Q2 2020 | Houston Retail | Research & Forecast Report

Houston's retail sector negatively impacted by COVID-19 in Q2 and through the near-term
 
HOUSTON - July 24, 2020 - PRLog -- Commentary By Hannah Tosch | Associate and Kim Lenardson | Vice President

Retail Trends


It is no secret that retail has taken one of the hardest hits by the economy's shutdown, surpassed only by hospitality. A closer look at the restaurant industry, in particular, reveals this sector is doing what they can but are hanging by a thread. COVID-19 is causing a 'survival of the fittest' effect in our restaurant community, restaurants are making changes to stay afloat, and we are finally seeing a shift to favor tenants here in Houston.

In today's environment, it is not a matter of making profits for most restaurants; it is merely a matter of minimizing losses. New data from Yelp shows that just over 50% of U.S. restaurants that closed during COVID-19 are now permanently closed. As we make our way through Q3, we see more restaurants shutter here in Houston as PPP loans dry up. Both one-off concepts, as well as larger restaurant groups, are disappearing, proving the more prominent players are not immune to COVID-19's impact. Pappa's, Houstonbased family of restaurants, announced the closure of 5 long-time locations throughout Houston.

Regarding QSRs, we foresee that COVID-19 will radically... To read the full report, click here: https://www2.colliers.com/en/Research/Houston/Q2-2020-Houston-Retail

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Lisa Bridges | Director of Market Research
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Tags:Retail market report
Industry:Real Estate
Location:Houston - Texas - United States
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