i+D - March/April 2019 - 21

Design
by the
Numbers

RETAIL
BEHAVIOR
Retail Construction Spending
In Billions of U.S. Dollars
2005

70.24

2006

76.71

2007

89.68

2008

86.21

2009

54.74

2010

40.10

2011

42.82

2012

47.34

2013

53.16

2014

62.84

2015

65.90

2016

78.15

2017

87.73

2018

90.46

2019

89.40

2020

90.72

History

Forecast

Design and construction in the retail sector
are among the categories investigated by
the American Society of Interior Designers
(ASID) in the 2019 ASID Outlook and State
of Interior Design. Overall, the report looks at
varied influences-economics, demographics,
and technology among them-and their effect on
the current and future state of interior design.
Despite traditionally positive factors, like a
rise in employment and expansion in residential
construction, the report finds year-to-date
spending on retail construction in the
United States through October 2018 was up
only 3.6 percent compared to the same period
in 2017. This number indicates a significant
slowdown in growth, especially when compared
to previous years. According to the report,
from 2012 through 2017, spending in this area
increased by at least 10 percent each year, save
for 2015, when the increase was 5 percent.
Among the retail behavior noted in the
report is construction's continued focus on
renovation, as opposed to new projects. While
some malls are replacing large anchor stores
with businesses anticipated to draw more foot
traffic, like restaurants, grocery stores, and
entertainment venues, adaptable reuse projects
are investigating the potential transformation

of empty mall space into residential units. At
the same time, consumer shopping preferences
have led formerly internet-only retailers to
experiment with bricks-and-mortar locations
(see "Engaging Exhibition," p. 18).
While some renovation activity is expected
to continue, the outlook is for retail
construction spending to be down to flat
in nominal dollars in 2019 and 2020. This
would translate to lower investment in real
(inflation-adjusted) terms.
The complete report examines key issues in
the U.S. economy; the state of residential,
commercial, and institutional construction;
and trends and disruptors in the interior design
industry overall. It also provides insight into
the future of the profession, which includes
practice trends by space type and a business
outlook for 2019 and beyond.
The 2019 ASID Outlook and State of Interior
Design is available for free to ASID members
or for purchase at www.asid.org/resources/
resources/view/resource-center/221.

Adapted from 2019 ASID Outlook and State of Interior Design
Data Source: U.S. Census Bureau (History); Markstein Advisors (Forecast)

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i+D - March/April 2019

Table of Contents for the Digital Edition of i+D - March/April 2019
