The pandemic has come down hard on the retail sector across the globe. Despite this, Belgium continues to note high take-up activity, counting 375,000 sqm in 2020. Food and beverage and footwear in particular are expansive, whereas fashion continues to find it difficult in the current environment. Investment has declined, as investors chose to wait and see how the retail market would react. Out-of-town, both from investment and occupation viewpoints, is rather resilient.