The COVID-19 pandemic presented Americans with a huge challenge, taking its toll in human lives and livelihoods across distinct regions, demographics, and vertical markets. Without question, the retail and restaurant industries were two of the hardest hit sectors, having to survive a year with forced closures and restrictions on hours and capacity levels.

The Economic Development Council of Colorado (EDCC) assembled a panel of five experts to provide their perspectives on the challenges and opportunities for these vertical markets, as significant attention turns to revitalizing our communities.
The interviews contained in this paper reflect the views and opinions of the five experts who took part in EDCC’s May 2021 “Where Are the Retail & Restaurant Industries Headed” virtual series. Each of the featured speakers applied their areas of knowledge and experience in responding to the following five questions:

1.  With the new business models that were imposed on retail stores and restaurants during the COVID-19 pandemic, where do you see the new brick-and-mortar trends leading us?
2. Where do you see the current level of consumer confidence, and how will this impact future growth in the retail and restaurant industries?
3. What trends do you see in the site selection industry?
4. In the event that online retail replaces brick & mortar establishments, what strategies can communities implement to save their downtowns?
5. Are there any points of discussion that you would like to add related to retail and restaurant market changes and how communities can counter the loss of jobs and tax base that these trends will bring?

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Thought-leadership Contributors + Speakers:

• Jason Schmidt, Managing Director, JLL; President of the Colorado Chapter of ICSC
• Aaron Farmer, President, Retail Coach
• Jaime Fall, Director of UpSkill America at the Aspen Institute
• Ryan Stachelski, Director of Community & Economic Development, City of Arvada
• Daniel Ryley, CEcD, Executive Director, Arvada Economic Development Association
• Dave Woodruff, General Manager, El Moro Spirits & Tavern; President of the Durango Chapter of Colorado Restaurant Association

You may also like the following:

• UpSkill America Survey: CLICK HERE
• Colorado Restaurant Association Survey, March 2021: CLICK HERE
• Forbes Article “Survey Asks Employees At Top U.S. Companies If They’d Give Up $30,000 To Work From Home: The Answers May Surprise You” CLICK HERE