You might be surprised to learn that 5.000 people actually live in Cochem and its immediate surroundings so of course shops (at least non-tourist shops) will be open. Those restaurants that normally open at lunchtime (and on your chosen day of the week) will in all probability be open too.
Good to know. Thank you.
If the weather is nice we will be looking for hiking/walking trails along the river with some of the best views. Any suggestions?
There are roads along both sides of the river at Cochem (although the road on the right bank peters out eventually as you go downstream), you can walk on them but I wouldn't call them walking/hiking trails.
There is quite a nice trail that follows the Endertbach north from Cochem, follow Endertstraße from Cochem for a kilometre or so and turn off left past the Weißmühle hotel.
Thanks for the recommendation.