A difficult year has ended and as we begin the new year on a positive note, what are your thoughts with respect to the retail industry? And key takeaways from 2020 for the retail business as a whole?
To me 2021 will be a watershed year for retail. The main factor at play will be consolidation, Now, consolidation need not be mergers, acquisitions or buying. Consolidation will mean that the smaller payers will be wiped out and the bigger ones will automatically prosper. Across industries we are seeing that the big are getting bigger and the small are getting smaller and this will happen in the retail industry too. So in a sense, we can expect to see a lot of polarisation in retail.
Also, we can expect a lot of pent up demand rising due to multiple factors and the economic indicators will be positive; we will in fact forget the negative growth rate of 2020. Things are already looking up in anticipation, so overall 2021 is going to be a positive year.
What do you think should be the immediate priority areas in 2021 for those engaged in the retail business - both retailers and retail solution providers?
At this point of time they should just focus on having enough capital to run through 2021 and be able to come back to the 2019 levels of business or grow on it. So this year is going to be a year for sustenance for the smaller brands or even the middle brands. And if in 2021 you are able to sustain, then 2022 will be a fantastic growth year. So I’d say only one word for 2021 - sustenance.
This story is from the January 2021 edition of Visual Merchandising and Retail Design.
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This story is from the January 2021 edition of Visual Merchandising and Retail Design.
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