高力国际：2025年美国零售业春季更新报告：经济不确定下实体零售店逆势上扬（英文版）

Since 2010, the value of in-store sales has declined only once –during the disruption of the 2020 pandemic. While e-commerce has often grown faster, physical retail sales have remained remarkably steady. And yet, the retail landscape continues to change. Elevated construction costs are now above prepandemic levels and curbing new retail developments. With new retail supply projected to drop by 45% in 2025, the focus is shifting to optimizing existing spaces. As a result, vacancy rates remain tig