A new reality for retail business

For years, there has been much talk about global retail business disruption being on the horizon, but the COVID-19 crisis has accelerated this disruption. Global media headlines each day feature stories of household names on our retail high streets struggling or simply going out of business. Retail businesses that have pivoted their models in response to the current situation are gearing up for a new way of doing things. Customer trends such as home deliveries and ‘click and collect’ are reshaping traditional retail companies. Other traditional high street retailers are looking to leverage their differentiation in a more competitive market in order to retain their existing customer base and seek new customers. Adapting to these new enforced trends means that many businesses will have to change to survive and thrive going forward. Particularly as some of these retail trends look like they are here to stay.