NEW YORK CITY—Retailers are on track to open more stores than they're closing, with more than half recently surveyed by RetailSphere revealing plans to expand. Of those expanding, the firm has noted an increase in retailers looking for smaller square footage. Grocery, fast casual, and value concepts are leading the way, with more than half of retailers surveyed in each sector saying they'll expand this year.

That's definitely been the case in Manhattan, according to Michael Cody, co-founder and director at retail brokerage MONA, which itself launched during the pandemic.

"Basically, the retail market in New York City went from ice cold to red hot over the last three months," says Cody, noting that "the only source of uncertainty" has been the Delta variant. "There hasn't been much movement in the fitness sector, which is still very quiet. However, restaurants are on fire, luxury apparel is roaring back, and logistics (last mile delivery) tenants are expanding like crazy.  Health-focused tenants that include COVID-testing among their offerings continue to sign short term leases around Manhattan."