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Matt Katz, Managing Partner and Head of Retail & Consumer Packaged Goods spoke with Forbes about the recent trend of big-name retailers leaving iconic shopping destinations like Chicago’s Michigan Ave. Matt analyzes the variety of factors contributing to this retail diaspora, but most notably the decline in foot traffic in these areas because of the pandemic. “Fewer people are moving through these cities, with shelter in place, there’s less utility need for non-essential product.”
He explains that some issues persisted prior to the pandemic, “Miami’s challenge has been the South American shopper not traveling as frequently. If you were to drive in and around Miami, there’s a tremendous amount of dark windows and that was pre-pandemic.”
He shares with Forbes that despite this decline in foot traffic, he believes certain stores will stick around at least in some capacity. “I see a world where the size changes, the length of the lease shortens—so there’s more flexibility,” he says. “Does that mean you should have a 250,000 to 300,000 square-foot-store? Maybe not.”
Read all of Matt’s insights in the full article, here.
Matt Katz serves as a Managing Partner and heads the Retail & Consumer Packaged Goods and Private Equity practices at SSA & Company