In preparation for the first of our Power of Ten Forum Series, The Future of Retail Real Estate, we've compiled a brief look at where the state of retail is in the US and some ideas for how communities can move forward. Join us on April 29 to dive into what the shifting retail market means for our region.
the state of retail...
Roughly 80,000 stores are doomed to close in the next 5 years as the retail apocalypse continues to rip through America "And while store closures may have slowed slightly, retail vacancy rates are still nearing a seven-year high and major brands announced more than 12,000 store closures in 2020 alone."
Main Spotlight: COVID-19 Trends and the Impact on Retail "Throughout 40 years of place management on Main Streets, we’ve learned that despite consumer interests, changes in the economy, or shifts in how we live and work that alter the retail landscape, downtown and commercial district revitalization efforts remain conditioned on applying a comprehensive approach."
5 ways the coronavirus pandemic is reshaping the future of retail stores “'There’s a sort of misconception that e-commerce growth means the end of the store, that e-commerce essentially eliminates the need for the store, both for retailers and for customers,' said Melina Cordero, a leader of CBRE’s retail capital markets business for the Americas. 'And the reality is, it doesn’t.'”
Five Ideas for Rebuilding Retail in the Post-Pandemic City "It's time to look beyond a return to the status quo. Rethinking the future of retail could be a tool for economic and social transformation, literally from the ground up. A new approach to retail could jumpstart small, neighborhood-based and community-serving economies."
Creating Models for a More Sustainable Future for Retail "The solution, panelists agreed, is to optimize and integrate online and offline experiences. The demand for convenience and delivery will not go away. Retailers must provide customers with multiple options for access while also offering distinctive in-person experiences that have no comparison online."
The Future of Retail "There’s no doubt about it, the retail landscape is changing and getting more complex. No longer are there clear boundaries between brick and mortar establishments and e-commerce, between big boxes and mom & pops. Yet one thing is for certain: Main Street has a unique competitive advantage and it’s up to local leaders and local business owners to understand how to tap into this opportunity."