COVID-19 - RETAIL Sector Implications - Commercial Real Estate
COVID-19 – RETAIL Sector Implications – Commercial Real Estate
As a result of the COVID-19 pandemic, investors, landlords and tenants are assessing impacts, adjusting operations and building and executing contingency plans to support people and their businesses.
The following assesses the impact of COVID-19 on the Retail sector in the Canadian commercial real estate space and how key considerations can help through this changing climate.
Retail
Impact: Many shopping malls and underground pathways have seen a large decrease in shoppers. Assets in a retail node with necessity-based retailers, primary grocery and pharmacy, will find their traffic remains very high.
Depending on the governmental decrees, neighbourhood street-front retailers may find their foot traffic not significantly reduced, as the perception of safety is higher within this subtype.
Retailers may also experience an accelerated shift to online transactions, which we anticipate to cause short-term pressure on brick retailers and medium-term concern with the delivery and distribution channel workforce while COVID-19 measures take hold.
Given the impact to Asian manufacturing sectors, some retailers can expect a delay in receiving new products due to supply chain disruption.
Other retailers will experience a surge in stockpiling from consumers as they provide essential items, from groceries to disinfectants.
Key Considerations: The consumer’s perception of safety is crucial to address. Investing in sanitization will make all the difference.
Retail businesses and landlords should communicate to their customer base safety precautions they are taking. It’s recommended there be a heavy emphasis on marketing campaigns so businesses can bounce back once the risk of COVID declines.
Source Real Estate News Exchange. Click here to read a full story
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