NEW YORK (TheStreet) - Consumers aren't buying from retailers - at least not at the mall. They may be making purchases online, through mobile devices or hitting up discount retailers like TJX (TJX), but they're certainly not shopping at the mall and that has analysts concerned about the upcoming holiday season.
The mall was once seen as a destination for individuals and families alike, spending an hour or the day walking around, eating at the food court, popping in and out of stores. Today, as the world turns increasingly digital and mobile, the idea of shopping in a mall is being beat out by quicker, cheaper and easier shopping methods, such as Amazon (AMZN) and eBay (EBAY).
The latest findings of a ShopperTrak survey show that mall traffic has been on a decline this year, starting in earnest in the second quarter and continuing over the next few months. The data doesn't bode well for the all-important holiday season.
"ShopperTrak has shown a steady decline in mall traffic of late, with QTD trends down 3.2%, continuing the weakening trend that began in earnest in 2Q," Deutsche Bank analyst Paul Trussell cited in a research note on Tuesday. (TheStreet could not get ShopperTrak to confirm the data by press time.)
In the note, Trussell lowered price targets for three mall-inhabitants: Nordstrom (JWN), J.C. Penney (JCP) and Macy's (M), but upped his recommendation on non-mall retailer Kohl's (KSS) to "hold" from "sell" and increased his price target.