Will Retail Make a Comeback This Summer?
Posted April 28, 2021
Experts think so! According to a recent article in JJL, retailers are already seeing the return of in-store customer engagement, as the number of COVID-19 cases decline and the weather temperatures rise.
So, why are customers feeling re-energized enough to venture out to their local shopping centers? JLL shares three retail trends in 2021 that investors are taking note of and believe may positively impact mall real estate.
Retail Trends in 2021
Renewed Confidence and Sense of Security
JLL predicts that with states rolling out more vaccines, businesses can expect a resurgence of customers, who now feel more confident traveling and going inside of venues and other establishments.
In a related article that JLL published in March 2021, they noted the possibility of vaccinations producing “economic fever”: “Accelerating vaccination is providing many with the confidence to spend money, re-engage the economy, and even resume traveling.”
According to the updated Minnesota COVID-19 Vaccine roll out plan, as of March 30, 2021, all Minnesotans 16 years and older, who are living with any underlying medical condition, are eligible to receive a COVID-19 vaccine, if they desire to take it. And individuals who are 50-64 years old (regardless of health conditions) are also eligible.
As the rollout continues and vaccines become more available to the general public—and JLL’s predictions are correct—it may lead to shoppers feeling safer again to travel outdoors and return to their favorite local restaurants and shopping centers.
Loosening of Restrictions
Most states have already begun loosening state-wide mandates that restricted the number of individuals from gathering in one space. In Minnesota, restaurants are open to 75% occupancy, up from 50%, and gyms went from 25% occupancy to 50%.
Another important change taking place is that employees working from home are now slowly transitioning back to the office, especially as daycares and schools open back up for in-school learning.
Why is this significant? “Customers are back on the move!” said Rosedale Center’s Senior General Manager, Lisa Crain. “They’ve spent over a year at home, limiting their travel plans, but now, as the weather heats up, they’re ready to visit their favorite local venues to enjoy public settings and outdoor experiences again.”
This brings us to JLL’s third retail trend in 2021.
Re-Energized Shopping Behaviors
According to JLL, customers’ expectations for the future are on the rise. The idea of a post-pandemic reality has many feeling optimistic. This paired with the amount of money saved since March 2020 from staying in (from JLL: it’s estimated that global consumers saved $2.9 trillion during the pandemic), has experts predicting that Americans are anxious to swap out their minimalistic lifestyles for a fun shopping excursion.
An example they provide is the need for a new office wardrobe. Most Americans have kept outfit shopping to a minimum, as yoga pants were the ideal WFH attire. But with states loosening restrictions, and people returning to the office—not to mention going outdoors to socialize again—clothing brands are already noting an increase in purchasing trends of loungewear and business casual.
Lisa Crain said it best. Customers are back on the move. And they’re headed to Rosedale Center.
“Each year, Rosedale welcomes over 14 million visitors to our shopping center,” said Holly Rome, Rosedale’s Executive Vice President of Leasing. “And because we’re conveniently situated between the Twin Cities areas, our location and diverse range of unique businesses help us bridge the gap between supporting local businesses and enjoying brand-name retailers.”
If you’re interested in making Rosedale your new business home, their leasing team can help! “We offer short-term, seasonal, and long-term lease agreements to fit your business’ needs and put you in the center of all the local shopping action,” said Rome. “Whether you’re a restaurateur or retailer, we have the perfect space to rent for you at Rosedale!”
To get started, contact Holly and her team today!