Despite the pandemic, some retailers are still opening new locations. At the River Landing Shops and Residences, which is west of downtown Miami, Publix, Ross Dress For Less, Burlington Stores, Hobby Lobby and Chase Bank are all slated to open soon.
These stores have some commonalities. Some offer essential services, while others provide harder-to-find items.
“Some of the tenants have figured out how to manage the store [during COVID], and they sell some things that you just can’t get online,” says Andrew Hellinger, Co-Principal of Urban-X Group and Developer of the River Landing Shops and Residences. “It’s hard to buy things online that Five Below or Ross or Burlington sell.”
Still, it’s hard to paint all retail strategies with a broad brush. Some stores are doing much better than others. Some surprising winners have emerged outside of dollar stores, grocery stores and pharmacies. “One odd situation is the shortage of crafts in this country because so many people are at home doing crafts,” Hellinger says.
The hope for vaccinations and better COVID therapies have some looking to move up opening dates. “As we have a better handle on COVID and we’re closer to vaccinations coming out, tenants are rethinking opening dates,” Hellinger says “Some of them were originally planning to be closed or have limited operations until Spring or Summer 2021. Now, with retail demand on the rise, most are rethinking that original plan and now looking to open in Fall or Winter 2020.”
Nearly half of the 2.2 million square foot River Landing project will be home to big-box and boutique retailers when it is completed in the second half of 2020. Hellinger says Urban-X has accommodated the needs of tenants as they look to open.
Hellinger expects a surge of shoppers once fears of the virus subside as people seek retail therapy, which includes in-store shopping experiences and dining and entertainment experiences. While stores that compete with Amazon may not experience this phenomenon, retailers that were growing before the pandemic, such as Burlington, Ross, Old Navy, TJ Maxx and Five Below, should see pent-up demand.
“We call it retail therapy,” Hellinger says. “It is the experience of shopping and walking around. Maybe you’re shopping alone, but others are people around you. So you’re part of a herd, but you’re not in the herd. You’re on your own, and you’re looking to spend some dollars to buy something that catches your eye, whether it’s a new shirt, pants, shoes or arts and crafts. That’s what the shopping center is about.”
Once the pandemic is over, Hellinger is confident that people will be back out. Already he has seen some indoor food halls move their operations to rooftops.
“They’re packed as much as they can be under COVID with people who just want to go out,” Hellinger says.
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August 21, 2020 at 05:26PM
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Here are the Stores Still Slated to Open - GlobeSt.com
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