So, retail real estate has finally met its match with the outbreak of the COVID-19 pandemic, right? Here are some sobering facts…

• 30k +/- stores closed in the US in 2020

• Vacancy rates Q1 2020 – 9%

• Vacancy rates Q2 2020 – 20% (over 122% increase in 3 months!)

• Ecommerce total % of retail sales Q1 2020 – 11.8%

• Ecommerce total % of retail sales Q2 2020 – 16.1% (36% increase in 3 months!)

All of this means that people have finally stopped going to stores and are instead whipping out their smart phones and ordering whatever they want for a quick and easy home delivery. Retail shopping is dead!