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Time is Money
Shoppers buy more when they stay longer - Quantifying the relationship between how long shoppers stay and how much they spend.
Executive Summary
Shopping centres today face very difficult times. Competition from online stores, retail parks and large supermarkets is increasing. Coupled with this is the increasing cost of fuel, generally lowered consumer confidence and wider expectation of a recession. Consequently foot traffic (footfall) to traditional shopping centres is falling – by 2.6% a year in July 20081.
As shopping centre competition increases and the market changes, malls are discovering that understanding shopper behavior is critical. Traditionally managers and owners have looked to understand shopper behavior through understanding footfall to their centre. Yet with footfall falling, consideration is now turning to the quality of the shopper visit. Shoppers vote with their feet, hence the length of time they spend in a centre (dwell time) is a key indicator of the quality of a consumer's overall shopping experience.
This paper describes the outcomes of a unique UK research study undertaken by Path Intelligence Ltd in collaboration with Massachusetts Institute of Technology (MIT) in 2007.
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