Malls that are home to a Tesla store are also home to higher sales per square foot, according to a new report from CNBC utilizing data compiled by the shopping research firm Green Street Advisors.
The report notes that there are 24 malls in the US featuring Tesla stores and that these malls average $940 in sales per square foot. This contrasts against a figure of $835 in sales per square foot for malls without a Tesla store.
This association of course seems likely to be related to the the fact that malls containing Tesla stores are also very likely to cater to those in higher income brackets.
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It comes as no surprise that mall sales at facilities with Tesla stores are similar to what the retail industry has experienced with another high profile Silicon Valley company — Apple. A report issued by Goldman Sachs in 2015 found that of the top 100 US malls, 75% have Apple as a tenant.
Both Tesla and Apple sell high tech products that are in demand and come with high price tags. Both companies make every effort to position themselves as purveyors of premium products. Both have built a brand image that revolves around identification with a certain lifestyle. That cachet is what brings people in the door. It also attracts the kind of shoppers that other retailers want.
Does Tesla choose the top rated malls or are malls top rated because they have a Tesla store? The answer, of course, is both.
Notably, Tesla stores are present in 3 of the top 10 malls in the US — in California, The Village at Corte Madera and Century City; and in Hawaii, the Ala Moana Center.