Every month, we reach out to retail industry leaders in order to gain their perspective on the market. This month, we asked: Are there any new untapped areas of the country being targeted for retail growth?
James Bohnaker, Senior Economist/Head of Retail Research, Cushman & Wakefield
I’d generalize it by guessing it will be the suburban areas that have invested in mixed-use capabilities. We’re seeing more people spread out from the downtown areas into the suburban markets that also provide the urban amenities that they’re used to, such as great walkability and restaurants. That trend appears to be hot and should continue into the next year.
Steven Levin, Founder/CEO, Centennial
I think that the suburbs are where the growth is happening. There are suburbs across the country that are birthing into areas that will create some very good projects. Think of Huntsville, Ala., and Nashville, Tenn., that are second-tier cities, but are experiencing great growth. The focus is on the more dynamic suburbs that are growing, because of the migration happening with the millennial generation that are starting to have kids. They’re migrating to the suburbs from the cities, because as they have kids, they need good schools. But they still want a lifestyle with an urban feel. That, plus the work-from-home experience, in which people maybe go into work only two to three days a week, means these consumers are home more, and going out to eat more in their suburban areas. Crime in the cities is also impacting retailing and enhancing the suburbs.
