Five Retail Trends to Watch in 2024

As we look back at the interesting year of 2023, many trends have come and gone as well as trends that have grown in popularity. With the start of 2024 just around the corner, the terra alma team has compiled a list of five retail trends to watch in the year ahead.

Small Footprint Retail/Restaurants

Boasting a sense of emotional connectivity, small-footprint restaurants and retail spaces are rapidly rising in popularity. Not only do these smaller locations provide a more personalized experience for customers, but they also allow business owners to live out their dreams without the hassle of high rent and a large staff. And it isn’t just restaurants, according to Forbes, large box-office stores, such as Target, Barnes and Noble, Walmart and DSW, are trying out smaller format locations within residential areas to provide stores in places that lack the space to host a traditional-sized version of the chain establishments.

Increase in Restaurant Closings

Whether from poor management, insufficient funds or unfavorable locations, the closing of local as well as well-known restaurants is increasing. This unfortunate trend doesn’t seem to be slowing down and puts pressure on restauranteurs and business owners to create a sound branding foundation and intriguing marketing strategies to attract consumers. Highlighting just one of the many challenges within a competitive retail landscape, it is crucial for entrepreneurs in the restaurant industry to build a meticulously curated business plan.

Wellness Brand Expansion

Wellness brands are still on the rise! From fitness and nutrition to health and appearance, there are a plethora of different segments in the wellness realm and the industry continues to expand daily. With the growing number of consumers gaining interest in living a healthy, clean and sustainable life, 2024 is predicted to see the wellness industry broaden significantly more than it already has in the past few years.

Adaptive Reuse vs New Construction

Whether it is an old warehouse transformed into loft apartments or an abandoned store or old gas station in the middle of town turned into a trendy restaurant, adaptive reuse is holding its own next to new construction and has been for many years. While new construction will always have a place in the real estate market, adaptive reuse allows entrepreneurs to repurpose a space that is already established within the community to create a thriving business without the stresses of building a new project from the ground up. In the year ahead, we anticipate many more historic and well-known buildings repurposed into beautiful, exciting spaces where communities can dine, shop and gather.

Continued Focus on Walkable Downtown Communities

Promoting healthy living, community engagement and desirable convenience, walkable downtown communities were all the rage in 2023 and expect no different for 2024. Offering residents a central hub filled with flourishing businesses, gathering places and green spaces, walkable communities encourage a lifestyle focused on a better environment and a more connected community.