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Expand chart
Adapted from CBRE; Chart: Axios Visuals

U.S. store closures are on pace for a record level in 2019 with more than 7,400 already announced this year, and household names like Sears and Victoria’s Secret shutting their doors at malls across the country.

Yes, but: Property broker CBRE says the fire-and-brimstone, death-of-the-mall narratives are exaggerating what's actually happening in the retail and real estate spaces. Certainly, the mall sector is having some problems, but the full picture also includes an overall Q2 gain in demand across all retail formats, and a gradual repositioning of malls as mixed-use projects.

The big picture: CBRE's latest data shows net absorption — a measure of the amount of new space leased to retailers in a quarter versus what was vacated — has been on a clear downturn over the past few years.

  • While net absorption has been falling, the price of rent has been rising. Overall net asking rent increased by 5% year-over-year to $18.01 per square foot, the highest level since Q1 2005 when CBRE began tracking this metric.

What they're saying: "U.S. retail real estate as a whole is healthy, especially grocery anchored centers," CBRE Global President of Retail Anthony Buono tells Axios in an email.

  • "Many established retailers are effectively harnessing online sales to combine with their in-store sales, and many online-only brands now are opening physical stores. Average rent across the whole of U.S. retail real estate has risen for 22 consecutive quarters."

Go deeper: Read Axios' Deep Dive on the future of retail

Go deeper

37 mins ago - World

China and Russia vaccinate the world — for now

Illustration: Aïda Amer/Axios

While the U.S. and Europe focus on vaccinating their own populations, China and Russia are sending millions of COVID-19 vaccine doses to countries around the world.

Why it matters: China's double success in controlling its domestic outbreak and producing several viable vaccines has allowed it to focus on providing doses abroad — an effort that could help to save lives across several continents.

Ina Fried, author of Login
46 mins ago - Technology

Report: China will dominate AI unless U.S. invests more

Photo illustration: Axios Visuals. Photo: Krisztian Bocsi/Bloomberg via Getty Images

The U.S., which once had a dominant head start in artificial intelligence, now has just a few year's lead on China and risks being overtaken unless government steps in, according to a new report to Congress and the White House.

Why it matters: Former Google CEO Eric Schmidt, who chaired the committee that issued the report, tells Axios that the U.S. risks dire consequences if it fails to both invest in key technologies and fully integrate AI into the military.

Americans agree about more issues than they realize

Data: Populace Inc.; Chart: Michelle McGhee/Axios

Many Americans assume the rest of the country doesn't share their political and policy priorities — but they're often wrong, according to new polling by Populace, first seen by Axios.

Why it matters: The polling reveals that despite growing political polarization, Americans share similar long-term goals and priorities for the country.