Wednesday, March 11, 2020

Storefronts peddling services overtake those selling clothes and other goods

The number of service-based retailers — a category that includes a Dave & Buster’s entertainment venue, a local spa and nail salon operator or a Cheesecake Factory restaurant — surged 20.5% from 2002 to 2017, totaling 1.2 million spaces, a new report from commercial real estate services firm JLL found. Retailers selling goods — such as a Gap or Victoria’s Secret — fell 4.5% to 1.1 million shops during the period.

Taking those shifts into account, service tenants now make up 52.6% of America’s retail space, while companies focused on selling goods account for 47.4% of space, JLL said. . . . more