Americans aren't just going to the mall for stuff anymore—they're going for self-care. The Wall Street Journal reports that for the first time, businesses that sell services, not products, now account for the majority of new retail leasing in the US. In 2025, salons, spas, gyms, bars, and restaurants took just over half of all leased retail space, up from about 40% 15 years ago, according to CoStar. The shift reflects a broader change in spending habits, as consumers increasingly prioritize experiences over goods. "Consumer dollars remain firmly pointed at services," says Brandon Svec, CoStar's national director of US retail analytics. "There's nothing to suggest that that's going to be shifting anytime soon."
As e-commerce shrinks the need for large storefronts selling clothing and household items, landlords are repurposing space into clusters of service businesses that generate more traffic—and often more rent. Fitness concepts are booming in particular, making up nearly 30% of service leases last year. Chains like Planet Fitness are expanding into spaces vacated by struggling retailers, betting on more social, frequent workouts. Behind it all is a booming wellness economy, which the Global Wellness Institute estimates reached $2.1 trillion in 2024. The shift goes beyond retail: A recent McKinsey analysis found more than 84% of US consumers now view wellness as a "top" or "important" priority, helping explain why spending is flowing toward services over stuff.
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