Receding Retail

Between 1970 and 2009, US retail space grew 54% and peaked at 49.8 square feet/person. Since then, it’s fallen for six straight years and is now 48.3 square feet/person. Only one mall of at least a million square feet has opened since 2008. By contrast, during the decade ending 2005, 54 such malls opened. At 52 million square feet, retail construction activity is currently one-third of its pre-recession level.