Americans are returning to walkable neighborhoods. Property values are appreciating much faster in these types of places than they are in car-dependent areas, suggesting people are becoming increasingly willing to pay a premium to live, work, and play in walkable environments. Though widespread today, this focus on walkability has been a growing trend in real estate over the past 20 years, and its impact is particularly noticeable in the case of retail activity.
Retail is an ever-changing industry. To satisfy the evolving tastes and demands of consumers, retailers and retail developers are continually pursuing the latest and greatest shopping experiences. As residents and employers are moving back to walkable neighborhoods, walkability is emerging as a common theme in today’s leading retail shopping. Today, new forms of car-free shopping streets, alleys, and lanes are emerging and thriving.