Valley retail real estate remains in demand; holiday spending to increase this year

Posted at 8:57 AM, Nov 30, 2021
and last updated 2021-11-30 10:57:04-05

Brick-and-mortar retail sales are expected to make their biggest jump in 10 years across the nation this holiday season.

Consumers are expected to spend more than $800 billion in holiday-related retail purchases this year, and brick-and-mortar stores are expected to see an 8% rise in sales, a 10-year high, according to research from CBRE Group Inc.

“From my standpoint, after almost two years of Covid, we are going to see an uptick in in-person and online shopping,” Todd Folger, first vice president at CBRE in Phoenix, said. “I do think there is pent-up demand, especially now that vaccines are here, and boosters for those who choose to get them. I think there is a sense of normalcy back.”

Folger said savvy retailers have started their Black Friday deals and marketing long in advance, because supply chain issues and delays in receiving goods has made early ordering more essential, but retailers know how to prepare for the holidays.

“There will be some hit and miss for certain items, but savvy retailers are very good at holiday seasons and know the importance of holiday seasons,” he said.

Read more of this story from the Business Journal.