LAS VEGAS—2024 marks a pivotal year of re-evaluation and re-tooling for segments of the retail industry, as businesses closely monitor consumer spending and construction costs. Trent Rustan, VP of retail sales and leasing of Commercial Properties Inc./CORFAC International, and other sources, shed light on these shifts in anticipation of the ICSC Las Vegas retail event scheduled in the next month.
“Leasing activity has been incredibly strong while investment activity has slowed down significantly, largely impacted by rising interest rates (causing a disconnect in pricing between buyers and sellers),” Rustan explains. “Interest rates have definitely impacted the market, but there is still a lot of money looking for expansion opportunities. As the government (hopefully) begins to ease interest rates later this year, I expect retail development and investment to begin to accelerate again.”
Jeff Axtell, EVP of development at Vestar, underscores the necessity for continual adaptation to evolving market dynamics to meet retail partners’ needs and deliver the best onside shopping experience. “This year, we foresee an increase in EV charging stations, reflecting the industry-wide focus on sustainability, increased dedicated parking spaces for curbside pick-up, as well as retailers experimenting with augmented or virtual reality to enhance the customer shopping experience,” he tells GlobeSt.com. “At Vestar’s signature properties, both retailers and the consumer know they can expect expansive communal areas that will be used for events and experiential marketing purposes. As a company, our goal is always to provide the framework for businesses to come in and be successful.”
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