Retail

— By Brian Anderson of CBRE —  Utah’s retail market is shaped by its young population and large households, driving demand for big box stores and quality consumer brands. Utah has the youngest median age of any state in the U.S. by nearly four years, and the largest median household size.  Our retail real estate market mirrors these realities. Large-box grocers and membership warehouses dot the landscape, creating gravity points that draw junior boxes, shops and restaurant users to these neighborhoods. Utah’s household incomes continue to rise, while the per capita income remains average. This has led to a concentration of quality — though not luxury — consumer brands in most retail centers. Despite challenges in construction and finance markets, Utah’s ongoing housing expansion is pushing box users and grocers to open new locations. The Salt Lake and Provo MSAs are expected to see several new big box and large grocery stores, mostly in outlying communities, after a quiet 2023 and 2024. Smaller-format grocers focused on organic food are also in permitting stages in established communities. These new locations will spark competition for restaurant and shop users. Health-conscious brands are expected to take space in desirable centers as 2025 progresses. …