Headlines

More Retail Openings than Closings in First Half of ‘23

But malls continue to lose ground to such rivals as single-tenant properties.

Published

9 months ago

August 17, 2023

INSTORE Staff

More Retail Openings than Closings in First Half of ‘23

PHOTOGRAPHY: Rawpixel/iStock.com

Retail tenant move-ins (openings) eclipsed move-outs (closings) by 21 million square feet during the first half of the year, according to the CoStar Group Real Estate Data Update for August 2023, an analysis from GlobeSt.com has found. That translates into the 10th consecutive quarter where demand for retail space has grown, CoStar notes.

But there is a major exception to this pattern: malls, where demand for space continues to drop, particularly in older Class B and C properties. But for the fourth consecutive quarter, demand rose for space in single-tenant properties as well as strip, power and neighborhood centers, CoStar reported.

When it comes to geographics, the South and West accounted for 11 of the top 12 markets that experienced relative demand gains in the past four quarters, thanks mainly to demographic growth. Phoenix topped the roster with 4.6 million square feet, followed by San Antonio, Austin, Fort Lauderdale, Fla., and Kansas City.

Click here for more on the analysis of the CoStar report by GlobeSt.com.

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”