02/09/2022
Retail spaces are getting smaller.
Lease sizes have fallen more than 30% over the past 15 years, and last year the average retail lease size was just over 3,000 feet - an all-time low.
A number of factors contribute to this trend, but what's most impressive is how retailers are evolving to add more value with less space and less inventory.
We're seeing successful retail businesses use spaces as a way to build deeper relationships with their customers - helping with personalized product discovery and even hosting events to help build community.
Salespeople are more focused on creating authentic, meaningful interactions than on moving maximum inventory and being "salesy".
Blended with the streamlined selling of eCommerce, physical stores and employees can now put greater emphasis on customer support and familiarizing customers with their brand, which can all be achieved with a smaller, more minimalistic space.