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SCT

Service tenants now outnumber retail tenants in the U.S.

January 16, 2020

The number of service tenants grew by 109,975, or 10 percent, from 2012 to 2017.

To feed growing demand, the number of service-tenant establishments in the U.S. climbed by 20.5 percent between 2002 and 2017, according to ICSC Research. Restaurants and drinking places have emerged as essential components of the shopping experience. Over those 15 years, the segment added on 155,684 establishments, a 30.9 percent increase from 2002, according to the U.S. Economic Census. Meanwhile, consumers’ need for convenience has fueled personal services and laundry, particularly in urban areas. The number of such establishments in the U.S. surged by 17.5 percent between 2002 and 2017, an increase of 35,130 units.

By Brannon Boswell

Executive Editor/SCT

SCT

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