Brick-and-mortar space still in demand in Twin Cities
Many have speculated that the rise of ecommerce would lead to the fall of brick-and-mortar, but as online shopping gains popularity, the landscape of in-store retail has adapted. In Minneapolis and St. Paul, Minn., for example, city officials have seen the number of vacant big-box retail stores drop by about 50 percent in the past five years, according to Twin Cities Business.
"There is still demand for space. It may not be the same uses that were once in place, but there's still demand for space," Tom Martin, a commercial real estate broker, told the source. "And there's very little new space coming online."
A big part of the renewed interest is that retailers are finally recovering from the recession and able to resume business that was lagging during the economic dip of recent years.
Brick-and-mortar stores will need to alter their business practices to keep up with the latest ecommerce software. Business 2 Community suggested offering incentives, such as discounts or rewards, for purchasing in-store rather than online. A loyalty program for frequent customers could enhance the point of sale experience and keep shoppers coming back time and again.
