Thursday, 14 May 2020 News
We may have to live with covid-19 in retail
As the pandemic unfolds we are now getting a message that we may just have to live with the virus for the foreseeable future.
The economy has shown negative growth in the first quarter of 2020 and the lock down will push the UK into a recession which could last some time as the economy and society adjusts.
So what could be the future in retail.
We do know that trading styles both in-store and online have changed, with available resources being used to adapt business into live and potential trading business models.
In store we will see things like physical distancing trading styles, enhanced hygiene measures for staff and customers, click n collect zones, further contact less payment options and others measure that business deem as reasonable to mitigate the transmission of the virus in society. This will lead to increased operating costs and could lead to falling revenues within physical stores as customers adjust over time to this style of retailing.
Online will also be affected in a similar way and will hopefully recoup some of the revenue lost in-store and also gain new customers for growth in a business in the future.
I do feel we will see a resurgence of people shopping more locally in their neighbourhood and town centre as people choose not to travel and are working more from home. This will be a very good thing in my view.
There will be lots of studies and opinions written about the time in history but for myself as we stare into a deep recession which will be my third, its time to hunker down, plan and maybe as we enter 2022 hopefully things will have be re-based and we can moving forward making some money in property again......