Tags: Coronavirus | coronavirus | shopping | malls | retail | profits

Coronavirus Fears Threaten Shopping Malls

only a few people at a mall
People walk through a Manhattan shopping mall ( Spencer Platt/Getty Images)

By    |   Monday, 02 March 2020 09:52 PM

Shopping Malls could see a sharp decline in sales if there is an uptick in coronavirus cases, with almost six in 10 people saying they'll avoid public places, according to data by Coresight Research.

"Among those likely to change habits if the outbreak worsens, around three-quarters expect to avoid shopping centers/malls — making this the most-avoided type of location," Coresight founder and CEO Deborah Weinswig told Business Insider. "Shoppers say they will continue to avoid malls more than shops in general."

About 27.5% said they already are avoiding public areas or are changing travel plans because of the virus. And 47% of those said they are avoiding shopping malls.

The survey talked to 1,934 American adults.

"The broader leisure and services industry is likely to see hits to movie theaters, restaurants and sports events, with our survey recording high levels of avoidance or possible future avoidance if the outbreak worsens," Weinswig said.

Retailers have been positive about any impact the virus might have on sales. The National Retail Federation recently predicted sales would rise between 3.5% and 4.1% this year if the virus does not become a global pandemic, Business Insider noted.

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About 27.5% said they already are avoiding public areas or are changing travel plans because of the virus. And 47% of those said they are avoiding shopping malls.
coronavirus, shopping, malls, retail, profits
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2020-52-02
Monday, 02 March 2020 09:52 PM
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