Fewer stores are a good thing for American consumers and retailers
November 10, 2020
The average retail space per person in the U.S. is more than 23-square-feet compared to about five in other countries such as France, Germany, Japan and the UK. The novel coronavirus pandemic has helped winnow what many viewed as an over-stored market and that could prove beneficial to consumers and the retailers that serve them. “Retail real estate is not in trouble because of its location. It’s probably pretty well located to demographically attractive users, but there’s just too much of it,” said Byron Carlock, head of PwC’s U.S. real estate practice. “So tearing down a 1950s or ’60s strip center and putting up a new mixed-use apartment building makes sense.”
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