Summary
In order to keep pace with e-commerce boom, retailers must focus on maximizing the in-store experience for customers, strengthening online retail offerings and being mindful of rising costs related to operating a brick-and-mortar store. This article frames the current state of the retail industry and provides legal insight into the major factors at play.
Highlights
Omni-channel marketing offers opportunities for brick-and-mortar retailers to serve customers accustomed to shopping on the web.
Restrictive covenants may limit a retailer’s ability to repurpose malls and big box stores as delivery points for online shoppers.
Brick-and-mortar retailers may face higher property taxes as municipalities look to offset declining revenues.
Monday, February 22, 2021
Since March 2020, the COVID-19 pandemic has impacted virtually all aspects of our daily lives. Zoom meetings have replaced conference room gatherings. Kids attend classes from kitchen tables. Family movie nights are likely to involve a first-run film streamed to a television, not a trip to the local cinema.
The retail sector certainly has felt the upheaval of the pandemic. But despite what some may think, not all of the news is bad. Retailers have found new ways to connect with, and serve, customers, particularly through e-commerce. Retail sales numbers for Q3 and Q4 2020 prove that customers are willing to spend both on line and in stores but their expectations for the shopping experience have changed.