Tampa, Fla. A survey conducted by CB Richard Ellis Group found that nearly 70% of retailers are optimistic that the economy is improving. Ninety-two percent plan to increase store openings.
“Our survey shows that retailers are increasingly more confident about their growth plans for 2010, and even more so for 2011," said Anthony Buono, executive managing director of CBRE Retail Services in the Americas.
Still, the retailers remain cautious as to the overall impact of the global economy on the domestic market.
Nearly 60% of retailers surveyed expect it to be another six to 18 months before their segment of the retail market feels the benefit of the recovery. Concerns include consumer confidence, potentially higher interest rates and the fragile recovery of the global economy.
About 34% of respondents thought that business was already improving in their segments, including retailers in apparel and accessories, telecommunications, electronics and home improvement.
Nearly half expect rental rates to fall in 2010. About 73% negotiated tenant improvements with their landlords in the past year, and only about 8% planned to reduce locations in 2010.