H1 2025 Retail Market: Closures Create New Opportunities in a Resilient Landscape
Despite national retail headwinds, Greater Lansing’s retail market demonstrated strength in H1 2025, with slight improvements in vacancy and absorption.
Retail vacancy dipped to 17.9%, while absorption improved to -6,449 SF, recovering from a sharper decline in late 2024. The East Submarket continues to lead the region, with strong lease-up activity following national chain closures.
Key highlights:
- Notable closures: Jo-Ann, Party City, Big Lots, Rite Aid
- Fast backfills: Dollar Tree, Barnes & Noble, Shake Shack, Wingstop, Smoothie King
- Ashley Furniture signed for 95,000 SF in Meridian Mall (East Submarket)
- Dining and fitness concepts dominate new tenant entries across all submarkets
- Redevelopment strategies are unlocking value in vintage centers
- Delta Crossings remains a regional growth hub with major new construction underway
🛒 With experiential retail, restaurant growth, and adaptive reuse on the rise, the local retail sector is finding new ways to thrive despite national shakeups.