(WSJ) – Landlords leased more space last year to service-oriented tenants than those selling products, with wellness and fitness leading the charge

When Americans are out shopping these days, they are more likely to be buying Botox or boxing lessons than shoes or shampoo.

Retail leasing by service-oriented tenants outpaced goods-based retail leasing for the first time ever, a reversal driven in large part by a proliferation of salons, spas and fitness studios.

Service-based tenants leased just over 50% of total retail square footage in 2025, according to data firm CoStar. Fifteen years ago, service tenants accounted for only 40% of total leasing. (Read More)