City Retail 2024

Urban retail benefits as tourists return

December 05, 2023
  • 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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