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Weekly Perl: A Commercial Real Estate News Recap 7/5/2024

Retail Space Per Capita Keeps Falling

The U.S. retail market is navigating a complex landscape influenced by factors affecting both demand for retail space and new construction. On the demand side, competition from online retailers has reduced the need for physical spaces for apparel, footwear and certain home and hobby goods.

Parents to spend nearly 22% more on back-to-school shopping this year: report

Walmart, Target and Amazon continue to dominate the top list of places consumers want to shop during the season, a JLL survey found. Children approach a school. About a quarter of respondents to a JLL survey have already started their back-to-school shopping this year.

Gen Z, millennials drive membership growth at Sam’s Club

Walmart CFO John David Rainey said the digital experience at the club retailer resonates with that cohort. Sam’s Club is seeing the highest growth rates from Gen Z and millennials, Walmart CFO John David Rainey said at Wednesday’s Bank of America London Investor Conference.

Survey: Nearly 80% of travelers would drive farther for preferred convenience store

Summer road trips mean stops at convenience stores and gas stations, and Americans are opening to paying and driving more for their preferred stores and products. Almost 60% of all survey respondents would be happy to pay a markup on convenience store products if it meant making only one stop.

Walgreens Reviews More Than 2,000 Underperforming Stores for Potential Closings

Walgreens Boots Alliance is reviewing whether to close about 2,150 underperforming U.S. pharmacies under a multiyear real estate optimization program as the chain struggles with uneven sales across its stores.

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