This is a summary

"Retail real estate has always been shaped by shifting consumer habits and economic cycles. In the 1970s, department store–anchored malls offered a one-stop shopping experience that resonated with a growing suburban population. The trend accelerated through the 1980s, as malls claimed prime real estate across the country. But by the 1990s, the landscape began to shift again with the rapid rise of category killers like Lowe’s and Home Depot, which redefined how — and where — Americans shopped. 

But while the retail landscape continued to adapt through the 1990s and early 2000s, a surprising trend emerged: a sharp slowdown in new development. Despite significant population growth over the past two decades, retail construction has lagged behind.

In the early 2000s, the United States averaged around 300 million sq. ft. of new retail construction annually. By contrast, only about 42 million sq. ft. of retail space was delivered last year, while the U.S. population has grown by more than 46 million people since 2005. The old adage that “retail follows rooftops” has not held true in recent years."

Read the original on Chain Store Age

The enduring durability of retail real estate | Chain Store Age

Image credit to Arturo Rey on Unsplash