1、Urban retail benefits as tourists returnUnited StatesDecember 2023City Retail 2024R Jones Lang Lasalle IP,Inc.2023Contents2City Retail 20240306Key findingsEconomic indicators paint a healthy picture of urban retail 1122Luxury and athleisure apparel tenants follow the moneyGreen shoots across propert

2、y sectors encourage prime urban retail performance27Appendix Jones Lang Lasalle IP,Inc.2023Key findings Consumer spending drives urban retail growth31Consumer spending growth and the return of international and domestic tourismhave driven prime urban retail demand,with foot traffic recovering to pre

3、-pandemic levels in half of the prime corridors surveyed.2Apparel retailers dominated prime corridor leasing this year,with athleisure tenants expanding considerably,combining to account for nearlyhalf(48%)of all prime corridorleasing activity.3Luxury retailers remain a major player in the prime urb

4、an retail story,with almost every corridor seeing strong absorption from luxury apparel and jewelry brands,as well as luxury boutiques.4Green shoots from other real estate property types contribute to a positive outlook for urban retail,characterized by steadily increasing office attendance and a re

5、turn to pre-pandemic hotel occupancy levels.City Retail 2024 Jones Lang Lasalle IP,Inc.2023What is a primeurban corridor?A prime urban corridor is a nationally recognized shopping district that is noted for its mix of high-street,national,and international tenants.Typically named for the most notabl

6、e retail street within the corridor,these shopping districts have boundaries that were carefully drawn to include the most prominent retail spaces,as well as current and future pointsof interest.Prime urban corridors emerge organically and are not the product of a singlemaster developer.Weve identif