St Louis Retail Market Report
Younger Residents' Return to University
Neighborhoods Fuels Vendor Demand
Strong household and income growth elevate retail sales. St. Louis added 8,700 households last year, the strongest gain since 2002. A similar rate of formation is expected during 2022, supported by white-collar job creation and the market's relatively lower cost of living. An increasing technology presence in the metro will also lift the market's median household income at an above-average pace. A growing employment base of higher-paid individuals and a second year of notable household growth is poised to heighten consumer spending at necessity shops, restaurants and experiential retailers during the remainder of this year. This boost will motivate vendor expansions, translating to the absorption of around 585,000 square feet during 2022 — the highest total in five years.