With the peak holiday spending in their rearview mirrors, Nevada retailers say they are cautiously optimistic about continued growth in 2017.
Property developers also report positive trends in the retail market as the Silver State continues to experience moderate growth.
The Las Vegas market improved in the third quarter of 2016 as the vacancy rate dropped from 8.6 to 8.2 percent, according to The Costar Retail Report. The latest figures (Q4, 2016) from CBRE’s Marketview show that the Reno area’s retail market has enjoyed nine consecutive quarters of positive net absorption.
“Nevada is very pro-growth and has a population that has a lot of discretionary income,” Richardson said, accounting for the state’s growth in retail.
While retailers can enjoy the increasing demand for their products and services, they are still challenged by an ever-changing market driven by new technologies and cultural changes.
“Retailers need to be very aware of the intensification of online sales and how they are a growing share of the market,” said John Restrepo, principal at RCG Economics. “The future of retail is going to be largely in the online space. Large scale distribution centers are becoming the new malls. Retail is moving away from the traditional shopping experience,” he added.Read Nevada Business for complete story.