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Retail Sales Continue Strong Year-Over-Year: Growth for Most Sectors

Retail and food service sales* ballooned to $1.47 trillion in Q3 2022, with non‑store retailers experiencing the highest growth of any sector at 13.8% year‑over‑year.

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September started off fall with a bang as most categories showed year‑over‑year sales per square foot (psf) growth.

  • Beauty supplies led the way at $766, followed closely by fast food ($743) and restaurants ($657) as each exceeded their 2021 levels.

  • Service tenants like specialty restaurants (42.9%), fitness (36.1%), hair (27.0%), and salons (18.3%) all experienced sizable gains in September.

  • Marketplaces Industry occupancy rates have also continued their upward trajectory in Q3 2022, reaching their highest level in two years at 91.7%.

Source: 2022 ICSC.

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