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More Retail Openings than Closings in First Half of ‘23

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

Published

1 year 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.

Looking for a Seamless Sale? Call Wilkerson

After almost 60 years in business, Breakiron Jewelers in Erie, Pennsylvania, was closing its doors. And the store’s owner, Linda Breakiron, was ready for it. She had run the store as its sole owner since the beginning of the millennium and was looking forward to a change. Of course, she called Wilkerson. Breakiron talked to other jewelers who had used Wilkerson and was satisfied with their response. “They always had positive feedback,” she recalls. With the sales, marketing and even additional inventory that Wilkerson provided, Breakiron insists she could never have accomplished her going-out-of-business sale without Wilkerson’s help. She’s now ready for the journey ahead, but looking back, she’d be sure to recommend Wilkerson. “They just made the whole process very seamless.”