Consumer trends and retailer strategies are spurring growth in the retail sector, according to retail outlook research published by JLL in June. Net absorption of retail space in Q1 of 2021 was 5.5 million square feet, marking the second quarter since 2019 of positive net absorption.
Retailers announced more store openings than closings in Q1 with a heavy emphasis on discount retailer expansion. Nearly 45 percent of store openings announced in Q1 were by Dollar General, Dollar Tree and Family Dollar. Cost-conscious grocers, such as Aldi and Sprouts, are expanding. “New essentials retailers” — home improvement, sporting goods and furniture stores — are also opening new locations.
