U.S. retailers slowed down the pace of planned store openings in October, the most recent month for which data is available, because of difficulty finding the right locations.
The “November National Retailer Demand Monthly” report, published by RBC Capital Markets, found that the 2,000 retailers in its database planned to open 70,758 stores over the next 24 months. The figure was down 1,343 stores, or 1.9 percent, from September.
Retailers’ store opening plans reached a three-year peak this July, with 72,927 stores planned for the next two years.
The change in attitude comes from the fact that retailers have found it increasingly difficult to find the right sites as the amount of vacant retail space has decreased over the past year, the report’s authors, analysts Rich Moore and Wes Golladay, note.
Among the companies that have cut down the most on their future opening plans are Anytime Fitness, Beef O’Brady’s and Noodles & Co.
Companies that significantly increased their store openings plans include Yogurtland, Complete Nutrition, Kool Smiles, Famous Famiglia and Halloween City.