Retail Matters

Forget Austin and Miami. In the US, fashion’s new hotspots are Dallas and Orlando.

The tech millionaires and crypto bros who flocked to chic, warm-weather cities during the pandemic — and then spent big on Gucci and Dior — are laying low now that some of the air has gone out of their respective asset classes.

Bal Harbour is still seeing plenty of store openings, but it’s the suburbs that now have the most coveted retail real estate, according to CBRE, a brokerage: about 4.65 percent of suburban retail properties were available to lease in the second quarter of 2023, compared to 5.15 percent for urban properties.

What American consumers are buying is also changing. As a whole, they’re still spending. Retail sales rose 0.2 percent in June and 1.5 percent from a year earlier, according to US Census Bureau data released Tuesday, marking the third straight month of growth (in Europe, May retail sales were flat month-over-month and down 2.9 percent compared to the previous year).

 

Andrew Burnstine Retail Matters Studio

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