Our landlord survey revealed that, in Q2 2020, 94.5% of respondents had received either formal requests or informal inquiries from their retail tenants for a lowering of rents. By Q2 2021, however, this number had fallen by 49.5 points to 45.0%.
According to our latest retailer survey, retailer confidence was boosted by resurgent revenues, and 46.4% of respondents have already opened new stores during Q2 2021. This is the highest figure since we started the survey in Q2 2020. When asked about their plans as of Q2 2021 for future store openings, 70.9% responded that they were planning to open new stores.
When asked about the planned timeframe for new openings, the most commonly given answer was “within the next year”, at 76.7%, implying that many retailers are initiating the process.
Although more retailers are looking to open new stores, the number of those planning to do so has yet to reach the levels seen prior to the pandemic. For this reason, most landlords see the current retail market as remaining favorable to tenants.