Brick and mortar retail paints a bigger picture than many people may presume. Despite other narratives, real estate proves dominant in the industry today and is on a prominent path toward recovery.
The Chicago real estate market is an excellent example of this. Startup businesses are on the rise with a surge in entrepreneurial activity. These entrepreneurs always need a brick-and-mortar space to get their company off the ground and running. The pandemic has created lower-than-usual retail rent rates, which pays in favor of the brick-and-mortar market and those starting a new business venture.
The commercial industry is suspected to be brighter than initially expected, which has given individuals the courage and opportunity to make the move towards brick and mortar. Over the next four years, retail construction is set to rise between 3.3%-3.5%. The demand for repurposing spaces stands to strengthen the entire retail ecosystem.
The coming years are likely to show that the demise of physical retail is all but a myth. Chicago, and the rest of US, can expect a slew of new businesses to repurpose and reinvent brick-and-mortar spaces.
Source: Chicago B&M – MarketWatch
Photo Credit: Chicago B&M – MarketWatch
