![]() ![]() ![]() ![]() Even adjusted for inflation, clothing sales are trending 25 per cent higher than they were last year." “Now that workers are returning to the office, everybody wants new clothes in their closet. Photos taken with Santa are showing up on Instagram as consumers crave normalcy and a return to their shopping routines," Domenico said. Savvy mall operators are decorating their common spaces to create that holiday spirit that’s been missing. “The mall’s role as a community centre is coming back. "And while online shopping obviously became a lot more popular, bricks-and-mortar stores will be a key component of the omni-channel approach favoured by successful retail brands as customers return to their favourite malls.” Colliers report studies e-commerce, bricks and mortarĭomenico was expanding on findings in another recent report from Colliers Canada: Friends, Not Foes: The Unification of E-Commerce with Brick and Mortar and The Impact on Retail Real Estate.Īs the holiday season was getting underway, foot traffic at enclosed malls was actually up between 15 and 30 per cent over 2019 (pre-pandemic), resulting in impressive retail sales increases. "During the pandemic, retailers and mall operators worked behind the scenes to ensure continuity and stability. "There is a lot of retail data out there that guides the leasing process and relationships between the retailer and property manager are both very close and long-term. Jane Domenico, senior vice-president and national lead for retail services and retail management services for Colliers Canada, told RENX “shopping malls are in a different asset class than many other sectors of the economy. However, even if this scenario ends up being accurate, it won’t lead to shuttered storefronts or long-term pain for shopping mall owners and operators anytime soon, according to one industry observer. JLL Research’s 2022 Retail Holiday Survey also reported 80 per cent of respondents planned to spend less on Christmas shopping than they did in 2021. (Courtesy Colliers)Ī recent holiday shopping report contained good and bad news for retailers, shopping centre owners and operators: 90 per cent of Canadians plan to return to bricks-and-mortar stores, but inflation and recessionary fears could result in as much as a 13 per cent reduction in holiday spending. Jane Domenico is senior V-P and national lead for retail services and retail management services at Colliers Canada. ![]()
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