Retail Vacancies - 4th Quarter 2020

The retail industry has been evolving over the past decade primarily because of the widespread and growing acceptance of online shopping. Malls are slowly becoming endangered species – if not dinosaurs. Still, a wide variety of large and small retailers thrive through brick-and-mortar platforms – particularly merchants that focus on jewelry, women’s clothing, furniture and guns. The bargain retailers – Walmart, Home Depot, Costco, Target and others – also continue to thrive. Covid-19 has had its impact on retail by helping push online retail purchase acceptance further. The service-oriented retail sector – hair and nail salons, fitness centers and, of course, restaurants – have been hit the hardest by Covid-19 shutdowns and reduced occupancies. Excluding malls, the storefront vacancies created over the past nine months are starting to be occupied and it appears a new face is taking shape within our marketplace, one that will have more service-oriented retail, specialty retail and entertainment uses.