St. Louis Retail Market Report

Population tailwinds boost city center fundamentals. St. Louis retail vacancy has remained below 6 percent since 2014, and after four straight years of tightening, began 2025 at a historical low. Two years of record-setting net in-migration led to a 100-basis-point drop in apartment vacancy, with new households adding to demand for retailers. Improving office vacancy — particularly downtown, where rates fell to an all-time low last year — is also aiding weekday foot traffic. Attended by the fewest retail deliveries in at least 18 years, this momentum is expected to carry forward and should reinforce tenant demand for space. Leasing activity will likely concentrate in St. Louis County and metro Illinois, where retail vacancy in central submarkets dropped by up to 140 basis points last year. Move-ins slated for 2025 will be led by a wave of fitness centers and discount retailers across the metro, including two new locations each from Daiso and Dollar Tree. Openings from brands like Starbucks, Dutch Bros, Paris Baguette and KFC will help further sustain vacancy compression this year.