Article · January 1, 2024

Next in Retail: High-Growth Cities and Emerging Markets

Retail growth is shifting to emerging markets, driven by data, migration, and demand for localized, experiential retail.

Retail growth is shifting to emerging markets driven by data, migration, and demand for localized, experiential retail. “Location, location, location” may be a cliché, but for retail leaders, it’s still a foundational truth. The real question now is: Where is the right location today—and what defines it?The answer is no longer confined to traditional high-traffic hubs.

The right location can accelerate growth, increase brand visibility, and deepen consumer engagement. It can drain resources and even lead to store closures.In a post-pandemic world shaped by migration patterns, remote work, and evolving consumer expectations, forward-thinking retailers are reexamining their market strategies—and discovering that the next wave of opportunity often lies outside the usual suspects.Why Emerging Markets Deserve AttentionWhere is retail growth actually happening—and why? Increasingly, brands are finding success outside of legacy retail corridors.

Emerging markets are delivering the foot traffic, demographic momentum, and economic incentives that brands need to thrive in a competitive landscape.“Consumers want and crave variety, diversity, and choice. You can maintain a national footprint and effectively leverage regional and localized design. Bringing these strategies to scale can be a differentiator for retailers who want to thrive, not just survive,” says Carrie Barclay, President and CEO of ASG.Retailers that balance broad reach with local relevance—and choose markets aligned with shifting consumer patterns—are best positioned to lead in the next phase of retail expansion.

Data Is the Starting LineRetail site selection has always been about understanding the customer. But today, that understanding must be built on real-time data—not legacy insights. Post-pandemic consumer behavior has evolved dramatically.

Where people live, how they shop, and what drives their purchasing decisions have all shifted. Relying on outdated assumptions is a fast track to missed opportunities.“It’s critical to understand how markets develop and how they’re changing,” says Doug Tilson, head of tenant representation at ASG. “That insight only comes from access to accurate, current data.

When paired with the right retail partner, it becomes a powerful tool for navigating an evolving real estate landscape.”Brands that use data to align location strategy with consumer movement, regional growth, and behavioral trends will be the ones to capture lasting value. The Sun Belt SurgeAs retailers look to the future, one trend is clear: growth is moving south. The Sun Belt—spanning cities like Dallas, Miami, Tampa, Houston, Phoenix, and Charlotte—is attracting significant investment from brands seeking long-term expansion.

These markets offer a powerful combination of population growth, economic vitality, and cultural momentum.Today, 9 of the top 10 fastest-growing retail markets are located in the Sun Belt, with Columbus, Ohio, standing as the lone outlier. These cities are no longer emerging—they’re establishing the next era of dominant retail hubs. For retailers looking to expand strategically, the Sun Belt presents not just a trend, but a long-term opportunity to align with where consumers—and capital—are going next.

Industry Report 10 Emerging Trends Retailers Need to Understand Instant Download Dallas: A Retail Powerhouse ReinventedDallas has long been a major retail destination—and despite headlines like Neiman Marcus closing its 120-year-old flagship, the city is far from fading. In fact, the closure had more to do with corporate consolidation than consumer demand. Dallas continues to evolve, and the next generation of retail is already moving in.Luxury brands like Prada, Dior, and Diptyque are expanding their footprint in the city.

Fashionphile and Dick’s House of Sport are joining the mix, signaling a strong appetite for both experience-driven and high-end retail. Meanwhile, grocery giant H-E-B is making a strategic play with its first location inside the city loop, acquiring 10 acres for development.Big things are coming: In 2026, the Design District will welcome The Seam, a 160,000-square-foot mixed-use development bringing together retail, wellness, dining, and green space—further cementing Dallas as a dynamic retail hub. For retailers seeking a market that blends scale, incentives, and a deep talent pool, Dallas offers both stability and forward momentum.

Miami: The Gateway to Global RetailMiami has transformed from a seasonal destination into a year-round retail powerhouse. Ranked the #1 city for retail therapy by StorageCafe, Miami offers more than palm trees and nightlife—it’s a critical entry point for international brands, particularly from Latin America, and a magnet for luxury retail.Major players are planting flags in prime locations. In late 2024, The Container Store opened at Miami Worldcenter, joining a wave of activity in this high-traffic development.