Monkey Bizness was recently featured on a new story in Sioux Falls, SD about the changing face of retail. While the death of retail has been somewhat over hyped in our opinion, there definitely has been a shift. There is no denying that there is less “traditional” retail then there was 5, 10, or 20 years ago. In 2017, 6,700 retail stores closed. While this seems like a lot, and by many measures it is, the average retail consumer probably wasn’t too effect by this. According to Forbes, physical store openings actually grew by more than 50% year over year. By many different estimates, 90% of retail sales were still conducted at a brick and mortar store in 2017.
What has changed is the function of retail. As Monkey Bizness has looked for space in various different markets, we have had a lot of conversation with various people throughout the retail real estate market. While they will tell you things are definitely slower, it is the not the death that you hear about in a lot of the press. What they are seeing is different participants entering the landscape. Concepts like Monkey Bizness, entertainment venues, and restaurants have been taking up much of the space. While the market is still somewhat “soft”, there is still a good amount of movement.
Take a look at the video featuring Monkey Bizness below:
If your interest in learning more about Monkey Bizness, contact us now.