How far along is the urban retail recovery?
For urban retail to recover, we need a full return of office workers and tourists to cities.
The urban retail recovery is still in the middle of its journey, but rather than the ebbs and flows of the past two years, it feels that U.S. urban markets are on a steady upward trajectory towards normalcy.
- Office workers aren’t back at pre-pandemic rates, but every month welcomes more and more people back, supporting nearby retail that relies on a robust daytime population.
- People are traveling again, and with international restrictions ending and as summer months approach, popular urban tourist destinations are poised to see more visitors.
- The return of casual sit-down dining is happening across all major urban markets, with new restaurants opening as demand for them increases.
It’s slow progress, but retailers’ interest in urban corridors is returning, deal volume is inching up, while shoppers, workers, travelers, and diners return to city life.
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