Post covid will reshape the retail sector.
The streets are empty, shops are closed and the entire nation has come to a standstill. The coronavirus pandemic has changed everyone’s way of life. No doubt Covid – 19 has been the humankind’s biggest disruptor of life and business. This deadly virus has affected most of the occupation. From rickshaw pullers who survived on daily wages to the educated people who worked in MNC’s.
Even after the cure is found or a vaccine is available, few things will never be the same again once the pandemic subsides. Life after Covid-19 will change forever.
Fate of the retail sector?
The retail sector is diverse and includes everything from departmental stores to restaurants to consumer electronics. In a nut shell, the retail industry constitutes a lot under its umbrella. In recent times, the industry has emerged as one of the most dynamic and fast paced industries with several players entering the market. Retail has shown a drastic growth and became the “Buzzword”. According to a 2019 report, India is one of the fastest growing economies globally and the fourth largest retail market in the world. But the coronavirus pandemic has turned the tables upside down.
Though there are two different sides of the impact. The operations of Kirana stores, supermarkets and pharmacy stores will continue to bloom during the lockdown period and even after the lockdown ends.
The local stores hugely benefited from the panic buying after lockdown was announced.
The sectors which have been worst hit are non essential retail items like, Apparel, jewelry, accessories, footwear, fashion, home improvements, etc. These sectors will be impacted in the near future too, as the fear of coronavirus will stay with all of us even for long.
People will prefer only essential items for the time being rather than luxurious items. The current lockdown is not just a loss of month but for an year.
Will the jobs in retail sector get impacted?
Most of the big organizations are going to lay off their employees due to the arrival of unexpected guest, Covid-19. Uber layed off 3500 of its workforce via three-minute-Zoom call. Hotel Hyatt, announced it will lay off 1300 people as coronavirus crisis has halted global travel.
The retail sector is no exception, Retail Association of India (RAI) in a survey found 25% of the jobs in the retail industry is likely to get impacted.
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