A Year Of Change Produces Silver Lining For Retail
In a retail industry more accustomed to years-long cycles of change, the pandemic has fueled the most rapid evolution within our sector that I have ever witnessed. In particular, the health crisis instantaneously caused the fear of retail bankruptcies and threatened the permanent closure of some retail properties. Only seismic disruptions like the Global Financial Crisis have sparked effects of similar scope, but even then, the fallout occurred over years, not weeks. Still, in many cases, it became clear that the pandemic had simply accelerated the predestined fate of long-troubled operators and assets. Now, with the advantage of time, it’s equally clear that the pandemic has accelerated change for the better, especially for suburban open-air centers. In fact, I believe that we are at the beginning of a multi-year trend in which the convenience of open-air centers will drive shopping trips and leasing activity for the foreseeable future. Read more at Commercial Observer.
