From Tel Aviv to São Paulo to New York City’s Garment District, the onset of the pandemic in 2020 forced widespread change and innovation across the retail ecosystem. From big retail chains and brands to technology enablement and alternative payments, CEOs across the globe were forced to adapt to a new reality – one in which being able succeed online moved from being essential to absolutely mission critical.
The fashion, retail and real estate industries are looking to President-elect Joe Biden and Vice President-elect Kamala Harris to revive the economy and quell the COVID-19 pandemic, which has been raging with the number of new cases hitting record highs in several states.
Recent reports about retail real estate in Manhattan, and beyond, suggest that the outlook may be gloomier than once thought. Aside from cities such as Austin, which is attracting California residents, and Miami, where denizens of the Northeast have moved to wait out the Covid-19 pandemic in the sunshine, many urban areas with a significant retail presence are suffering, and experts agree that any improvement won’t be fast or easy.