Battling the pandemic speeds up business changes

Store closing

Before the pandemic struck, high streets were already under pressure, the digital revolution was gathering pace and green change dominated the agendas of European governments. Global trade was under attack and a new Cold War was brewing between China and the US.

On the high streets many shops and retail chains were struggling. High rents, staffing costs and stock requirements made it increasingly difficult for the shop to compete with online business showing goods through an internet catalogue and holding concentrated stocks in a limited number of warehouses.

Customers on the web do much of the work to purchase goods that a shop assistant usually does in the physical store. As a result, established retail businesses were setting up their own online competitor to themselves, adding the costs of an online provider to the costs of the traditional business.

View Full Article – published by Charles Stanley on 16th June 2020