Unprecedented global catastrophe has pushed the business dynamics offthe rails. Most of the large economies went under different forms of lockdowns, and people also rightly took the necessary precautions. A side effect has been a significant slowdown in the macro and microeconomic activities. Now the lockdowns are lifting, and markets are starting to open slowly, with cautious optimism. Retail has been one of the most impacted sectors in an overall slowdown. Retailers around the world are making adjustments to the altered situation, and general sense is that we are still away from business as usual.
People changed their shopping patterns in days. Essential items like grocery, medicine even clean water and sanitary supplies saw increased spending as people tried to hoard these items initially. Over time other categories like office supplies saw a bit of bounce back as global workforce started working from home. During the lockdown, brick and mortar stores saw negligible footfall, and online shopping became the primary channel of shopping. So much traffic suddenly shifted to online channels, that their supplier and distribution networks came under pressure. It has been much hustle and on the feet thinking to make it all work. Not perfect, but everyone is adapting at a fast pace.
This story is from the September 2020 edition of Shopping Centre News.
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This story is from the September 2020 edition of Shopping Centre News.
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