National Index 2024

"The summer surprise"

A Time of Uncertainty (2022)

It's 2022. The world is still recovering from the consequences of the pandemic and retail has been hit hard. Shopping centres, once bustling hubs of activity, are eerily quiet. Store closures are becoming increasingly common and many fear for the future of physical retail. Average weekly visitor numbers are a shadow of what they once were. The first quarter (January–March), normally a strong period due to winter sales and New Year shopping, shows a glimmer of hope, but the rest of the year paints a bleak picture. The summer holidays (Q3) cause a predictable dip in visitor numbers, and even the festive season (Q4), usually a period that retailers look forward to, fails to bring cheer. The weekly data show dramatic fluctuations, reflecting the uncertainty and volatility of this time.

Green Shoots of Recovery (2023)

As 2023 dawns, a cautious optimism begins to emerge. The pandemic holds daily life in its grip less tightly and people are going out more. Shopping centres are adapting to the new normal and implementing strategies to attract visitors, such as improved experiences and targeted promotions. The economy shows signs of improvement, boosting consumer confidence and spending. This renewed hope is reflected in visitor numbers. Average weekly visitor numbers rise by 7.7% compared to 2022. In the first quarter of 2023, we see a significant increase in visitor numbers, indicating a strong recovery after the pandemic. Although the usual seasonal patterns still apply, with a dip in the third quarter and a rise in the fourth quarter, the overall trend is unmistakably positive.

Embracing Change (2024)

The year 2024 heralds a new era for Belgian shopping centres. They are no longer content simply to recover, but aim to thrive. The focus shifts from reactive measures to proactive strategies, not only aimed 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 centres are using technology to bridge the gap between online and offline shopping, creating seamless and engaging experiences for customers. This strategic evolution is clearly visible in visitor numbers. Based on figures up to and including 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 the third quarter. Q3 is traditionally the weakest quarter due to the summer holidays, but that of 2024 bucks the trend and nearly matches the figures for Q1 and Q2. This suggests that shopping centres' efforts to attract visitors during traditionally slower periods are paying off. Whether it comes from targeted promotions, summer events or a genuine shift in consumer behaviour, the strong performance in Q3 paints an encouraging picture for the future of Belgian shopping centres.

A Promising Future, Shaped by Innovation

As 2024 progresses, everything points to a bright future for Belgian shopping centres. They have not only recovered from the challenges of the recent past but are also evolving to meet the demands of a changing retail landscape. The key to their lasting success lies in innovation and adaptation. This means continually improving the in-person shopping experience and using technology to create seamless online and offline journeys. It also means continuing to respond to consumers' ever-changing preferences and behaviours. 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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