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Certain retail businesses have taken a hit in recent years. But not all retail businesses. Some retail businesses still present great opportunities. The key is to identify the good retail business opportunities.
If you’ve read a news article recently, you may have read some pontificating about the death of retail. This is to be taken with a grain of salt. Or perhaps several grains. At the time of writing, the United States is just beginning to uneasily and unsurely come out of lockdowns. Many retail businesses have been closed for months and many remain closed. We have seen an uptick in online shopping. Will this be the new normal? Maybe.
The coronavirus has been an unprecedented shock to our society and economy. But let’s not lose perspective. It’s literally only been a few months of our lives. Grand projections of a “new normal” should be toned down. Will COVID-19 irrevocably change the way we live our lives? Maybe in some small ways. Maybe facemasks will be more common. Maybe live event businesses will see changes to their insurance policies. But is it really going to mean people will never want to go to a retail business again? That seems silly.
While the coronavirus has been a crisis for many, it will also provide a few opportunities. First, once it’s finally safe to do so, people will be champing at the bit to get out and visit their favorite stores again. We can expect to see a sharp spike in retail sales once lockdowns ease in various areas. What will people want to buy in person once they can again? Clothing? Cookware? Electronics? We can reasonably assume that people will want to go back to something familiar. Buying a retail business franchise with a recognizable brand name would be a wise choice.
Furthermore, as some businesses have fallen by the wayside in 2020, there might be a glut of commercial properties open for rent in your area. Right now might be the best time to buy a retail business. You can capitalize on lower rents, have your pick of numerous properties to rent, and you’ll have time to establish a business plan.
Retail opportunities need not be brick-and-mortar businesses. Look for a retail business opportunity that has a clear online model. If you can’t sell your products online, you’re unlikely to succeed.
To learn more about retail business opportunities, please contact us.