A "new age of retail" has emerged in the wake of the COVID-19 pandemic, as brands begin to open physical store locations at a renewed pace, according to a new analysis from Moody's Analytics.

The recent slew of store openings demonstrates "a reasonably strong appetite for in-person shopping exists on both the demand and supply sides," Moody's analysts note. "Retailers experience value in opening physical locations because it drives sales and influences consumer tastes and preferences. In other words, there is still money to be made in brick-and-mortar retail."

The lifting of COVID-19 restrictions have forced a decline of e-commerce sales as a share of retail from their pandemic peak of close to 16%. That figure stood at 13.3% at the end of the second quarter. The decline, coupled with the pace of store openings in 2021, demonstrates  "there is still room in the market for growth in in-person shopping."