This week we’ve been looking at potential ways the lives of the majority of us may change after restrictions are lifted. Today, we’re looking at non essential retail.
Let’s face it, many shops such as clothing, accessories and hard goods were having a tough time BEFORE all this Covid crisis started. High Street closures were almost commonplace each week, as big brands “went to the wall” with a general decline in the High Street trading. The rise of internet shopping and companies like Amazon made things easily available to get at a days notice, without leaving the comfort of your own home.
So, its perhaps no surprise that Amazon sales are booming during lockdown, indeed one driver told us last week they’re hiring people! The whole convenience of internet shopping was restructuring the High Street and it would appear, thats far from over, in fact Covid may have accelerated it!
Post lockdown, businesses in good financial health, and able to give customers what they want through adapting, will prosper. But weaker players – already grappling with falling sales, rising costs and intense competition – could fall by the wayside during the next 18 months with the Chancellor himself predicting a huge recession, which we may be in already.
There’s also a question, will certain retail outlets even re-open at all?
After lockdown, there could be an immediate sales bounce and stores are likely to lower prices to shift stock. We may be keen to try on new clothes, make ourselves feel better, but it will be short-lived if people have been made redundant and are unable to spend. Or if the recession bites further.
Have your say! What in particular are you looking forward to buying again after lockdown? Has anybody accepted they don’t need to shop as much? Will YOUR shopping habits change?