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Those in multiple Michigan retail markets are feeling cautiously optimistic after a tumultuous 12 months. The retail sector is showing signs of rebound amid the continuing pandemic and will look different going forward as retailers and restaurants have developed new products, processes and practices that will likely stick around. Improved economic activity spurred by more people being vaccinated and feeling safer to venture out, in-person learning on college campuses and other returns to "normal" have driven consumer spending and a growing optimism that will help entertainment, retail, bars and restaurants. It's also evidenced by some significant new redevelopment opportunities in some markets. New tenants and buyers have entered new markets in Michigan, looking for good locations, high traffic land and available leasable space. Class A, prime locations with regional access and Class B community and neighborhood retail is also in demand. For years there have been low supply in desirable corridors, so advisors have high hopes to fill recently vacated properties with new retail coming off COVID-19 shutdowns.
