When COVID-19 first hit, it was immediately apparent that retail was about to undergo a significant transformation. With extended lockdowns planned and limitations on in-person shopping going on for months, it was anticipated that the public would change its shopping habits. After all, it takes about one to eight months for people to foster new shopping habits; this would be longer. So changes were happening, and we all knew it would, but what would happen? No one was sure.
Even now, three years later, yes, it is now three years of COVID; it is clear that the retail industry is still dealing with the pandemic's long-term effects; we call it the new normal.
Some problem that is now particularly clear is that we are all experiencing persistent supply chain disruptions. Both interest rates and inflation have risen to levels not seen in years. Many people struggle with high debt levels, and economic growth is very patchy. Tourism is another area that this pandemic has notably changed. Chinese tourists, specifically their nonappearance, have definitely been felt. The internet and online shopping have grown. People now shop differently in brick-and-mortar shops.
If you are interested in learning more about the retail industry's future, the new normal, you will find this helpful this talk.
Any comments, I'm always happy to talk more about it with anyone interested.
