More US Retail Stores Opening Than Closing This Year: Survey

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PinkDiamond
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More US Retail Stores Opening Than Closing This Year: Survey

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Here's another one that should make us all hopeful that some sort of normalcy is returning. From the Commercial Observer, things are looking up. ;)

More US Retail Stores Opening Than Closing This Year: Survey
By Celia Young September 3, 2021

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American Dream mall. Photo: Cameron Bleylock/for Commercial Observer

"Retailers nationwide plan to open more stores than they are closing this year, according to a survey from RetailSphere.

More than half of retailers surveyed by RetailSphere intend to expand their businesses and more are looking for spaces with a smaller footprint, under 2,500 square feet. Grocery, fast-casual, and value stores are leading the charge with more than half of companies in all three sectors saying they’ll expand this year.

“Some companies are opening a handful of stores; others are expanding by hundreds,” the survey read. “Grocery, convenience and fast-casual and value dominate the list of national and regional retailers that are growing.”

Discount stores are expected to expand the most, with Family Dollar opening 500 stores in 2021 and Dollar Tree opening 700, according to the survey.

The increase in store openings is an optimistic sign for the sector battered by pandemic lows for in-person shopping. During the pandemic, retailers closed a record number of locations, leaving only the strongest destinations alive, according to CoStar Group data.

However, the increase in vaccinations and a rebound in consumer spending in brick-and-mortar retail destinations have reversed the trend, and 2021 is on track to have the least amount of retail shops closing in more than a decade, according to CoStar.

And discount chains especially have benefited from of the new resurgence in retail. Off-price clothing store Burlington announced plans to open 1,000 smaller stores around the country in March, and other retailers have taken advantage of lower rents and high vacancies.

But retail isn’t out of the woods yet. ... "

https://commercialobserver.com/2021/09/ ... ar-survey/
PinkDiamond
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