Retail and food service sales* ballooned to $1.47 trillion in Q3 2022, with non‑store retailers experiencing the highest growth of any sector at 13.8% year‑over‑year.
September started off fall with a bang as most categories showed year‑over‑year sales per square foot (psf) growth.
Beauty supplies led the way at $766, followed closely by fast food ($743) and restaurants ($657) as each exceeded their 2021 levels.
Service tenants like specialty restaurants (42.9%), fitness (36.1%), hair (27.0%), and salons (18.3%) all experienced sizable gains in September.
Marketplaces Industry occupancy rates have also continued their upward trajectory in Q3 2022, reaching their highest level in two years at 91.7%.
Source: 2022 ICSC.