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Black Friday retail traffic tops the charts | Commercial Property Executive, December 17, 2024
Foot traffic data from Placer.ai indicates a rosy picture for retailers on Black Friday 2024. Visits to open air shopping centers (OASCs) increased 6 percent year-over-year while visits to enclosed malls increased 2.7 percent. Black Friday weekend saw both indoor malls and OASCs surpassing pre-pandemic 2019 foot traffic levels. This follows a lull in September and October, signaling renewed consumer enthusiasm despite economic uncertainty. Retail holiday sales over Thanksgiving week also exceeded expectations, underscoring steady consumer resilience, according to Cushman & Wakefield’s James Bohnaker.
Developer Daniel Gilbert has unveiled plans to redevelop Detroit’s iconic Renaissance Center as General Motors prepares to vacate the towers for a new building. However, the proposal has drawn criticism due to its reliance on over $300 million in public subsidies. While officials question the necessity of such incentives, Gilbert has hinted at drastic measures, threatening to demolish the nearly 50-year-old complex if subsidies aren’t approved. This controversy underscores the broader public-private tensions related to office buildings faced by central business districts across the country.
