The retail sector has always been in a constant state of evolution, adapting to changes in society, economic cycles, densification of population, and technical advances. Even before the outbreak of the coronavirus, the sector was well entrenched in a movement towards balanced mixed-use to meet the commercial objectives of asset owners and operators as bricks and mortar retail retracted in the wake of e-commerce. However, the advent of the recent pandemic has expedited this paradigm shift in the thinking around retail: it’s viability, the psychology of the shopper, and the need for it to adapt and survive.
From our findings at Buchan, we expect a difference in demographic wants and needs. Some will hanker for the high street of old: the butcher, baker, grocer, and corner store. Others will desire a fast forward to futuristic, tech-driven experiences. Some will harvest retained fears of social gatherings, large crowds and interactions, whilst others will wholly need that engagement more than ever. We could experience an increase in demand for locally sourced products and a pullback from big chain buying. We are likely to see inclusions of sanitization stations and a greater degree of touchless amenities in retail spaces.