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Retail, which generated $5.5 trillion worth of domestic sales in 2016, has historically been a resilient asset class for the CRE industry. The rise of online shopping has stymied strong growth for retail, and the industry has been forced to adopt new strategies with the consumer shift away from traditional brick and mortar towards e-commerce.
As vacant storefronts blight communities, cities and landlords are searching for solutions that will fill those spaces, whether through punitive fees on the owners of vacant sites or through creative approaches, such as pop-ups or new lease terms.
U.S. retail hasn't faced this level of change since regional malls were introduced in the 1950s and discount big-box retail grew in the 1980s. According to Bloomberg, through the third quarter of 2017, 6,752 retail locations were scheduled to close in the U.S., excluding grocery stores and restaurants, which is double the 2016 total.
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News & Insights
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