The U.S. retail sector entered 2026 with solid momentum, supported by resilient consumer spending and tightening retail fundamentals, according to Marcus &Millichap in its 2026 retail national investment forecast.
Retail sales rose 4 percent in 2025 as wage growth outpaced inflation, although spending has become increasingly concentrated among higher-income households. In the property markets, several Southeastern metros, particularly in the Carolinas and Florida, lead national rankings due to strong in-migration, household formation and job growth that continue to drive retail demand. At the same time, gateway markets on the East and West coasts are benefiting from low and stable vacancy, while new supply in parts of the Sun Belt has slightly tempered rankings in some metros.
With the smallest pipeline of new retail deliveries on record, retailers are expected
