2020 Q4 Retail Columbia Report

Retailers adapting business operations to accommodate consumer needs

Key Takeaways

• Since many people worked from home throughout the pandemic, suburban retail shops outperformed urban spaces last year due to the close proximity of suburban shops to residential areas. 
• Quick service restaurant trends are evolving to meet consumers at their comfort level.
• While there was some movement, overall the retail market posted minimal activity during the fourth quarter of 2020 in Columbia due to the 2020 global pandemic.

Client-centric options are leading to adaptive business plans

One thing the pandemic has taught us: food is essential, mobile and can be eaten anywhere. Trends are evolving to meet consumers’ various comfort levels. The major shift last year was from restaurant-centric food service preferences to consumer-centric food service preferences to ensure a restaurant’s full menu is accessible via various distribution options.  Quick service restaurants (QSRs)  began decreasing interior restaurant space prior to the onset of the pandemic; however, the pandemic accelerated the trend of QSRs focusing on smaller interior space and  one or more drive-thru options. Restaurants that do not already have drive-thrus are planning to install them. Also most QSR’s are planning for larger outdoor seating areas. In addition to smaller dine-in space and more emphasis on drive-thru service. Restaurateurs are getting creative with consumer options for picking up pre-placed orders. Curbside pick-up is popular because consumers do not have to get out of their car to pick up pre-paid orders. Those that do not mind getting out of their car, but prefer not to interact with anyone, frequently have the option of accessing an enclosed kiosk with pick up prepaid orders. Delivery services are extending restaurant delivery areas to a larger radius of clients in the region. While many restaurants and retailers managed to stay partially open throughout the pandemic, the successful ones continue to adapt their business practices to deliver their goods in a safe and efficient manner to all consumers.