Research
City Retail 2024
Urban retail benefits as tourists return
December 05, 2023
Contributors:
- Ebere Anokute
Consumer spending drives urban retail growth.
- Consumer spending growth and the return of international and domestic tourism have driven prime urban retail demand, with foot traffic recovering to pre-pandemic levels in half of the prime corridors surveyed.
- Apparel retailers dominated prime corridor leasing this year, with athleisure tenants expanding considerably, combining to account for nearly half (48%) of all prime corridor leasing activity.
- Luxury retailers remain a major player in the prime urban retail story, with almost every corridor seeing strong absorption from luxury apparel and jewelry brands, as well as luxury boutiques.
- Green shoots from other real estate property types contribute to a positive outlook for urban retail, characterized by steadily increasing office attendance and a return to pre-pandemic hotel occupancy levels.
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