Every month, we reach out to retail industry leaders in order to gain their perspective on the market. This month, we asked: Do you foresee a major shift in consumer spending habits in 2024, and what effect would it have on retail/dining as a result?
Debbie Adams, Principal, Edge Realty Partners, Houston
I expect consumer spending to downshift over the next couple of years overall. The down- shift will have an impact on restaurants and retail concepts that are not in the upper demand categories. However, in Houston — and for that matter, Texas — I think consumer spending will remain strong, and it will be a smaller percentage of a downshift than the rest of the country. Houston is a huge foodie city and I do not see that changing any time soon. Concepts that do not keep up with their quality of service and excellent food offerings will be affected and closures are expected. The issue in Houston is finding available space. Some “weeding out” will take place.
