National index 2024

"The summer surprise"

A Time of Uncertainty (2022)

It is 2022. The world is still recovering from the effects of the pandemic, and retail has been hit hard. Shopping centers, once bustling centers of activity, are eerily quiet. Store closings are becoming more common and many fear for the future of physical retail. Average weekly visitor numbers are a shadow of what they used to be. The first quarter (January-March), normally a strong period because of winter sales and New Year's shopping, shows a glimmer of hope, but the rest of the year paints a bleak picture. The summer vacations(Q3) cause a predictable dip in visitors, and even the holidays(Q4), usually a period when retailers rejoice, do not provide cheer. The weekly data show dramatic swings, reflecting the uncertainty and volatility of these times.

The Green Shoots of Recovery (2023)

As2023 dawns, a cautious optimism begins to emerge. The pandemic is lifting less of a grip on daily life and people are getting out more. Shopping centers are adapting to the new normal and implementing strategies to attract visitors, such as enhanced experiences and targeted promotions. The economy is showing signs of improvement, boosting consumer confidence and spending. This renewed hope is reflected in visitor numbers. Average weekly visitor numbers are up 7.7% from 2022. The first quarter of2023 sees a significant increase in visitor numbers, indicating a strong rebound after the pandemic. Although the usual seasonal patterns still apply, with a dip in the third quarter and an increase in the fourth quarter, the overall trend is decidedly positive.

Embracing the Change (2024)

The year 2024 heralds a new era for Belgian shopping centers. No longer content to simply recover, they are striving to thrive. The focus is shifting from reactive measures to proactive strategies aimed not only at attracting visitors but also at understanding and adapting to their changing needs and preferences. The rise of online shopping, once a threat, is now seen as an opportunity. Shopping centers are using technology to bridge the gap between online and offline shopping to create seamless and engaging experiences for customers. This strategic evolution is evident in visitor numbers. Based on figures through week 40, the average number of visitors per week is expected to increase by 0.6% from 2023.

The Summer Surprise (Q3 2024)

Perhaps the most remarkable development in 2024 is the unexpected strength of Q3. Q3 is traditionally the weakest quarter because of the summer vacations, but 2024's reverses the trend and nearly matches the figures of Q1 and Q2. This suggests that malls' efforts to attract visitors during traditionally slower periods are paying off. Whether due to targeted promotions, summer events or a real shift in consumer behavior, the strong performance in Q3 paints an encouraging picture for the future of Belgian shopping centers.

A Promising Future, Shaped by Innovation

As 2024 progresses, everything points to a bright future for Belgian shopping centers. They have not only recovered from the challenges of the recent past, but are evolving to meet the demands of a changing retail landscape. The key to their continued success lies in innovation and adaptation. This means continually improving the personalized shopping experience, using technology to create seamless online and offline paths. It also means remaining responsive to the ever-changing preferences and behaviors of consumers. The data from 2022 to 2024 tell a compelling story of resilience, adaptation and ultimately triumph. The future belongs to those who embrace change and dare to innovate.

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