Written by Brian Sorrentino, Principal at ROI and The Sorrentino Group

So, retail real estate has finally met its match with the outbreak of the COVID-19 pandemic, right?  Here are some sobering facts…

·         30k +/- stores closed in the US in 2020

·         Vacancy rates Q1 2020 – 9%

·         Vacancy rates Q2 2020 – 20% (over 122% increase in 3 months!)

·         Ecommerce total % of retail sales Q1 2020 – 11.8%

·         Ecommerce total % of retail sales Q2 2020 – 16.1% (36% increase in 3 months!)

All of this means that people have finally stopped going to stores and are instead whipping out their smart phones and ordering whatever they want for a quick and easy home delivery.  Retail shopping is dead!

But wait, what’s this?  Retail sales increased 2.9% in 2020?

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