MINNEAPOLIS—Locally-based Northmarq recently unveiled its 100 Tenant Expansion Report, focusing on shopping centers and the expansion plans of retailers, restaurants and medical companies. In our conversation with Lanie Beck, she provided valuable insights from the report, discussing essential topics such as real disposable incomes, consumer habits and the state of the retail sector.
Beck notes, "Real disposable incomes, which drive consumer spending, have experienced a decline in recent months. Despite this, consumers are maintaining their spending habits, increasingly relying on credit cards and savings accounts for their purchases. However, it's crucial to mention that we've observed a stagnation in real (inflation-adjusted) retail sales."
As per Northmarq's September economic analysis, year-over-year real retail sales have remained flat or even dipped negatively in eight out of the last nine months. Nevertheless, retailers are continuing to announce expansion plans across various sectors, showcasing long-term confidence in both consumer spending patterns and the broader economy.
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