Ten confident retailers, airport shops may get a bounce, Citigroup moves toward ending some WFH for employees’ sake, NYC calling muni workers back in, and apps that control office safety.
In Today’s News
10 Retailers That are Opening New Shops
Confident retailers are taking advantage of lower rent and more flexible lease terms, and so far, openings outpace closings in 2021. CNBC lists here 10 major retailers that are among those expanding their brick-and-mortar presence.
The Millionacres takeaway: That’s not all these opportunistic retailers have in common. They occupy a lot of space in retail REIT (real estate investment trust) portfolios -- just one way investors can benefit from this kind of pandemic recovery.
Airport Retail Shops Pin Hopes on Bump in Travel
Travelers are starting to fly again, offering some relief to beleaguered airport shops and restaurants after the pandemic brought most travel to a standstill, The Wall Street Journal reports today.
The Millionacres takeaway: Air travel is showing some signs of recovery, and those duty-free and other stores in airports are benefiting from the nascent return of that captive audience. But those travelers are each going somewhere, too, and that could mean better news ahead for one particularly battered CRE sector: hospitality.
No Zoom on Friday! Citigroup’s Bankers Have Their WFH Prayers Answered
This opinion piece posted today by Bloomberg argues that Citigroup’s (NYSE: C) move to limit Friday Zoom (NASDAQ: ZM) calls and promote regular working hours is long overdue. It’s better not to wait for harried staff to explode in public.
The Millionacres takeaway: Citigroup’s chief executive officer wants to ease Zoom fatigue and go back to regular working hours. If that trend spreads, that could help ease some of the pain owners of office space, and the retailers that support them, have been feeling since COVID-19 came calling.
Today on Millionacres
New York City to Bring Municipal Workers Back to the Office
As the pandemic mercifully subsides, New York City is finalizing plans to bring about 80,000 municipal employees back to work in person.
The Millionacres takeaway: There are a lot of factors that go on each side of the scale when it comes to keeping staff at home or bringing them into the office. The Big Apple will be a big test case. Nationwide, a new normal will emerge, but what it will look like is far from known and probably will vary from city to city. Heck, from block to block, in some places.
Office Buildings Using Mobile Apps for Capacity Control: Future of CRE?
An app that monitors an employee's every move is popular with some investors. Is this type of technology in demand? Is it necessary? Will workers need to get used to being watched?
The Millionacres takeaway: Our Laura Agadoni explains why investors and landlords might want to know about this type of technology to determine if it's something they think will make a good investment.