Return of the Mall Rat: The American Mall Is Coming Back

Exponential Learning · Oct 20, 2026 · 17m

For two decades the mall was retail's easiest obituary. The data now argues back. Foot traffic is growing again in 2026, and survey data shows 48% of 16-34 year olds visited a mall in the last month, more than any other age group. The sales growth gap between mall-based and off-mall softlines retailers has narrowed from roughly 500 basis points historically to about 200 in 2025, softlines e-commerce penetration has plateaued around 40%, and mall real estate fundamentals are the healthiest in years: occupancy above pre-pandemic averages for 11 straight quarters, record base rents, and tenant…