This year, the pandemic severely disrupted the retail market, but many of the impacts of that disruption won't emerge until 2021. Next year, there will likely be an increased in retail bankruptcies and foreclosures across retail segments, particularly those that were already struggling prior to the pandemic.

"There will be continued retail bankruptcies and store closures in 2021," Alex Zikakis, president and founder of Capstone Advisors, tells GlobeSt.com. "Many of the bankruptcies and store closures will be in the categories that were already in decline, such as department stores and apparel, but will also temporarily affect service and entertainment categories such as sit-down restaurants, fitness, and group entertainment venues."

Store closures will open the door for new retailers to move-in at reduced rates, and that could potentially inform the next stage of retail. If the last cycle focused on service and entertainment retailers for example, the next wave could look different.