PHILADELPHIA, PA—Steady improvement in the jobs picture is leading to increases in retail spending and a corresponding expansion trend among retailers in the geography, according to Marcus & Millichap's second quarter Retail Research Market Overview.
“High-end grocers Whole Foods and Wegmans are expanding in the wealthier suburbs,” the report says. “Meanwhile, several other smaller retailers including discount stores and quick-serve restaurants are also growing their footprints. In the wake of Bottom Dollar's exit from the market earlier this year, Aldi purchased all 46 locations in the Philadelphia area and has plans to open 20 of them as Aldi stores.”
Developers are likely to speed up the completion of their retail projects to accommodate the rising demand, the report says. Builders are more confident that projects will get leased, and are beginning some before completing the leasing process, according to the report.
“The Fed recently indicated that it may raise its short-term lending benchmark as early as June, though September is the most likely target as the central bank awaits further tightening in the labor market and stronger wage growth,” says William E. Hughes, senior vice president, Marcus & Millichap Capital Corporation. “Against the pros
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