Are Consumers Ready to Return to Physical Stores? That Depends on What They’re Buying

As COVID-19 restrictions have been lifted across the United States, will consumers return to in-person shopping? The answer might depend on what kind of shopping consumers are doing.

Lucidworks, a San Francisco-based provider of software and cloud technology, recently surveyed 800 consumers in the United States and U.K. about their shopping behavior. The survey results indicate that the pandemic might have given online shopping yet another boost.

According to the survey, a third of U.S. respondents said that they plan to avoid in-person shopping as much as possible, even as pandemic-related restrictions are lifted. An additional 31 percent of U.S. respondents said that they plan to visit in-person stores less often than they did before COVID-19.

There are certain types of shopping, though, that consumers are more likely to do in-person. Lucidworks said that while 65 percent of shoppers across the United States and U.K. currently buy at least some of their groceries online to have them delivered, 63 percent said that they plan to primarily buy their groceries in person as restrictions lift.

Compare that, though, to the electronics category. Lucidworks found that more than one-half of respondents said they currently order electronics online, and only 35 percent plan to purchase electronics primarily in-person as COVID restrictions are dropped.

But how can retailers best convince shoppers to make a purchase, whether these consumers are buying online or in-person? According to the survey, product recommendations — positive reviews posted on a company’s website or on sites such as Amazon or Walmart — are key.

Lucidworks’ survey says that 85 percent of U.S. shoppers interact with product recommendations always or often. Even more impressive, two-thirds of U.S. respondents said that either every visit to an e-commerce site or often they buy recommended items that they didn’t initially plan to purchase.

A total of 68 percent of U.S. shoppers said they prefer to do research on products by reading reviews on a company’s website. Almost half of all U.S. shoppers said they research by reading reviews at third-party marketplaces like Amazon, Google Shopping and eBay.

And what about safety measures? Do consumers want COVID-era protocols to remain in place as the pandemic eases?

Again, that depends. According to the Lucidworks survey, most shoppers in the United States and U.K. want stores to operate largely as they did before the pandemic hit. But they also want retailers to retain some COVID safety measures, including physically distanced lines and contactless payments.

“The shopper inhabits multiple personas,” said Peter Curran, general manager of digital commerce for Lucidworks, in a written statement. “To create a great customer experience, you have to understand the consumer’s goal in the moment. The ability to harness first-party data and in-session inferences are the keys to delivering a great experience. Brands must connect the dots between all of the actions a shopper takes to understand their goal and deliver the most relevant experience from research, to purchase, to support and back.”

NAI Partners Introduces Partners Real Estate Company

NAI Partners today announced the public introduction of Partners Real Estate Company (www.partnersrec.com), the organization that serves as the holding company for three entities: NAI Partners, a commercial real estate firm that offers Brokerage, Property Management, Appraisal, and Project Services; Partners Capital, a real estate investment fund platform; and Partners Development, an in-house development company delivering ground-up, build-to-suit, and development investment projects.

“Our external news and announcements that feature NAI Partners’ service lines will continue to be communicated in that fashion,” said Jon Silberman, Managing Partner of Partners Real Estate Company and NAI Partners. “The introduction of Partners Real Estate Company reflects the evolution of our organizational structure and better aligns with our growth strategies and branding initiatives.”

As the organization’s brokerage transactions will still be under the NAI Partners banner, audiences will begin to see messaging examples like the below implemented across the company’s communications.

Mineral and Royalty Interests – The Perfect Complement to a Traditional Real Estate Portfolio

When many real estate investors hear the terms oil and gas mineral and royalty interests, they might cringe and possibly even run the other way. The unusual thing is the asset profile is very similar to that of a commercial real estate portfolio, yet delivered in a way that tends to be uncorrelated with traditional real estate yields and valuations. This is why an often misunderstood product set can be a perfect diversification tool to a traditional real estate portfolio.

Mineral Interests and corresponding royalties are considered subsurface real estate and are eligible as replacement real property for 1031 exchanges. The mineral royalty owner (MRO) owns a tract or fraction thereof from the surface of the earth downward. A portion of commodities extracted from the land by an operating lessor (OpCo) is paid to the owner in the form of a royalty. This is similar to a landlord/tenant relationship in a busy shopping center where the landlord negotiates for a portion of the gross sales earned by the tenant.

MROs receive royalties in units of actual commodities, such as barrels of oil as an example, which are then marketed for them by the OpCo as opposed to a portion of revenue from the OpCo. The royalty units are considered property of the MRO once the commodity reaches the earth’s surface at the wellhead. This mitigates the MRO’s counterparty credit risk exposure to the OpCo and generally makes the mineral royalty investment bankruptcy remote to the OpCo. Click to read more at www.rednews.com.

Room for Recovery

The hospitality sector was devastated in 2020, but vaccinations, industrywide efforts, and returning demand are reasons for hope.

Perspective isn’t the easiest thing to maintain when facing unprecedented challenges — and the COVID-19 pandemic provided plenty of those for commercial real estate markets in the year-plus since the resulting shutdown affected nearly every facet of daily life in the U.S.

But with a year in the rearview mirror, hotel property owners, operators, investors, and guests alike have gained enough perspective to know there is light at the end of the tunnel. Plenty of variables will dictate just how far the sector has to go to reach it — but it’s a comforting thought for an industry that’s been to hell and is on its way back in 2021.

“Hope is going to be driven by the widespread dispersion of a vaccine,” says Geraldine Guichardo, global head of research for JLL’s Hotels & Hospitality Group and head of Americas Hotels Research. “Once people feel more comfortable traveling and do not fear the risk of becoming contagious, there is real pent-up demand to travel again.” Cllick to read more at www.ccim.com.

Refuel Electric Vehicle Solutions Combines EV Charging Stations with Commercial Real Estate Expertise

HOUSTON–(BUSINESS WIRE)–Refuel Electric Vehicle Solutions (REVS), a Houston-based firm offering full-service electric vehicle charging station consultation, installation and management for commercial real estate owners and developers, has officially entered the marketplace. Founded by commercial real estate veteran of 40 years, David Aaronson, and his co-founder and Head of Operations, Mike Aaronson, REVS is addressing a growing need within the commercial real estate and sustainability sectors.

“We are excited to immediately offer our clients the countless benefits associated with EV charging stations, including additional revenue generation and marketing opportunities and potential green or carbon credits.”

REVS goal is simple: to assist property owners, managers, and real estate developers in providing the infrastructure, equipment, and ongoing support needed to refuel electric vehicles in areas where vehicles remain idle for 3+ hours, such as multifamily developments, office buildings, hotels/motels and shopping centers. The REVS team is already helping several clients meet this goal and installing charging stations in multifamily and commercial properties across Texas and California in the coming weeks. Click to read more at www.businesswire.com.

Here’s How To Reduce Energy Costs In Commercial Real Estate

High-quality automated shading slashes lighting energy use, while at the same time enhancing occupant comfort. Modern LED lighting with advanced controls also greatly cuts lighting energy use, and offers superior results. These are among key findings of research undertaken by the Portland, Ore.-based New Buildings Institute (NBI). The insights should provide commercial real estate owners and operators with keys into implementing lighting and shading retrofits in today’s commercial buildings.

In 2017, NBI spearheaded a major research undertaking underwritten by the California Energy Commission. Titled “Leading in LA,” the project addressed the crucial need to deliver cost-effective, scalable means of dramatically reducing energy use in existing commercial buildings throughout the Golden State. Lawrence Berkeley National Lab and well-known energy-efficiency companies took part in the four-year endeavor, which incorporated lab testing and field demonstrations at two sites.

Click to read more at www.forbes.com.