Page 54 - December 2020 January 2021

Finding A

New Normal

Having been the world’s largest economy for more than a century, the US, like the

rest of North America and the world, has had a very challenging year in the wake
of Covid-19. Here, RLI takes a look at some of the recently completed retail real

estate projects in the region and those exciting schemes in the pipeline.

ust under 13.6 million square feet of outdoor the right mix between stores and online penetration - will
retail shopping centre space was returned remain a high priority for retailers and a key to determine
to market in Q3 2020 as the vacancy rate future success.
Jamong community/neighbourhood, power, The report goes on to say that looking ahead, retail leasing
lifestyle and unanchored strip centres collectively rose is expected to be strongest among categories that suffered
from 6.8 per cent to 7.1 per cent in the 65 retail markets little to no impact by lockdowns, that focus on necessity
tracked by Cushman & Wakefield. items, that are value-oriented in their consumer offerings,
Much has been written about the pandemic accelerating and that are benefitting from pandemic-related shifts in
shifts in consumer behaviour, which is certainly true. consumer behavior. Convenience, discount/dollar, drug/
Cushman & Wakefield’s ‘Marketbeat U.S. National Shopping grocery, hardware, mass merchandisers/superstores, off-price
Center Q3 2020 explains that demand for e-commerce apparel, pet supplies and warehouse stores all fit into this
and delivery services has led to skyrocketing growth for group. These categories - with the addition of fast food and
those sectors, more than doubling in some categories like quick service restaurants - are expected to be among the
e-groceries. As a result, finding omni-channel equilibrium - most active in seeking opportunistic growth opportunities.
54 RETAIL & LEISURE INTERNATIONAL DECEMBER 2020 / JANUARY 2021