Has there been a Retail Comeback in the Triangle?

By Chantal Allam for The News & Observer

Turns out consumers are eager to return to in-person shopping after all. Despite economic headwinds and ongoing labor and supply-chain challenges, brick-and-mortar stores in the Triangle are making a comeback, according to the latest data from CBRE Raleigh Research. While the landscape is ever-changing — as evidenced by last week’s Tuesday Morning store closures in the Triangle and elsewhere — the region’s retail sector, in general, has emerged from the pandemic with “substantial momentum,” say analysts. Vacancy rates ended at 5.6% — down .7 of a percentage point year-over-year.

The market’s resurgence follows a painful shift for retailers that began prior to 2020 with the rise of e-commerce and changing consumer preferences. A wave of bankruptcies by debt-burdened retailers, including Neiman Marcus and J.C. Penny, led to substantial store closures, both nationwide and in the Triangle. But on a micro level, Raleigh-Durham’s market has remained resilient. Limited construction, and the repurposing of large blocks of vacant space for alternative use, has helped bring supply and demand back in line, say analysts.

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