Consumers’ store-based spending reaches record mark

Total retail sales dropped 0.4 percent in February. However, store-based spending — which excludes purchases made online and at restaurants and bars — reached a record mark, according to Marcus & Millichap’s report on retail sales and the implications for real estate.

This contrast indicates consumers may be prioritizing the purchase of necessities when visiting brick-and-mortar retailers, a dynamic that has positive implications for property performance moving forward. In February, sales at health and personal care shops rose 0.9 percent, with grocery store purchasing up by nearly as much. Both segments rose in real terms when factoring in inflation, which is also encouraging. Contrasting this momentum, restaurant and bar sales fell by 2.2 percent in February, the largest decline among retail categories. Nevertheless, spending in this sector was up by mor