Tim Blair, President at CCIM Institute, reminds us that:
"All retail is not created equal."
Sure, news headlines like to place all retail into one category, but Tim likes to distinguish between 3 types of retail.
While malls and power centers have witnessed disruption from the internet, service centers continue to find solid footing.
Service Centers: The Mom-and-Pop Stores Are More Resilient Than Would Appear
The advantage of service/neighborhood centers is they utilize tenants that provide a physical service to customers.
"They are service providers to people. Heading into the pandemic, I would have said their primary value draw, if you will, or value prop was that they were Internet resistant. That people in these centers need people. You have to come in to do it. You have to come in to get your nails done. You have to come in to get your haircut. You have to come in for your physical therapy."
The internet has certainly changed the way we shop, but when it comes to providing a service to people, retail is still the place to be.
To listen to Tim Blair's full episode, click here