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Market Report

Raleigh Retail Market Report

2Q 2022

Rapid In-Migration Spurs Necessity-Based
Growth Amid Retail Reorganization

Corporate arrivals spark flurry of demolitions. The entrance of many high-skill jobs has lifted incomes and fostered population growth, spurring expansions by necessity retailers like Publix, Aldi and Food Lion. At the same time, corporations moving to the metro have set in motion the demolition of outdated centers, as they are redeveloped into office campuses or mixed-use multifamily and retail assets. Epic Games is in the process of demolishing the 980,000-square-foot Cary Towne Center. At the same time, the new owners of South Hills Mall, the oldest mall in the metro, are working on redevelopment plans to turn the site into a mixed-use project. Cary is already a high performing retail locale, and this will further aid the outlook for remaining assets in West Wake County.

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