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Retail Sales Grew 3.7% in 2025 — Consumers Kept Showing Up
There's been a lot of noise over the past two years about what consumers are doing — whether they're pulling back, trading down, or
abandoning physical retail altogether. I want to share some data that cuts through that noise, because it has direct implications for
anyone who owns or is considering buying retail property.
Colliers' 2025 Retail Foot Traffic and Sales Recap put a number on what we've been experiencing in the market: retail sales rose 3.7% year over year in 2025, while overall in-store foot traffic climbed 1.8%. Those aren't record-breaking numbers, but they're not soft numbers either. In fact, 2025 marked the strongest retail sales growth since 2022 — a year when consumer spending came roaring out of the pandemic with unusual force. To post similar growth three years later, in a higher-rate, higher-inflation environment, says something real about the staying power of physical retail.
What the report also captured is a consumer who was discerning but not absent. Shoppers leaned into value channels, promotions, and essentials spending throughout the year, especially in the middle two quarters. Holiday performance in Q4 was solid — December alone saw sales up 3.8% year over year. The consumer found ways to stay engaged with brick-and-mortar retail, even when economic uncertainty gave them reasons not to.
For retail property owners, this is the backdrop that matters. When you're evaluating what your asset is worth, or whether now is the
right time to sell, one of the first questions a sophisticated buyer will ask is whether the tenants in that building can support the rent and sustain the lease. National consumer spending data like this helps answer that. Tenants whose categories showed continued foot traffic growth throughout 2025 — particularly necessity-based, value-oriented, and experiential retailers — are proving out their durability. Those are the tenants that drive the strongest valuations on NNN and multi-tenant retail investment deals.
We work in a market — Las Vegas and the Western U.S. broadly — where retail has consistently been more resilient than the national skeptics expected. Understanding the consumer trends driving that performance is part of how we build the investment thesis for every asset we bring to market. Going into 2026, the fundamentals at both the consumer and tenant level continue to support retail property as a sound investment class.
March 10, 2026
Southern Nevada Retail Vacancy Hits 4.3% — Sellers, Take Note
If you own retail property in Southern Nevada right now, the data is telling you something important: the window you've been waiting for is open.
Colliers' Q4 2025 Las Vegas Retail Market Research Report confirmed what we've been seeing on the ground. The overall retail
vacancy rate finished the year at 4.3% — one of the tightest readings we've tracked in years. Meanwhile, the weighted average asking rental rate on a triple-net basis climbed to $1.90 per square foot, up $0.20 from where it was just twelve months ago. Rents are moving. Vacancy is low. And in single-tenant investment sales specifically, volume picked back up in Q4 after a slower third quarter.
This is not an accident. Southern Nevada has been the beneficiary of steady in-migration, a business-friendly tax environment, and a
retail tenant base that has continued to sign deals even as national headlines worried about consumer spending. Net absorption in 2025 came in at 238,234 square feet for the full year. That number is lower than 2024's exceptional run — but take a look at the context. The dip in absorption was driven almost entirely by a handful of big-box vacations in Q1. Strip that out, and the underlying retail demand in this market remained constructive throughout the year.
What does this mean for investors and owners? Tight vacancy supports pricing, full stop. Cap rates on well-located, NNN-leased assets in Southern Nevada continue to hold up better than a lot of secondary markets precisely because the fundamentals here are still working. Buyers know this market is insulated from some of the oversupply dynamics you see in other Sun Belt metros. Sellers who have been waiting to see how 2025 shook out now have their answer: the market absorbed what it needed to absorb, rents moved higher, and there's still active buyer demand for quality retail investment product.
We've been working this market for over two decades, and what we can tell you with confidence is that the combination of sub-5%
vacancy and NNN rates trending toward $2.00 psf is a meaningful signal. If you're a property owner thinking about monetizing your
position, or an investor searching for well-located retail in a market with strong tenant demand, this is the kind of environment worth
paying attention to. We're actively sourcing and transacting on both sides of the table, and the pipeline heading into 2026 looks more
active than it did at this point a year ago.
March 10, 2026
