Retail storekeepers in Los Angeles County are increasingly leaving their shops, as reflected by a rise in retail vacancy rates, now over 6%. This vacancy has been attributed to the deepening trade war with China and the lingering effects of the pandemic. Despite a decline in leased space and lower median sale prices, retail sales volume has seen a 20% increase year-over-year. Experts suggest that while retail is transforming, it continues to adapt to shifting consumer behaviors and market demands.
"Retail is still recovering from the pandemic, with many retail brokers looking to move into other types of real estate. Consumer habits change, but retail will always have a place for that."
"Retail vacancy rose more than 2 percent last quarter to 6.1 percent, signaling ongoing challenges for retailers amidst market changes and evolving consumer preferences."
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