Mainebiz

V O L . X X V I I N O. I JA N UA R Y 1 1 , 2 0 2 1 20 2 0 2 1 E C O N O M I C F O R E C A S T confidence pre-pandemic was steady, and homeownership is still considered important, so with the COVID-19 vaccine rollout and things bounc- ing back, the market likely won't take much of a hit, he says. e industrial market was the other hot 2020 trend, and it will get hotter, says Justin Lamontagne, of NAI e Dunham Group. "e market proved resilient in 2020, in spite of the great challenges we all faced," he says. "In fact, the sector projects stronger than ever, largely because of the challenges the pandemic has wrought." He says 2021 "should be a vibrant year" for industrial property as inven- tory is added, though slowly, and demand remains "from a variety of industrial end-users, many growing in direct response to pandemic related conditions." R E TA I L 'Long haul' in store for retail sector B y R e n e e C o r d e s L ast year was a mixed bag for Maine retailers, to put it mildly, with many smaller stores struggling for survival while others built up their ecommerce platforms and even thrived during the pandemic. It remains to be seen what 2021 will bring. "Uncertainty is the only word I can use," says Curtis Picard, president and CEO of the Augusta-based trade association. "It's definitely going to be a long haul." Speaking as the holiday shopping season was underway, he noted that the full picture won't become clear until around mid-February when the hard data is in. He holds up Mexicali Blues and Renys as examples of retailers able to shift gears during the pandemic, cit- ing Mexicali Blues' unique clothing product line and investments by both in their ecommerce platforms. "If there's a silver lining in all of this," Picard says, "perhaps it is that it continued to get easier for people to shop online, even at small retail- ers." But he also notes that there is no replacement for in-person shopping. Although Renys' owners "made some investments in their ecommerce platform," Picard says "they still know the majority of consumers prefer to shop in person. at speaks to me that there's not one plan that's going to work for all retailers, which leads to the overall uncertainty." Other unknowns include when Portland's new $18-an-hour "hazard pay" minimum wage requirement will take effect, and what additional fed- eral stimulus and support will come down the pike in 2021, he adds. Further expansion for Sea Bags? Among Maine-based retailers that enlarged their footprint in 2020, Sea Bags went from 25 to 38 stores — it's now in 14 states — and seized on opportunities to open an unplanned additional five stores last fall. Asked about further expansion, CEO Don Oakes says, "I would be surprised if we didn't open any new stores in the coming year, and we most certainly plan to continue our tradition of Black Friday and holiday pop-ups." Oakes is also confident that the Portland-based maker and seller of totes, bags and accessories from recy- cled sails is in a strong position for whenever the recovery starts in 2021. "I think the best way to describe our mindset is cautiously optimistic, with a touch of conservatism," he says. T R A N S P O R TAT I O N / L O G I S T I C S Portland eyes numerous port improvements for 2021 B y L a u r i e S c h r e i b e r L ike nearly everything in the pan- demic, development of the planned Maine International Cold Storage Facility on the Portland waterfront faced delays in 2020. But the project is moving ahead, with the city's approval. "Many other pieces are still in progress, such as construction bidding, design review, environmental testing and legal and financial negotiations," says Maine Port Authority CEO Jonathan Nass. e most recent cost estimate is $25 million to $38 million. A cold-storage facility is consid- ered a key part of the port's develop- ment and would allow for temporary storage of seafood, pharmaceuti- cals and other bulk projects. e 120,000-square-foot building will have 12 loading docks, 20,000 pallet spaces, 76,000 square feet of freezer storage capacity, and access to ocean, rail and highway transportation. "is demand is increasing in the face of the global pandemic and the associated sea changes in the global supply chain," says Nass. Since last March, the International Marine Terminal "has seen a significant increase in refrigerated cargo which, combined with world-wide changes in the 'just-in-time' logistical doctrine, buttress the already-clear business case for this investment." e cold storage facility is planned for a state-owned parcel on the Fore River, adjacent to Maine Port Authority's International Marine Terminal's container yard, intermodal lot and rail lot. It will be also minutes from I-295. e plan comes from a consortium led by Icelandic-owned Eimskip USA, joined by Yarmouth-based Treadwell Franklin Infrastructure, U.K.-based Amber Infrastructure and Portland engineering firm Woodard & Curran. Other upgrades in the works Other infrastructure improvements are planned in 2021. A new Lieber 420 Mobile Harbor Crane is sched- uled for delivery from Germany in January. Maine Port Authority will begin implementation of a recently awarded $4.1 million U.S. Department of Transportation Port Infrastructure Development Program grant, to rehab and build dry storage capacity at the marine terminal and Merrill Terminal. A pending pur- chase of state rail assets by railroad firm CSX Corp. promises to provide more opportunities to transition truck to rail freight and create eco- nomical supply chain connections to the south and west. » C O N T I N U E D F RO M P R E V I O U S PA G E Uncertainty is the only word I can use. — Curtis Picard Retail Association of Maine F I L E P H O T O / T I M G R E E N WAY P H O T O / T I M G R E E N WAY R E N D E R I N G / C W S A R C H I T E C T S A N D WO O DA R D & C U R R A N Rendering of the future freezer warehouse facility on Portland's waterfront. F O C U S Tom Landry, Benchmark Real Estate Curtis Picard, president and CEO of the Retail Association of Maine.

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