But the pandemic only accelerated a change in retailing that had already been underway — the U . S . had 9,300 store closings in 2019 , up from 5,800 the year before . E-commerce sales were already steadily rising when homebound COVID-19 shoppers gave them a powerful push . Colliers ’ spring 2021 retail report , “ Retail Moving Forward ,” noted “ four years of e-commerce growth compressed into a single quarter , as nearly 150 million people shopped online for the first time .”
This year , as spring flowers bloomed , so did signs of optimism . Millions of people got vaccinated and were eager to return to some sense of normalcy , including shopping in stores . They had money to spend as well , thanks to stimulus checks and a sharp increase in personal savings that weren ’ t spent during the pandemic .
But as recovery continues , the retail industry and CRE professionals who work in it are using lessons learned during the pandemic and looking ahead to navigate an altered playing field .
Nimble retailers instituted a wide variety of COVID-related practices that are likely to carry through in some form during recovery . “ Retailers that were able to continue to serve their customers through options like delivery , curbside pickup , and connection via social media are likely to benefit the most as economies open up ,” says Scott Crossman , CCIM , founder and CEO of Crossman & Company in Orlando . “ Some consumers have adapted to the limited in-person experience and will continue to use these alternatives in the future , but others will be anxious to return to a more open shopping experience .
Retail Employment Bounces Back
Retail Employment
( In Millions )
16.5 16.0 15.5 15.0 14.5 14.5 13.5 13.0 12.5
Smart retailers will be prepared with sufficient inventory to meet this demand and appropriate staffing to maintain a high level of customer service .”
Retailers and landlords alike also learned to be flexible , developing creative solutions to keep the doors open . Examples abound . Restaurants shifted to selling premade meal kits ; specialty retailers started subscription services featuring local products ; shopping center landlords rented out their empty parking lots for drive-in movies
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source : U . S . Bureau of Labor Statistics
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