future.
Malls were already in a questionable situation with declining traffic. The consumer migration towards convneience and e-commerce has accelerated over the last few years and the virus just a catalyst pushing the future much closer.