It’s an age-old mantra for retailers: “Location, location, location.”
But with COVID-19 upending life as we know it retailers with so-called “prime” retail locations may be feeling cheated.
“Businesses with a presence in high-rent, prime retail locations are feeling the pressure as tourism is currently on hold and travel restrictions in effect,” Edited market analyst Kayla Marci explained, adding that there’s “no indication” of when foot traffic will return to pre-coronavirus levels on a consistent basis.
Months-long stay-in-place orders caused steep declines in travel throughout the spring, and despite stores reopening, virus-worried consumers are still leery to travel — particularly as cases spike in Southern states.