Fewer consumer-related jobs points to further retail rental value falls

Retail sales have outperformed non-retail sales during the recession to date. Were that outperformance to continue it could be argued that the prospects for retail rental values are brighter than might be implied by existing forecasts for overall consumer spending. For the record, we do not expect the outperformance of retail sales to last. But even if it does, trends in consumer-related employment firmly suggest that a downbeat view on retail rental values is still justified.