"Following the massive shock to the retail eco-system, life is springing back as retailers adapt to new opportunities. The restaurant industry is a great example of what the retail recovery is experiencing. Many restaurants have closed permanently, creating opportunities for new and existing operators looking to fill the void in prime vacated locations. Restaurants which were able to adapt and survive the rough times by embracing delivery, take-out, and outside dining, will likely benefit from the pent-up demand for people to get out and socialize."
-Tom Nelson, Vice President, Silicon Valley
Positive retail fundamentals continued to grow during the first half of 2021 as the nation and specific to this report the Northwest region emerge from the pandemic. Employers are rolling out their return to work plans and overall retail sales have started growing. Employment is increasing as consumer confidence is on the rise and the expansion of the vaccine rollout continues. These fundamental combinations in addition to stimulus checks has translated into the start of stabilization for retail in the Northwest region. The pandemic has altered the way retailers do business, which might result in a combination for new experiences as well as consumer engagement across channels from in-store to online. A lot of the big box retailers have been creating positive demand across the region. Suburban markets fared better overall than core Central Business Districts Areas with the loss of foot traffic, but this should start to shift as regions start to open from the pandemic.
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