Written by Elaine Misonzhnik [December 22, 2010 RetailTrafficMag.com]
Article submitted bySaurage Rotenberg Commercial Real Estate
The retail real estate industry will face another slow growth year in 2011, though the pace of store openings will gradually improve throughout the coming months, industry insiders predict.
Given the current brisk pace of holiday sales and availability of vacant storefronts at affordable rents, retailers with cash in their coffers will step up expansion announcements in 2011, says John Bemis, executive vice president and director of leasing and development with Jones Lang LaSalle Retail, an Atlanta-based third party property manager. In 2009 and 2010, store openings decreased slightly year-over-year for both the Jones Lang LaSalle portfolio and the U.S. retail sector overall, he notes. But starting next year, many discretionary retailers will finally be in a position to open new stores.
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