Download the full 2022 Year-end Retail Market Report (email required)
The Retail Market
The year in retail was surprisingly good given the negativity in the market. In a recent presentation for TCN, real estate economist Mark Dotzour laid out a pessimistic view of the economy and outlook for 2023. To paraphrase, Mark said that we were just at the beginning of inflation and the pain necessary to control it, that interest rates would continue to rise, that China’s problems were just beginning and that we were in for an extended downturn. So why was 2022 so good and why do we see hope in 2023?
The 2022 part is easy. The market saw very little new construction and consumers, although slightly less confident, still had significantly more money to spend than they did before the pandemic. With inflation and growing economic concerns, what people are spending money on has changed… Read More