While some retailers are seeing decreased demand and customers shifting to online channels, others are facing astronomical spikes in demand. Grocery retailers, in particular, are dealing with significant out-of-stock situations on many key products as consumers hoover up supplies perceived to be essential. The ability to predict and manage demand has never been more important.
The last couple of years have been volatile for brick and mortar stores with the growth of online shopping. Retailers will need to be more innovative than ever! Expect to see more retailers partnering with top baristas, bakers, authors, artists, and other brands to collaborate in bringing a mixed service and retail experience to life. In post-COVID-19 retail, we can expect the average dwell time of customers and engagement with brands will suffer. The only way to keep people in a store is to offer deeper services that fill their needs, such as Wi-Fi, experiential spaces, and great coffee, as well as your products.
Landlords will need to think twice about their rents because soon, they won’t be able to fill their spaces. It’s going to become a renters’ market. Now’s the time for the commercial real estate industry to become more innovative and to really think about what their tenants need. In a time where retailers are having to rebuild their sales pipelines for their physical stores, the malls and shopping centers that can provide their tenants with in-depth insights on walk-by traffic, demographic analysis, and competitive benchmarking will stand out from the rest.
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