EV charging stations are more than just green perks; they’re lucrative investments that can boost brick-and-mortar foot traffic and revenue by 4% to 5%, according to Colliers.

This can be achieved through monthly subscriptions that offer guaranteed charging times and priority access while customers shop. Additionally, retailers can charge customers based on the electricity used, applying a markup for profit. Partnerships with EV manufacturers or charging service providers could lead to promotional offers and loyalty programs for EV drivers. These incentives would encourage longer visits, according to Anjee Solanki, national director of retail and practice groups, U.S., Colliers.

“As consumer adoption of EVs accelerates, businesses that offer charging stations stand to benefit significantly,” she said. “EV owners are more likely to shop with brands that provide on-site charging stations. This trend presents a substantial opportunity for retailers to attract and retain environmentally conscious customers.”

The cost of installing EV charging stations should not be a deterrent. Most retail locations across the U.S. qualify for federal benefits that can cover 30% of installation costs, up to $100,000, according to Colliers. To take full advantage of EV potential, retail centers must proactively consider their power supply and how they manage demand. Some properties may need to upgrade electrical infrastructure or invest in renewable energy sources to power the charging stations sustainably, Solanki said.

Electric vehicles typically take between 30 minutes and several hours to charge. To keep shoppers engaged during this time, retail developers are strategically placing charging stations near amenities like restaurants and cafes. This gives customers a place to relax or dine while their vehicles charge.

REITs and other landlords with big parking lots are already on board. Simon unveiled its first EV charging station in Orlando, Florida, in April 2011, and currently has 1,189 stations at 124 properties. This month Simon signed a deal with BP Pulse to install and operate some 900 EV charging bays across 75 of its properties. The first location will open in 2026. BP Pulse is adding charging bays near airports and major metropolitan areas and at the company’s branded convenience stores. In 2023 the number of charge points in the BP Pulse network grew by 35% year on year.

Retailers aren’t waiting for landlords to add stations. Target and Walmart, among others, are already adding EV charging stations to parking lots, according to Colliers. Meanwhile, Starbucks has EV charging stations strategically placed at stores roughly 100 miles apart to ensure EV owners can comfortably travel long distances.