Consumer demand for in-person shopping remains strong, but foot-traffic data indicates that brick-and-mortar retail performance in 2023 is exhibiting significant regional variations. So, where are the hot spots?
In its latest white paper, real estate market-intelligence firm Placer.ai identifies four regions in the U.S that exhibited strong year-over-year retail growth between January and May 2023 and drills down into what’s driving that momentum.
The regions and a thumbnail description of their main strengths are:
- New York: Resurgence of retail corresponds to the return-to -office movement.
- San Jose, Calif.: Upscale and luxury retailers are attracting the desired customers.
- New Haven, Bridgeport and Hartford, Conn.: New residents lead to surges in home-improvement retail.
- Washington, D.C.: Direct-to-Consumer brands and physical retailers are seizing opportunities to capture a younger audience.
“While the retail world has faced significant challenges in recent years, plenty of regional bright spots abound,” the report notes. “From a symbiotic office-retail relationship to the importance of placing affordable and high-end chains where they are welcomed, adapting to local needs and preferences can drive retail success.“
Click here for more from the white paper.
