NEWS

News

Palomar Press Briefing | March 23, 2022



 INDUSTRY NEWS

March 23, 2022

 

PALOMAR GROUP ARRANGES SALE OF 53,642 SF SHOPPING CENTER IN OLEAN, NEW YORK

The Palomar Group, an investment sales brokerage firm based in Georgia, has arranged the sale of Shops at Walmart Plaza, a 53,642-square-foot shopping center in Olean, about 70 miles south of Buffalo. Shadow-anchored by Walmart, the center was 94 percent leased at the time of sale.

RECORD REVENUES POUR INTO STATES

Booming revenues are filling state budget coffers across the country to the brim as both higher wages and higher prices increase tax collections far beyond expectations. A review of state fiscal offices conducted by the National Conference of State Legislatures (NCSL) found half the states now expect to exceed revenue projections this fiscal year.

MONTHLY RETAIL SALES FROM THE US COMMERCE DEPARTMENT

Every month, the U.S. Department of Commerce, Census Bureau, releases its first calculation of the previous month’s retail sales. At Retail Dive, we report these figures by grouping the key segments that define “retail” in a way that we hope is meaningful to the industry.

GROCERY COMES OF AGE AS ‘MAJOR’ ONLINE RETAIL CATEGORY

Though somewhat late to the online game, grocery has quickly grown into a “major e-commerce category,” fueled in the past two years by the COVID-19 pandemic, according to Adobe Analytics. Grocery accounted for 8.9% of the $885 billion in U.S. online retail spending for 2021, up from 6.3% in 2019.

RETAIL SALES TO GROW ABOVE PRE-PANDEMIC LEVELS THIS YEAR

Consumers are ready to spend and have the resources to do so, according to the National Retail Federation, which estimates retail sales to increase by 6% to 8% in 2022. The 2022 figure compares with 14% annual growth rate in 2021, the highest growth rate in more than 20 years.

HOW RISING INTEREST RATES HAVE AFFECTED REIT PERFORMANCE

REIT share prices, like the broader stock market, have ben sensitive to changes in the outlook for interest rates, including both the short-term rates set by the Federal Reserve and the long-term rates that are governed more by market forces.

 

 

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