The National Retail Federation has released its 2023 forecast that calls for U.S. retail sales to grow between 4% and 6% this year, reaching between $5.13 trillion and $5.23 trillion. Of the total sales, from $1.41 trillion and $1.43 trillion are expected to take place online, with the rest happening in brick-and-mortar locations. During the Covid-19 pandemic, the growth rate for total retail sales had slipped to 3.6%, so the growth forecast reflects a recovery.
At the same time, there’s a tangible reflection of the national retail recovery to be seen in leasing activity at the Post Road Plaza in Port Chester, a retail strip center owned by Simone Development Companies. Simone has a real estate portfolio of more than seven million square feet in the New York Metro area, including properties of various types in Westchester and Fairfield. Simone reports that three new retail tenants have leased more than 4,000 square feet at Post Road Plaza, which has an address of 262 Boston Post Road (U.S. Route 1). The approximately 63,000-square-feet strip center is anchored by a stand-alone LA Fitness facility that has been recently renovated.
According to Simone, a franchise holder of Nothing Bundt Cakes has signed a long-term lease for 1,760 square feet, filling a space that had been occupied by a Kentucky Fried Chicken restaurant for approximately 30 years. The local salon Nailed It Spa has signed a new lease for 1,000 square-feet. The franchise European Wax Center has opened after signing a lease for 1,534 square feet. The three new leases leave just under 4,500 square feet available in two spaces at the plaza.
Joanna Simone, principal and president of leasing and property management operations at Simone Development, described the Post Road Plaza as being “located along one of the most highly-trafficked retail corridors in the Northeast.”
