Predictions of the Demise of Retail Stores Prove to be Premature
Here at Miller’s Landing we’re happy to see that recent reports show that consumers are once again shopping at brick and mortar retail locations. It turns out that the doom and gloom predictions of the demise of physical retail stores were not accurate after all.
Miller’s Landing is a new 65-acre multi-use development in Castle Rock, CO. When completed, it will feature a pedestrian-friendly town center with retail stores and restaurant locations along with attractive multi-family housing, modern offices and large swaths of open space.
Consumers Comfortable With In-Store Shopping
Deloitte recently released a report that shows that the pandemic did not permanently change consumers’ views of in-store shopping.
Deloitte’s white paper “What’s in Store in a Vaccinated World” reports that three-quarters of current retail shopping occurs in physical stores. In a survey conducted in May 2021, 73 percent of consumers reported they were comfortable shopping at retail stores. The number is up from 34 percent just a year ago.
The National Retail Federation states, “A year after the shutdowns forced many consumers and businesses to halt their day-to-day activities, it is evident that the pandemic did not permanently dampen in store shopping. When lockdowns eased and retail stores reopened during the summer of 2020, offline spending for many consumers reverted to pre-pandemic levels.”
The number of retail locations in the U.S. continues to grow as well. The U.S. Bureau of Labor Statistics shows that the number of retail stores in the country was up 4,700 year-over-year in the fourth quarter of 2020. The number is a new record.
Retail Leader Expresses Optimism
In a blog on the website WWD.com, Simon Property Group Chairman, CEO and President David Simon, states his company is seeing a strong return to brick-and-mortar retail. Simon Property Group is a leading operator of retail malls and other commercial properties.
“We continue to see demand for space across our portfolio from healthy local, regional and national tenants, entrepreneurs, restaurateurs — and mixed-use demand [is] ever so increasing day by day,” Simon said in the blog “Mall Giant David Simon: ‘Physical Retail Is Here to Stay.’”
Simon Group reports that this year it has leased three million more square feet of space than it did in a similar period in 2019. Retail sales have started to return to pre-pandemic levels as well.
In the blog, Simon went on to say, “I think physical retail, when I listen to the pundits…they’re throwing the baby out with the bathwater. Read my lips: Physical retail is here to stay. And people really like to shop in the physical world. So don’t believe everything you hear on TV. We’ve got the evidence.”
Miller’s Landing, Where Passion Meets Possibility
Retail certainly has a home at Miller’s Landing. On land immediately adjacent to the Plum Creek Parkway and I-25 interchange, Miller’s Landing is creating a new town center in the heart of Castle Rock, CO. We’re creating a dynamic development that includes a pedestrian-friendly town center complete with prime locations for retail, restaurant and entertainment venues.
The town center will be supported by multi-family housing and modern office spaces.
Miller’s Landing offers easy access to downtown Castle Rock and outstanding outdoor recreation opportunities via walking and bicycling paths.
The unique mix of business, entertainment, recreation and housing options make Miller’s Landing the top spot to locate a retail store or business in the south Denver area.
About Castle Rock, Colorado
The Town of Castle Rock is conveniently located in the south Denver metro area on the I-25 corridor. The growing community offers easy access to nearby Denver to the north and Colorado Springs to the south.
Castle Rock’s small-town atmosphere, attractive lifestyle, access to big city amenities and abundant recreation opportunities make it a popular home town for well-educated professionals. The town consistently rates as one of the best places to live and start a business in Colorado.
The Place to Build Your Future
Miller’s Landing combines career and community in a modern, mixed-use development. We’re creating a new community that will be one of the Denver area’s most desirable places to live, work and play. Join us. Let’s build the future together.