While global retail activity differs across each region, lockdown is a concurrent theme. Since March, national lock-downs have kept people at home and cost a forecasted $2.1 trillion in losses for global retail sales.
“COVID–19 is significantly impacting the global retail landscape,” says Michael O’Grady, principal forecast analyst, Forrester, in a recent report. “Retail categories like grocery and essential consumables are performing well, while other categories like fashion, beauty and cosmetics are seeing a marked decline in consumer spend. In 2020, there will be a significant decline in global retail sales, particularly with non-essential items sold offline. Online sales, however, will be more resilient.”
Lockdown measures cemented the fall of retail stores such as Debenhams, Laura Ashley, Cath Kidston, JCPenney, Neiman Marcus and more, while forcing other brands to diversify, work almost entirely from home and supercharge their e-commerce offerings.
The shift toward online services is the core of Retail 2.0, and as companies place emphasis on curbside pickups, click and collect, enhanced delivery systems and future-proofing brick-and-mortar with e-commerce, necessity continues to breed innovation...