The Real Deal Miami

Retail market falling with home prices

December 31, 2008 04:45PM

As home prices fall
nationwide
, the retail market is also hurting. The National
Association of Realtors predicts that retail vacancies will rise to
12.7 percent by the third quarter of next year from 9.8 percent in the third quarter of this year. According to
SpendingPulse, MasterCard’s retail trends tracker, retail sales fell about 4 percent between November 1 and
December 24, compared to the same period last year. In the luxury retail sector, sales fell 34.5 percent compared to last year.