Has Coronavirus Changed Retail Forever?

As Chief Executive Officer of the Food and Drink Federation, Ian Wright is on the front line of the business fightback against COVID-19. Here, he tells Criticaleye how unemployment may be set to soar to over four million and why the retail landscape might have been transformed for good.
 
Key points include:
  • Prior to the crisis, 60 percent of the food consumed in the UK was procured through retail and the other 40 percent through out-of-home channels. Overnight that second 40 percent transferred across to retail
  • Unemployment in the UK could reach levels of 4-5 million
  • It is unclear whether the current switch to online shopping will be a permanent change
  • The fear of going out (FOGO) may dominate people’s shopping and leisure choices well into the future
  • Leadership teams outside retail need to be thinking through the implications of labour shortages and supply chain risks as soon as possible
  • Social media is an additional challenge for leadership teams to navigate during this crisis
 




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