Prediction: More walkable main streets
According to Susan Reda of the National Retail Federation, inflation hikes didn’t crush holiday spending. Macroeconomics headwinds including labor shortage and continued supply chain concerns.
A few of my learnings from the article:
Consumers are returning to physical stores and are in for an elevated experience. Dick’s House of Sport includes a rock-climbing wall, batting cage and putting green. (In Atlanta, Dick’s replaced Galyan’s which had a climbing wall in place before they were acquired.)
Online grocery sales will represent more than 20% of the grocery business within five years. It’s a factor of convenience. When toilet paper and non perishables can be delivered to your door, why go to the store?
Livestreaming, the art of selling via real-time, interactive video streams started in China a few years ago and has expanded globally. Balenciaga has hoodies you can buy to dress your online avatars.
Mixed Use.
Consumers in 2022 expect more than ever before. With online shopping, grocery deliveries, how do we continue to build community?
Our vote? Mixed use.
In Atlanta, Selig’s The Works is in Phase 1 of an 80 acre development with Scofflaw Brewery, Chattahoochee Food Works (food hall, curated by yours truly), Your 3rd Spot (an eatertainment brand focused on building community through fun), furniture and home goods brands. An adaptive reuse project with buildings they have been assembling from 1950, Fall of 2022 will see a 320 unit apartment building on site along with a 2nd parking deck.
Main Street.
The City of Lilburn has been redesigning their downtown for the last five years and recently a local team of developers is transforming Main Street to add three new buildings with restaurants leading the charge. Brigade is an adaptive reuse of a former warehouse that is planned for a food hall and brewery.
Expect walkable main streets to take center stage, as restaurant and retail rents climb due to supply chain challenges and construction costs. If COVID taught us anything, it's that we don’t all have to be in our cars at peak hours and maybe, just maybe, we can join a coworking space close to home.
