How Will Social Distancing Affect Retail?
There's no question about it—the retail and services industry has been hit hard by the 2019-2020 pandemic, COVID-19. Likely, if retail businesses were able to survive the pandemic, they will still have a significant challenge ahead of them—how to manage their business under new social distancing regulations. With safety requirements established by the state and federal government, it's harder than ever for small businesses and retail spaces to be nimble and efficient. Their new daily challenges include limiting on the amount of people within an establishment, enforcing a safe distance between customers, and managing the sanitization requirements. On top of that, businesses are forced to find a creative solution to drive revenue even with a diminished capacity.
A question everyone is wondering—what will the new normal look like?
With some businesses finally reopening their doors, how will efforts to protect the population stand up to the spread of the virus? Will social distancing efforts be enough?
This week on Three Question Thursday, your hostess with the most-ess, Olivia Garrett invites F.R.E.D. experts, Rocco Fiorentino and Ty Brewster to talk about the changes we're expecting to see in the retail industry and how this pandemic will continue to change the way retail businesses, restaurants, and fitness concepts operate.
Come along for the ride as we answer the following questions:
1. What does life look like for retailers today and in the next 18 months?
2. How will social distancing affect the social aspect of going out to eat or going shopping?
3. Is there anything retailers or franchises can do to lessen the impact?
If your business has been affected by the Coronavirus and you're looking for commercial real estate guidance, please let us know. As our way to thank you for being part of our #KeyserCommunity, we would be more than happy to review your lease, help you reduce your commercial real estate costs, and leverage the current market opportunities.