For owners, investors and property managers of retail properties, it can be useful to track retail sales trends. Industries that are experiencing growth may be a better prospecting target for a vacant retail space than an industry in decline. Retail sales trends can also provide other useful insights as well.
10 Year Sales Trends
Not surprisingly, online retail sales have grown steadily over the past decade. Conversely, department store retail sales have fallen.
Many home-related industries have seen growth as well, particularly in building materials and supplies.
Restaurants and bars saw a steep decline in the midst of the Covid-19 pandemic, but rebounded relatively quickly (and strongly).
The clothing and gift, novelty and souvenir shop industries were also hit particularly hard during the Pandemic. While the book store industry has been in a steady decline for the past decade, pharmacies and drug stores and sporting goods stores have seen increases.
Year-To-Date (January-July) Trends
Looking at retail sales for the beginning of this year compared with the same period last year, there is a continued trend of rising e-commerce sales and lower department store retail sales.
Grocery stores and restaurants and bars have seen increases, but many home-related industries have seen retail sales slip.
Pharmacies and clothing stores are still seeing growth, as are sporting goods, book stores and gift, novelty and souvenir stores.
For more insights or any questions about Boston's retail real estate market, please feel free to contact us.
* Source for all data used in this article is the U.S. Census Bureau, as of September 27, 2023.