Avison Young: Phoenix Retail Closures Were Painful

The State of Arizona has reopened all businesses in a phased process that began in the beginning of May. The state shuttered retail businesses and implemented stay-at-home orders at the end of March, about two weeks after they went into effect in neighboring California, but the impact was still “painful,” according to James DeCremer of Avison Young. The brokerage firm released a report this week that shows a stable retail sector in the first quarter, heading into the crisis.

“Ultimately, the short-term impact has been acute and painful, but it has also been a catalyst for a lot of retailers to look at their business plans and move forward on strategies to adapt, grow, sustain and hopefully thrive,” DeCremer, a principal in Avison Young’s Phoenix office, tells GlobeSt.com. “The good news is that a majority of retailers were already in various stages of reinventing themselves in order to stay relevant, integrating omni-channel strategies into their business model. COVID-19 has accelerated the adaptation for retailers who may have been slower to adapt to a new world of technology and how they interact with their customers to encourage sales activity.”