UK Retail in the 'New Normal'
FACED WITH UNPRECEDENTED CHALLENGES TO THEIR BUSINESS MODELS, RETAILERS ARE RESPONDING WITH CONFIDENCE – AND INNOVATING TO SEIZE THE OPPORTUNITIES OFFERED BY NEW REVENUE STREAMS
Last year witnessed one of the toughest periods of trading in recent memory for the UK’s retail sector. Beset by the uncertainty surrounding Brexit, 2019 saw the slowest rate of growth since 20101. The knock-on impacts for many retailers were job cuts and store closures, while we also saw a handful of high-profile firms tip into administration.
And yet, 2020 has uncovered challenges that far outweigh those of 2019; challenges that few people would have thought possible. The lockdown enforced to contain the spread of Covid-19 forced all ‘nonessential’ physical stores to close, with only the likes of supermarkets and chemists permitted to remain open. The three-month shut down of nearly every high street store would have seemed inconceivable at the start of the year, but it happened.
This article was also published in The Retailer, our quarterly online magazine providing thought-leading insights from BRC experts and Associate Members.
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