Pharmacies not only provide essential service for their communities; they’ve also long been innovative spaces that lead retail trends. From the soda fountains of the 1950s and earlier to providing some of the simplest and most accessible sites for COVID-19 testing, pharmacies are often ahead of the game.
Six months ago, as people feared what could be months of mandatory lock-down, grocers scrambled to keep their shelves and freezer cases stocked with staples like soup, bread, and frozen pizza. While the pandemic hasn’t been kind to many industries, grocery stores have seen huge increases in demand as more people choose to cook and eat at home, and continue to bolster their pantries.
State by state, limitations around COVID-19 run the gamut. Rising case numbers seems to be at war with a need for normalcy, and customers are still looking for ways to make their experiences in the world safer, quicker, and more convenient.
As the fallout from the COVID-19 pandemic continues, customers continue to be wary of large group gatherings, and many are facing economic hardships. But eating out, or at the very least take out, seems somewhat pandemic proof. In their recent report, McKinsey ran down the current reality of the restaurant business. The verdict? Easy take-out options are crucial for a restaurant's survival in the immediate future.
New Jersey is known for its shopping, boasting the most malls in one area in the world—7 in just a 25 square mile radius. And while the pandemic may have put a temporary damper on the Garden State, New Jersey continues to see ongoing opening and expansion of retail.
As a smart landlord, you likely keep your eye on the latest trends in brick-and-mortar business. Scanning the latest headlines, keeping up with industry blogs, and figuring out which types of retailers seem to be thriving in spite of the current pandemic is par for the course when you own commercial real estate.
The term “Retail Apocalypse” is trending. When you’re looking to fill vacancies, other words like “mass closures” or “bankruptcy” could also elicit an immediate “No thanks!” about certain brands. You may already be facing challenges to your business, and it makes sense that you wouldn’t want to take on a struggling tenant.
E-commerce driven, direct-to-consumer retail has boomed over the last decade. Companies like Warby Parker, Dollar Shave Club, and Glossier have disrupted their respective industries, offering design forward products, as well as clever and beautiful marketing, at a lower than expected price point.
As department stores and indoor shopping malls, as well as other large scale retail spaces suffer from an increasing number of vacancies, it can feel impossible to find a replacement tenant. With the global pandemic, brands willing to open a large new location in the current economic climate can be few and far between.
After 58 years in business, Pier 1 Imports has declared bankruptcy and is closing all of its stores. Pier 1 was known for quirky home decor and furniture, with large, open concept retail space. Their closures leave many shopping centers with open occupancies primed and ready for new tenants.