It may seem like an insurmountable challenge to go from having an idea to opening your first shop. If you are in that position, we have some great advice from one of the greatest entrepreneurs in recent times...
Read More14 September 2020
Retail has been one of the most acutely affected sectors during the COVID-19 pandemic, and there isn’t light at the end of the tunnel just yet. Therefore, the only option is to adapt and to do that as fast as possible.
One only has to take a walk through any local mall to see prominent brands closing down, small merchants struggling to survive and many empty shopfronts. As South Africa’s retail industry gradually starts to open up again, customers are returning slowly and cautiously.
Demand has become erratic as consumers flock to buy essential goods and largely stay away from other retail. As paying the bills becomes more of a challenge for many retailers, they have had to consider whether they could benefit from payment holidays or renegotiating rental agreements.
The effects of the pandemic and the subsequent economic fallout has triggered changes in consumer behaviour, some of which will be long-term, and retailers need to recognise and react to these.
The ultimate challenge will be to get the mix right between online and bricks-and-mortar. Shoppers seem to be saying they like a little bit of both and retailers need to heed that request. Click-and-collect is one way of mixing it up – it gets customers online and then into stores, which has to be the best of both worlds.
Retail is a resilient industry and, with the right adaptations, is able to overcome the challenges of this pandemic. The focus needs to be on stabilising as soon as possible and then adapting to this new normal that is set to change the landscape forever.