Our world is all about numbers: “What time is it?”, “When are you coming home?”, “How big discount did you get in your outlet?” These are the questions you hear every day. Yes, numbers are important so let’s look what numbers (and research) can tell us about outlet malls and stores. You will be surprised!
How big is an outlet mall?
When you drive by an outlet mall in your neighborhood, chances are it is between 100,000 to 200,000 square feet of retail space. These are the average “little” outlet malls, but if you think of “bigger” mall, the size can gradually increase up to 500,000 to 600,000 feet. In this case we speak about outlets that resemble regular shopping malls.
Who shops in outlet malls?
Research says that 42% of outlet customes are college graduates, and 62 % are less than 50 years old. Mostly women, who reported, that they usually travel to mall between 30 and 80 miles (one way), which takes them 54 minutes in average.
When did the trend of outlet shopping start?
The first outlet store was found in 1936 and the first outlet mall in 1974. The era of outlet shopping started in the 80´s and 90´s when customers became more interested in designer labels and until these days the trend keeps growing.
How many outlet malls are there in the USA?
Just as the number of outlet shoppers grows every year, the number of malls in the USA continues to rise as well. In 1988 there were 113 outlet malls, in 1991 there were 276 outlet malls, in 1997 it was 325 outlet malls and since 2013 the total number is over 400!
How much money is there in the outlet world?
In 2003, outlet malls generated $15 billion in revenue from 260 stores that provided the data. Keep on mind the growing popularity of outlet shopping and the growing number of outlet malls and stores! Do the math in your head or your calculator and let us know in the comments, how much money do you think will outlets generate in 2014.