Shopping centers and other commercial properties around the United States are seeing a decline in vacancies as retailers move to open up new locations. This is indicative of an improving retail industry, as merchants regain their confidence that was lost during the economic recession and consumers boost their spending levels.

The Wall Street Journal reported that, according to data from real estate research firm Reis Inc., the average U.S. retail vacancy property rate fell from 10.6 percent in the first quarter to 10.5 percent in the second quarter. While this isn't a huge drop, it is the lowest average figure in more than three years, the source explained. As for the nation's shopping malls, the average vacancy rate also decreased from 8.9 percent in the second quarter of 2012 to 8.3 percent at the end of last month. This represents the lowest figure in four years, the news source noted.

The Reis Inc. study's findings coupled with the recent rise in retail sales in May is pointing to a strong recovery for the retail industry. During the economic recession, many merchants were forced to scale back their operations and cut their workforces all while offering affordable products for consumers who were more budget-conscious. Although full recovery has not yet happened, increasing optimism and the opening of new retail locations is welcome news for the U.S. economy.

This entry was posted by Retail Pro on Tuesday, July 9th, 2013 at 7:00 am .