Colliers Retail Market Intelligence
Retail fundamentals improved in May as foot traffic increased by 6.6%, and sales grew by 0.3% over April.
Discounters saw a 3.4% increase in foot traffic as the Memorial Day holiday offered discounts and bargains while helping to stimulate retail spend in May.
Restaurants notched a third straight month of sales gains, conveying that services spending remained buoyant, while quick-service restaurants remain appealing to consumers as the leaders in average visits.
Pressure continues on middle market shoppers as they migrate to value apparel channels like off-price. This trend is one of the reasons why department stores saw their sales fall by 3.0% and foot traffic decrease by 2.8% over the year.