Page 8 - BOMA Manitoba 2021 Commercial Building Directory

RETAIL

MICHAEL STRONGER
Senior Vice President, Retail and Investment, Shindico Realty

Retail in a covid-19 world

s we head into 2021, over Meanwhile, “essential service” more time. Concurrently, the growth
6 months into the COVID-19 businesses such as Costco, Walmart, of online sales and delivery-oriented
Apandemic, the Canadian retail Canadian Tire, grocery, pharmacy, businesses in general, which had
sector is truly in uncharted waters. liquor & cannabis, dollar stores, doomsayers proclaiming a “retail
The pandemic has turned some trends medical uses and quick service apocalypse” for the past decade,
on their heads while accelerating restaurants have fared far better, has been dramatically accelerated.
others, rewarding certain sectors in some cases experiencing record This however does not mean that
and market leaders and punishing breaking sales. Amazon is the only winner. Bricks &
the rest. Entertainment, fitness and mortar brands with a strong online
large format restaurant concepts, Another bright spot has been the platform, such as Walmart, Best Buy
previously considered part of the home improvement and furnishing and Staples, have not only managed
“Retail Renaissance” due to their categories. Mirroring the remarkable to weather the storm but actually
unique customer draw and internet Covid housing boom, people have increase market share. Buy online /
resistance, have not fared well with diverted their disposable income pick up in store (BOPIS) has been
lower occupancy and social distancing spend from travel and entertainment hailed as the most efficient and
requirements, not to mention into their homes, where they have lowest cost solution for well-located
complete shutdowns at times. suddenly been spending considerably retailers to compete and provide

8 Manitoba 2020 Commerical Building Directory