Michigan Real Estate News

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Belgian Chocolatier Shutters All North American Stores

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The forthcoming flood of retail closures is starting.  Godiva is closing 128 storefronts and cafes across North America by the end of March. Their chocolate will continue to be available online and in partnering retail and grocery stores. With the bulk of profits stemming from tourism, special occasion and impulse buying, the decrease for in-person shopping is to blame for the company’s shift. Chocolate sales have risen by 5% during the pandemic. In-store operations will continue in Europe, the Middle East and Greater China.

Commercial Real Estate Faces Existential Crisis

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When compared to the 20 bankruptcies that were filed per month over the last year, the 11 companies who filed for bankruptcy over the past month could point to a slow down. Cheap money/capital have helped troubled companies stay afloat, slowing the bankruptcy filings.

However, the retail, office, and hotel sectors are particularly vulnerable. The impact of the pandemic is trickling down as the government intervention to prop up the economy starts to slow.

Air Cargo Is Booming During COVID-19

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The Cincinnati/Northern Kentucky International Airport, also known as CVG,  has 15,000 fewer arrivals and departures since the start of the pandemic. That doesn’t mean their runways are clear. Their air cargo business is booming. Amazon Air is completing a 798,000 square-foot sorting center, a seven-level parking structure, and acres of concrete to accommodate 20 aircraft. The new facility is scheduled to open in the fall. This boom in logistics is impacting industrial development around the country.