Retail & Shopping Centers
Owners and operators of shopping malls, grocery-anchored centers, power centers, and neighborhood retail strips.
- 5
- Verticals
Overview
Retail & Shopping Centers covers retail real estate — malls, shopping centers, strip and neighborhood centers, and single-tenant retail. After years of pressure from e-commerce and the "retail apocalypse," the sector has stabilized, with well-located open-air and grocery-anchored centers performing well, while struggling malls continue to be repositioned or redeveloped.
Demand has proven more resilient than feared, as necessity, experiential, and omnichannel retail support well-located centers, and limited new development has tightened supply. It is led by retail REITs (Simon Property, Brookfield, Kimco, Regency) and remains fragmented; grocery-anchored and open-air centers are favored, while low-quality malls face redevelopment into mixed-use.
Market snapshot
Retail leasing sits within nonresidential building lessors (NAICS 531120) and is not separately disclosed by the Census Bureau, so the segment is not separately sized here.
Business model & economics
Revenue model
Retail lease income (base rent plus percentage rent)
Key economics
- Recurring revenue
- Moderate–High
- EBITDA margin
- Center-quality-dependent
- Capex intensity
- High
recurring leases
Characteristics
- Stabilized after the e-commerce-driven shakeout.
- Grocery-anchored and open-air centers favored.
- Struggling malls being redeveloped into mixed-use.
M&A deal context
Who’s acquiring
- Retail REITs
- Private-equity real estate
- Redevelopment & mixed-use investors
What’s driving deals
- Grocery-anchored and open-air demand.
- Mall redevelopment and repositioning.
- Omnichannel and necessity retail resilience.
Verticals in this segment
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