shorter and more general; physical can also describe non-digital things beyond buildings, whereas brick-and-mortar specifically implies a permanent building
Brick-and-mortar emphasises the physical building as the place of business, drawing a clear contrast with online-only operations. Physical is a broader term — a physical store is one you can visit, but physical can also describe digital documents printed on paper. Traditional focuses on the conventional, long-established way of doing business rather than the building; a traditional shop could operate only by catalogue. In-person highlights face-to-face contact with staff or products, which is common in brick-and-mortar stores but describes an experience rather than a business type. High-street (British English) refers to shops on a town's main street, implying a physical presence in a particular location. For example, 'a brick-and-mortar bookstore' tells the reader it is not online-only, while 'a high-street bookstore' tells them it is on the main shopping street.
The phrase comes from the traditional building materials — bricks and mortar — used to construct permanent buildings. By the 19th century, 'bricks and mortar' had become a way to refer to buildings or physical property. During the 1990s internet boom, people began using 'brick-and-mortar' as a compound adjective to distinguish traditional physical businesses from the new online-only companies that had no physical stores at all.