These are testing times for everyone. Forced into our homes, under lockdown, the world is battling the COVID-19 pandemic, which has threatened lives and the world economy like never before. And the Global Retail Industry has not been spared either, every brand and retailer from the top to the bottom of the pyramid critically aff ected by the contagion.
From top notch retailers, to the small stores in Tier IV towns, from the best of shopping centres to smaller malls in Tier II & III cities, everyone is struggling to stay afl oat, wondering what the future will bring. Despite it being closing time for the fi nancial year, there is no business happening anywhere in the world.
Instead of welcoming harvest festivals and going on shopping sprees, consumers are sitting in the safety of their homes, only coming out to buy essentials and then too, wearing masks and gloves and carefully adhering to social distancing. The government has announced a nationwide lockdown forcing non-essential retailers, including malls and cinema halls, into indefi nite closure. The absolutely terrifying part – despite all the precautions being taken to sanitise every inch of the nation, there is no one, absolutely no one in the retail sector, who is in a situation to predict a timeline, pace or nature of recovery.
There is no doubt in anyone’s mind that Retail, across 200+ nations, has been one of the most brutally impacted business segments of the world economy. There is a cash crunch, pay cuts and millions of jobs are at risk.
‘But all is not lost.’ In this Retailing Amid Crisis April 2020 special, we tell you why now, more than ever, brands and retailers are turning to digital media, why digital thinking and digital leadership are required and how brands and retailers across the world are learning to embrace new systems and technologies to keep their businesses afl oat. This Special Digital Edition, while discussing the impact and challenges of the COVID crisis – gives solutions to brands and retailers, recommendations from industry experts on how to fi ght off catastrophe and save their businesses. Also, log on to our website, www. indiaretailing.com for more on the current crisis.
We are also fi rmly of the opinion that there will be a recovery. It may come in phases and it might take time, but retail will prevail.