Big chains have closed stores in major US cities recently, raising alarm about the future of retail in some of the country's most prominent downtowns.
They're shifting that spending to the suburbs, as 1 million people also left city centers during the pandemic, he said.They left more expensive cities like San Francisco and New York and headed to cheaper Sun Belt cities such as Phoenix and Houston, the JPMorgan Chase Institute found.
And though crime isn't the biggest factor in many cases, higher levels of shoplifting and other losses have taken some toll. In San Francisco, the average rental price listed by landlords during the first quarter of 2023 was $43 per square foot, nearly double the national average, according to CushmanIn cities where retailers are growing, such Phoenix, Houston and Dallas, average rental prices were $22 and $23 per square foot.Replacing a Nordstrom with another department store, or swapping out a CVS for a different drug store chain, is unlikely to be sustainable, experts say.
It is this model, focused on the vitality of the streets and the people who inhabit them, that's needed to create lively and exciting communities and shopping areas. Traditionally, retail landlords seek out the longest leases. But that makes it difficult for new stores to open.
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The real reasons stores such as Nordstrom, CVS and Starbucks are closing in big citiesBig chains have closed stores in major US cities recently, raising alarm about the future of retail in some of the country's most prominent downtowns.
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As shoppers look for savings, Nordstrom hopes Rack stores can fuel its revivalThe department store operator is opening 20 Nordstrom Rack stores and zeroing in on best-selling brands.
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