It has always been crucial for commercial landlords to have thriving tenants instead of fighting battles with difficult tenants on the brink of eviction. This need has often become clearer as the Covid-19 pandemic continues, often highlighting more troublesome tenants.
On Thursday, more than 500 movie theaters will go dark as a result of Regal Cinemas’ announcement to temporarily close all US locations. The difficult decision to close after many of the theaters have been open since the end of August is largely due to the complications COVID-19 has created for the movie theater industry.
The Retail Industry has struggled for years and even more so now with COVID-19 but retailers in the food industry have a different story. Here are four businesses continuing to expand in Connecticut.
COVID-19 arrived in time to add gasoline to an already suffering retail industry. Then, out of the fire came a few retail brands that have surprised the economy not only by continuing on, but thriving and expanding. One retail brand that has risen unexpectedly during the pandemic is Tractor Supply Company. Recently opening it’s 1900th location and announcing up to 80 new stores this year, Tractor Supply Co. is hard to ignore. What first seemed like oddball luck for Tractor Supply Co., upon further investigation uncovered the successful planning and positioning the company has taken over the past years.
Examining retail trends in Texas is an interesting experience, because the state is very, very large. Spanning approximately 269,000 square miles -- larger than France -- the Lone Star State has a population of 29 million and four major population areas: Austin (the capital); Dallas-Fort Worth, Houston and San Antonio.
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.
Luby’s, the Texas cafeteria style dining restaurant, spent years trying to rebuild in a crowded marketplace, announcing that the company was up for sale in June 2020. As of September, the 70-plus year old company has announced that no buyer has been found and they will begin liquidating assets and dissolving.
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.
Nordstrom is certainly not the only department store that has taken a hit from COVID-19, but their reputation as having highly experiential retail and in-depth customer service and engagement mean it can be harder to open during a highly contagious pandemic.
In 2016, Glossier was an irresistible force in the beauty and personal care industry. In March of 2020, company Founder and CEO Emily Weiss announced in a blog that the company would temporarily shutter its New York, Los Angeles and London retail locations; the shut-down became permanent in August, 2020; information that was shared in another Weiss-authored blog.