After 84 days of lockdown, non-essential retail stores are opening reopening to the great relief of shoppers and retailers alike. Here is roundup of essential news and analysis we have seen in the last 24 hours:
Firstly, a reminder of the timeline the retail industry has had to endure by Essential Retail: Timeline: Retail’s road to recovery Plus they have also put together a good reaction piece from industry experts.
The BBC are maintaining minute by minute guide of what is going on with its live updates on the English high street. They also have a good overview of what shopping in the apparel industry is going to look like. Finally – the new shopping reality in pictures by the BBC, and more shots from Sky.
Impact of the timing on retail reopening after lockdown
The Drum have done a short piece on the cost of reopening the high street – mainly expert commentary – good read.
This one has been around for a while, but EY have done some great work on how new consumer segments are being created on the back of lockdown. As we emerge, we shall see how accurate their prediction will become.
Selfridges for example are thinking out of the box, anticipating the frustration of shoppers and trying to add a little joy to the retail experience.
Longer term impact on the retail sector
The Guardian are arguing that any jump in retail sales will be highly unlikely in the medium terms as unemployment rises with expected redundancies.
The big KPI here that is most at risk is Footfall – Retail week do some analysis on footfall quoting the BRC – arguing that its going to take some time before there is a recovery on this indicator. We have stepped through the key elements of preparing for the lifting of lockdown.
A big story doing the rounds yesterday surrounded 3.5 million jobs being at risk if the 2 metre rule is not relaxed. Our view is that while they are most certainly at risk – what we are seeing is innovation by retailers to support the upswing in trading. There will be pain, but a new normal will most likely emerge – with different ways of transacting and shopping.
Confer with provide a way for retailers to communicate one to one with shoppers as well as immerse them in a retail experience when they are remote from the store.