“To me, it’s Exhibit A that the mall is not dead,” said John Morris, a senior analyst at D.A. Davidson Cos., as reported in The Washington Post. “Bath & Body Works has found a way to get everyone into its stores, [from] teens up to baby boomers.”

Analysts say the retailer’s candles, shower gels and body lotions appeal to a broad range of value-conscious shoppers across a range of expenditure levels, including, as Morris observes, teens on an allowance and boomers on a fixed income. “Bath & Body Works has become one of the only places in the mall where you can pick up an affordable gift,” said Sucharita Kodali, a Forrester analyst. “It’s this little pocket of retail that no one has successfully emulated.”

The retailer’s sales increased by 10 percent year on year in the first nine months of 2019, and by 12 percent the year before that. Annual revenue is approaching $5 billion and has increased for 11 years in a row. Meanwhile, Bath & Body Works opened 36 stores in 2019.

“When you go into a second- or third-tier mall, a lot of stores look very gloomy or down on their luck,” said Neil Saunders, a managing director at GlobalData Retail. “Bath & Body Works, though, stands out: It’s a shiny beacon that draws customers in.”