Retail has faced its challenges for years leading up to the current pandemic, with competition from e-commerce and changing consumer preferences. The impact of COVID-19 has put additional pressure on the retail industry, which will continue. However, with retail sectors being impacted so differently, their recoveries will have different trajectory paths.
In the past few weeks, we have seen retailers gradually reopen their stores, with variation among different states and by category. Retailers aim to re-enter the markets and adjust to the post-COVID-19 environment in which consumer psychology has changed. For example, retailers will need to comply with social distancing and safety guidelines.
To read a more detailed viewpoint of the retail trends forecast, visit the report linked below.