Every month, we reach out to retail industry leaders in order to gain their perspective on the market. This month, we asked: Do you have any particular thoughts on what the customer shopping/dining trends will be for 2023?
Beth Azor (aka “The Canvassing Queen”), Founder/Owner, Azor Advisory Services, Inc.
I have found across the country, but especially in the Sunbelt, that food and beverage has exploded since COVID. Most landlords lease any and all second-generation restaurant spaces the minute they become available at much higher pricing. A few decades ago, shopping center owners capped F&B at 10% to 20% of occupancy; F&B now can take up to 50% if parking allows it. Food and beverage is the new anchor!
Stephen Lebovitz, CEO, CBL Properties
2022 has been a strong year for CBL, demonstrating the strength and resilience of our industry, our company and our properties. Despite lingering questions about the economy, we are optimistic as we head into 2023. Following COVID, customers have demonstrated the importance of in-person experiences. We’ve seen significant sales growth across categories including ladies’ specialty, ready-to-wear, and men’s apparel that further illustrates that people are returning to the office, events and work travel. We expect that this trend will continue into next year even with the drag of higher interest rates and inflation. From a leasing perspective, we expect ongoing strong demand from entertainment users, national and regional retailers, and other non-retail uses such as fitness, hotels, restaurants and multifamily.
