Retail, which is capable of pivoting and changing during a crisis, continues to weather the pandemic
As more pandemic restrictions were lifted, foot traffic increased. More stores are opening. With long end-of-year holidays, landlords are expected to maximise the number of visitors to the malls. Nevertheless, the mall owners have yet to find reason to increase occupancy cost and remain relatively stable in 2022.
The retail sector is evolving, and its future trajectory should not be limited by transactional requirements to meet human needs. Businesses must be willing to abandon outdated assumptions and embrace the insights and technologies that will drive success in the post-pandemic world.
To thrive, landlords and retailers must tap into emotion and human connection, provide customer convenience and be environmentally sustainable. To combat rising labour and material costs, retailers may find innovative ways to continue their brick-and-mortar expansions. More retail pop-ups, subleased spaces within department stores, and joint ventures to establish a physical presence with little capital investment.
