Technology looms large in modern life, and in every conceivable sphere. Automakers are rushing to get their robotic-car prototypes into final commercial form; the clunky computers of yore can now fit into shirt pockets; and online apps and other innovations are fundamentally changing capitalism and the shopping experience.
Regarding that latter point, recent data and developments suggest that the retail industry in Arizona and across the country is being materially altered in a most dramatic way, and in a manner that is likely to deeply affect the future of commercial real estate.
The above post headline queries whether current developments will permanently alter the purchase and use of commercial spaces in the future, and it should noted — as does a recent article probing the topic — that the most telling points are firmly linked with retailers.
To wit: Where are all those Borders Books and Blockbuster stores that used to occupy key spots in malls across the country? What’s going on with all the empty spaces in shopping centers from coast to coast? It is estimated that retail vacancy rates nationally are at about 16 percent.
Clearly, online shopping has a lot to do with that, with increasingly more consumers apparently believing that a trip to the mall is no longer necessary, given that they can shop from their living room and place an order without leaving their home.
The implications for that across a host of considerations are flatly huge. Should a retailer lease physical space and, if so, how much and where? Should a seller have both a physical — that is, bricks-and-mortar — presence and an online platform to draw in customers?
Getting things right from a business perspective in the 21st century is a key imperative for a retailer of any type and size. A proven attorney can be a key ally in helping a client consider matters ranging from entity formation and financing to lease particulars, contract execution and more.
Sound advice and timely assistance from an experienced commercial law firm can promote the fundamental goals of any business organization.
Call Cook & Price, PLC today at 480-407-4440 or email us through this website.