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2020 Q4 Retail Greenville-Spartanburg Report

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Positive activity signifies retailers are successfully adapting

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Key Takeaways

  • Greenville-Spartanburg retail shops absorbed 20,660 square feet this quarter; dropping the overall vacancy rate to 10.81%.
  • A shift to client-centric operations is prompting retailers to adapt their business lay-outs.
  • Overall the Greenville-Spartanburg market has remained strong this year despite COVID set-backs and, going forward, business sales are expected to normalize in 2021.

QSR client-centric options are leading to change

One thing the pandemic has taught us: food is essential, mobile and can be eaten anywhere, so long as it is available. Therefore, trends are evolving to meet consumers at their comfort level. The major shift this year was from restaurant-centric preferences of service to consumer-centric preferences in an effort to ensure a restaurant’s full menu is accessible to as many consumers as possible. Quick service restaurants (QSRs) choosing to decrease restaurant space began pre-pandemic, around 2016; however, the pandemic furthered the trend of QSRs focusing on leasing or developing space with one or more drive-thru options available. Restaurants that do not already have them are planning to install them, and those that have one are often planning to add more. In addition, many restaurants are opting for a reduced footprint for indoor dining, but allowing planning for larger outdoor seating areas and additional pick-up options in the carry-out portion of the restaurant. Less dine-in space has not only led to several drive-thrus, restaurateurs are getting creative with consumer options for food pick up. Curbside pick-up is popular so consumers do not have to get out of their car in order to pick up their pre-ordered food. Those that do not mind getting out of their car but prefer not to interact with anyone have the option of enclosed kiosks with to go prepaid orders in them-clients can pick up their food with no face-to-face contact. Delivery services are extending restaurant delivery areas to a larger radius of clients in the region. While many restaurants and retailers managed to stay partially open throughout the pandemic, they continue to adapt their business practices to deliver their goods in a safe and efficient manner to all consumers.  

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2020 Q4 Retail Greenville-Spartanburg Report

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