This is a summary of “The Pandemic Will Change American Retail Forever” by Derek Thompson. Original article can be found here.
The closure of many non-essential businesses such as restaurants, gyms, barber shops, theaters and other small businesses have placed the world in a state of confusion and uncertainty. Companies that do end up reopening their doors will need to learn how to adapt to unpredictable sudden change. Smaller businesses that could not stay afloat will serve as a reminder that people themselves must always keep an emergency savings account.
Big companies with capital and assets will remain at the top as they can more easily find new ways of continuing operations. Those that are declaring bankruptcy will pave a the path for new business ventures post-COVID. Food based establishments are becoming more reliant on offering delivery options for their customers. As home delivery gets popular, people will find that there is no need to get out of the house for food, groceries, or even clothing. Electronics can easily be ordered online as well.
The virus has changed the playing field forever and begs the question: are some brick and mortar work places worth it anymore? These past months have shown the effectiveness of working remotely for some companies. Media and marketing promotional material is all on tablets, computers, tvs, phones and more. It is a paradigm shift that redefines what work can be.
As the nation recovers we can expect to see people practicing safer health habits. People will appreciate the outdoors and social gatherings. Restaurant pricing, retail pricing, and rent costs will be different but is expected to return to normal. In time, Mom and Pop shops will make a return with new systems in place. Retail will reinvent itself. It will experiment. It will be unfamiliar, and exciting again.