Despite the pandemic’s massive economic toll, consumers embraced online shopping in record numbers, with purchases for Black Friday and Cyber Monday alone shattering all previous records in both dollar values and volume.
While the clear losers in the pandemic were brick-and-mortar stores – shopping malls, department stores, and individual storefronts – others actually came out ahead of the game. Amazon.com has already made clear that it intends to continue securing large-scale floor space to store goods, and has set its sights on currently empty malls and other locations as prime places to do so.
It has also made clear that it is looking into smaller store-front locations where it can move goods and even food within a local community quickly. To be sure, the pandemic has not been the death knell of the shopping mall or brick-and-mortar store. While consumers have embraced the online shopping experience, there will always be a need to touch and feel, and to have the physical experience of obtaining those goods from a physical location – as well as the ability to return those goods somewhere.
Nonetheless, the retail landscape will undoubtedly look a lot different in 2021 and beyond, as retailers focus on a model that ensures a full-scale online and in-person experience, but that also makes money for them.
In a free webinar, sponsored by Crexi in partnership with TheStreet, Eli Randel, Chief Strategy Officer at Crexi and Fernando De Leon, Crexi’s first investor, Founder of Leon Capital share their expertise on the topic.
Watch the video above for more.