Mark Brett is the UK agent for both Boland Party and ITI (UK) and has years of party industry experience under his belt. He shares his take on the possible changes we might see in a post-Covid retail landscape.
“None of us knows what retail will look like PC (post-Covid). However, there are some certainties (as much as there ever can be ) in some of the changes that are inevitable…
Retailers
Unfortunately the shopping that has occured during the crisis has been online and consequently more consumers have got used to that. Retailers that went into lockdown in a reasonably healthy position will have the opportunity to regrow and take advantage of the weaknesses left by failing multiples. But that will need innovation, creativity and the development of an online presence. Those retailers who were struggling will continue to do so – if they survive at all. Even within my own industry (party) there have been casualties who have closed down already. There will, undoubtedly, be more.
Online
I know that a number of online operations who have been active from the beginning have had a great time. Stretched and stressed because they were working with a much reduced workforce but successful nevertheless. For right or wrong – depending where you sit – their futures, especially in the short- to medium-term, look bright.
The Consumer
The biggest unkown in all this. How will they behave ? Those still in a job will probably have temporary additional spending power as it is likely they have been spending little whilst locked away. There is a strong possibility that they may rethink about how they spend their money: ‘I have not bought this for some time, I have not missed it, do I need it?’ The response will probably be one of the most important factors for the retailer in modern consumer behavioural activity. Those who will have lost their jobs will not be spending.
The only definitive is that there will be change. And it will be pretty major. The only action that can be taken in the immediate future is to look at your own operation, look at the changes you think it needs and adapt to what is happening around you. Very easy to say… ”
This truncated article was taken from a blog post on Mark’s personal website which can be read in full here.
