The UK’s retail industry has shown a great capacity to recover from the extraordinary circumstances amidst the global pandemic
Fashion Retail Academy has found that every business and industry in the UK was affected by the coronavirus pandemic, whether it was travel or hospitality. The retail market was no different. Retail businesses were forced to close at the beginning of the lockdown during March of this year, that is when the lockdown came into full effect.
Although many of them were allowed to open back during June and July with ease of restrictions, 29% to 54% of the stores never opened back. Despite being hit hard by the pandemic and lockdown, the high street retail industry is far from completely collapsing. A trend of replacement of big corporates and departmental stores by smaller and agile service-based businesses, like coffee shops and cafes, was noted.
There have been suggestions in the UK of a second lockdown after the rise in infection rates among citizens hinting towards a second wave of the virus. Since the holiday season is coming up, this lockdown can have a major effect on the retail business.
But business owners are now prepared more than ever for a second lockdown and are ready to react accordingly to promise the survival of their business. There are other measures also from the first lockdown like reduced rents to help small business owners.
Nevertheless, shifting to online e-commerce will still play a huge role during this holiday season, whether there will be a second lockdown or not.
We’ve reported that almost 60% of Americans will spend less this holiday season, and this is not solely due to the economy.