CORONAVIRUS AND THE RETAIL INDUSTRY
Since the start of the pandemic we’ve seen a multitude of responses from retailers as they adapt to the challenges and respond to changes in consumer behaviour.
Closing physical stores and online operations, ramping up (and re-starting) online operations, online queuing systems, extended returns and deliveries, donations and discounts for essential workers, additional measures to protect employees’ health, safety and welfare, and support to vulnerable suppliers are just some of the actions being taken.
So how do you keep abreast with what’s happening and how the industry is responding, as well as what to consider when planning for the next normal? Here’s some of our go-to resources:
The British Retail Consortium (BRC) is providing a resource hub to support members during this time, including operational guidance on issues like HR, competition law and cash flow, as well as ensuring the Government is aware of the issues impacting retail businesses and their workforce. Some of their resources are available to non-members, including latest retailer announcements.
Drapers’ Coronavirus Hub provides the latest news, commentary and analysis covering the fashion retail industry's response to the coronavirus Covid-19 pandemic, spanning retailers, brands, suppliers, logistics providers and shopping centres.
Essential Retail features the latest news on how the pandemic is impacting the retail sector as a whole.
IMRG (the UK’s online retail association) are continuously tracking their members’ sales data, as well as the websites of 300 retailers, and running weekly webinars during the pandemic to share what’s happening.
Business of Fashion has updated The State of Fashion 2020 report (published in conjunction with McKinsey in November 2019) to reflect the impact of Coronavirus.
McKinsey & Company have special features on leading through the crisis including how organisations can respond, and what happens next.