3 Stages of Covid-19 & the UK Retail Industry

Three distinct stages have emerged as the impact of Covid-19 has swept through the UK retail industry. Stage 1 is "Survival" where retailers implemented strategies to cut costs and preserve working capital. Stage 2 is "Consolidation & Partnerships" where there industry restructuring is occurring - companies merging, acquisitions and new partnerships forming. Stage 3 is "Innovation", this is where retailers and brands look towards improving and creating new ways of satisfying a new set of consumer expectations under vastly different conditions.

Richard Lim, CEO Retail Economics, summarises these stages in a 'quick fire' fashion.

Retail Economics is supporting the UK industry through these challenging times. If you want to know more about how we can help you, please get in touch now.

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