Colin Cosgrove | Inland Real Estate |
Going to the supermarket has been a familiar and comforting ritual for many American consumers for decades. Although 2020 presented many changes and challenges, shoppers continued to make regular trips to the grocery store for fresh food or stockpiling of certain items.1
As a matter of fact, grocery stores were at the top of the essential category as they sell a wide variety of basic necessities that consumers purchased over the past year.2 Today’s grocery experience offers a range of brick-and-mortar and online shopping options, including home delivery apps that bring groceries right to the doorsteps of consumers at their preferred day and time. Grocery store sales have grown exponentially over the last five years due to a strong U.S. economy, and these necessity-based retailers are expected to perform even during difficult economic times.3 Prior to 2020, Americans found themselves with extra disposable income and many consumers shifted spending habits to purchase premium, organic and all-natural branded foods, helping the industry grow. The grocery industry experienced an exponential increase in grocery sales in 2019, topping the year off at $695 billion4, including online and in-store sales. Even during a challenging 2020, grocery sales reported $759 billion5 at year-end and experts project grocery store sales will continue to grow through 2025.3
