The economy is beginning to open up but it is a Coronavirus economy, not a post-Corona virus one. Wearing masks outdoors is still required and social distancing is still the norm. Most importantly, the fear of the virus continues to keep people away from potentially close contact. Put another way, you can open up your business but will people come? We still have a ways to go.
Once the majority does feel comfortable returning to their daily rounds, they will emerge into a badly dented economy. But just like all recessions, this one will end. And retailers that are recession-proof or are freshly capitalized will be presented with great opportunities.
Pier One Imports, a 60 year old retail stalwart is going out of business and vacating its 900 stores across the country. Their choice locations all boast prominent shopping center positioning and excellent storefront and pylon signage. AT&T just announced the closure of 250 locations around the country as they see a slowdown resulting from lower customer demand of some of their legacy products, exacerbated by the pandemic shut down. Many are high profile locations with attractive, modern interiors and again, excellent signage.
There are other opportunities. The sudden economic vacuum created by the pandemic is likely to suffocate 20-30% of restaurants in California, knowledgeable observers say. That is a lot of built out kitchen space and expensive interiors that will be there for the taking. Independent restaurant closures are starting to appear. No big chains have thrown in the towel just yet, but some most certainly will. I am already getting inquiries from restauranteurs looking to pounce.
Can you or your clients capitalize from these opportunities? The old adage is most apropos: the early bird catches the worm.