Retail developers have responded by scaling back projects in almost all regions of North America.
Consumer confidence is critical to the strength of the retail sector.
One sector bucking the consolidation trend is the home improvement retailers. While many retailers have put expansion plans on hold, spending on the home continues to be an area of growth as demonstrated by new store openings by Home Depot's Expo and Sears' The Great Indoor Experience. Discount department stores and discount apparel retailers also continue to open new stores across North America with retailers such as Wal-Mart, Target, Kmart, Kohl's, Marshall's, Ross Dress for Less and TJ Maxx all continuing to thrive despite a slowdown in spending. Major drug store chains and grocery retailers also continue to gain market share through growth. Leading the way with the highest rental rates are Fifth Avenue in New York, Post Street in San Francisco, Michigan Avenue in Chicago, Kalakaua Avenue in Honolulu and Las Vegas Avenue in Las Vegas.