Despite headlines focusing on recent store closures, the overall U.S. retail sector has experienced a resurgence over the past couple of years. Vacancy rates have declined, and rents have risen to record highs, driven by three key factors.
Firstly, there has been a significant reduction in the number of store closings. Simultaneously, new retail development has slowed, while older centers are actively being refurbished. Secondly, retail properties have benefited from increased demand across various segments, including food and beverage, sporting goods, discounters, fitness, and healthcare firms.
Although demand for retail space has been broad-based across tenant types, a handful of sectors accounted for most new retail space leased in 2023. The ‘Big Five’—food services, discount, fitness, grocery, and healthcare—accounted for nearly 60% of new leasing activity during the year.
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