US: As store owners sign more short-term leases, landlords are taking a risky bet on the future of retail

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  • As retailers’ leases come up for renewal, their duration is increasingly shrinking, as business owners grapple with an unpredictable future.
  • Leases on roughly 1.5 billion square feet of retail space in the United States are set to expire this year, according to a tracking by CoStar Group, or about 14% of the retail market.
  • Real estate owners including Simon Property Group and Tanger Factory Outlets said they’ve been doing more extremely short-term deals for pop-up shops during the pandemic.

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