Coresight Research also forecast that store closings may reach 15,000 this year, while openings will hold steady at about 5,800.
JLL said this shift has been underway for a decade, but is now accelerating.
Service-based tenants interested in retail spaces include quick-service and fast-casual restaurants, fitness clubs, and healthcare, financial and personal care services.
“While the momentum of this growth was short-circuited by COVID, the last three years have seen a recalibration of this trend,” JLL said.
On the retail side, grocery stores, discount and dollar stores are seeing positive opening trends. The closing retailers are typically big-box or junior anchors. JLL cited Party City, Walgreens and Rite Aid as examples. These stores typically occupy 10,000- to 20,000-square-foot spaces. Nearly 2,700 stores in this category are closing or will close. […]
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