Well, what can we say......!!! There are so many things changing in the retail landscape. Businesses having to rethink, re-strategise, re-skill and retrain themselves for a new business environment that is emerging within the retail sector.
But we must remain optimistic, to get over this hurdle.....
Through every crisis, there are always unique opportunities to uncover.......
August retail figures demonstrate that sales increased by 4.7% according to British retail consortium (BRC). However, city centres figures are struggling due to consumers working from home and this is navigating more consumer spends online.
Clothing & Footwear, is relatively lagging behind and is one of the worst-performing categories within the overall market sectors according to Mintel, 2020. However, we saw an improvement in August relating to back to school which showed an encouraging trend
in-store and online.
(Image - Clark Street Mercantile)
Yesterday, the government announced a road map to help businesses within the consumer and retail industry, to export overseas as part of a package to help the sector recover.
As we know, the industry has been hard hit by COVID19, but we also saw a change in consumer behaviour because the pandemic forced businesses online. The online sector has risen 300% in the past 10 years according to Gov.UK, and we don't see this trend slowing down anytime soon.
Businesses will need to accommodate this trend becoming tech-savvy and look towards new opportunities that are purpose-led with innovation to move through this "new normal".
(Image - Charles Deluvio)