In the period following the start of the economic crisis retail vacancy has steadily increased in many countries around the world. A frequently mentioned cause of the increase in retail vacancy is the growing popularity of online shopping. In various scientific publications, scholars have addressed the possible future implications of online shopping. In this research an attempt is made to empirically examine the effects of online shopping on the demand for retail real estate. This is done, using a correlation analysis and a multiple regression analysis. The results show that the increase in online expenditures, between 2011 and 2016, is significantly associated with the decrease in the demand for retail real estate. Therefore, online shopping should be considered as a substitute for traditional in-store shopping. These insights are used to determine the broad implications for retail policy.