Hungry Consumers Help Push Up Retail Sales in May0 Comment
According to the U.S. Census Bureau’s advanced monthly sales announcement yesterday, estimates of U.S. retail and food services sales for May were $444.9 billion, an increase of 1.2 percent (±0.5%) from the previous month, and 2.7 percent (±0.9%) above May 2014. Total sales for the March 2015 through May 2015 period were up 2.1 percent (±0.7%) from the same period a year ago.
The census data also revealed that during the last five months the Food Services & Drinking Places category had the biggest jump in spending, increasing 8.9% compared to 2014. Hungry consumers spent $55+ million in restaurants and bars, and that increased consumption is translating into good news for real estate.
JLL’s Director of Research Aaron Ahlburn says, “the success of food-related stores has been a significant factor for real estate for years, and now four of the five expanding retail categories are food-related. Their aggregate store opening plans, factoring average store square-footage suggests a potential retail real estate impact of 55.4 million square feet.”
Learn more about how a taste for food leads to an appetite for real estate in JLL’s Foodie Nation Report