LAS VEGAS—As the biggest gathering of retail practitioners, ICSC Las Vegas is the last word occasion in our business. Chris Simmons, managing director of retail providers at Transwestern, describes it because the Tremendous Bowl for retail professionals. With attendees coming from all throughout the nation, representing communities each thriving and struggling, Simmons appears ahead to reconnecting with pals and studying extra about what’s occurring of their areas.
In keeping with Steve Williamson, managing director of retail providers and concrete land providers at Transwestern, retail gross sales have been rising in key sectors, and choose retailers are nonetheless increasing. As individuals return to pre-Covid ranges of exercise, shopper spending has elevated, prompting retailers to adapt their enterprise fashions to counter inflation by specializing in value effectivity and high-profit areas. Williamson notes that second-generation retail and restaurant areas proceed to be in excessive demand.
Nonetheless, he warns of challenges forward. Bankruptcies of over-leveraged retailers with damaged enterprise fashions and poor administration will proceed to happen, akin to these of Mattress, Bathtub & Past and Tuesday Morning. Furthermore, increased building prices, increased rates of interest, and restricted entry to new capital will restrain speculative retail improvement in 2023.
Keep tuned for extra protection of the ICSC Las Vegas occasion from GlobeSt.com, together with unique insights from attendees.
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