As inflation increases and consumers prepare for the holidays, retail spending nationally has declined as consumers prioritize necessities amid concerns over an economic shutdown. But one sector that has kept ahead of rising prices is bars and restaurants, according to an October 2022 Retail Report from commercial real estate brokerage firm Marcus & Millichap.
That brightens the outlook for single-tenant retail, the report said. In Q3, data shows that 33.8% of retail sales in September were food-based with single-tenant sales and leasing improving as demand rises for restaurant, bar and grocery store space.
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