The demise of brick-and-mortar retail has been predicted for more than a decade. The long and gradual trend that was precipitated by e-commerce has been turbo-charged by COVID-19. But the consequences of that acceleration will go far beyond retail.
Just as consumers are shifting to online shopping, businesses are re-evaluating the workplace. That will undoubtedly lead them to reduce the overhead associated with their physical space.
Add these trends to the havoc in the hospitality industry and the likely desire of workers to live in less congested communities. The real and most devastating consequences may be on real estate values.
Coronavirus Finishes the Retail Reckoning That Amazon Started Thousands of stores will close permanently as the Covid-19 pandemic turbocharges a shift to e-commerce