This was in spite of an improved trading density performance in the third quarter, with foot count - expressed per square metre - having grown every month since April 2019. Trading density had grown every quarter since the second quarter of 2018.
“So, shoppers are starting to visit the malls more frequently but, critically, they are not maintaining their spend per visit and are possibly spreading out the same level of spend over more trips,” Sapoa said of its research findings.
Trading density growth (annualised sales per square metre) came in at 4.3percent year-on-year to September 2019, compared with 4.1percent for the year to June 2019.
The 4.3percent was a function of 5.5percent sales growth and a 1.2percent increase in the amount of reported trading area.