Retailers That Drove Leasing in 2023

On December 18, 2023, at 4:34 P.M., the U.S. retail sector sustained its expansion throughout 2023, witnessing tenants lease more than 240 million square feet of retail space up to November. Forecasts anticipate this figure to rise further by year-end, yet the robust demand has notably tightened available retail space for the third consecutive year.

The surge in retail leasing aligns closely with consumer spending trends, as retailers adapt by expanding their space in response to heightened demand. Given the ongoing quest for value amidst increased prices, it’s unsurprising that six of the top 10 retailers procuring the most new space in the past year hail from the discount or off-price sector. Notably, Dollar Tree, Dollar General, and Five Below, leading the pack, have collectively secured over 1.3 million square feet of new space in the last year.

*Article courtesy of Costar

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