It has become clear that the high street will take on a very different form once the pandemic is over – weaker players will cease to exist, leaving behind a smaller but more resilient group that has acted quickly.
This report by Alvarez & Marsal analyses how the COVID-19 pandemic has impacted the retail sector.
Key findings include:
Non-food retailers could see a decline in sales of 17 percent over 2020, equating to over £37 billion of lost revenue
72 percent of consumers have prioritised essential purchases since the outbreak of the virus
Data from Kantar suggests that grocery sales in March 2020 rose by 20.6 percent on the previous year, making it the largest month of grocery sales ever recorded
Retailers will try to reduce labour costs by 50 percent through furloughing employees