The future of retail after the pandemic

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The effects of the pandemic on retailers are dramatically apparent. Bricks-and-mortar shops have struggled with daily headlines on job cuts and store closures across the globe.

The big winner has been digital retail, with record numbers of shoppers going online: UK supermarket Waitrose says more than 75 per cent of people in the UK now do at least some online grocery shopping. The world of shopping will play a key role in the global economic recovery and remains one of the world's key steps to recovery in 2020.

Worldwide, retail sales are expected to reach $23.6 trillion – and that's down 5.7% from last year.
The lockdown was brutal for high street retailers, but all might not be lost: UK retail sales in July were higher than before the pandemic. Sales and clothing shops grew by nearly 12%, while online shopping fell by 7% in the same month.

While many retailers are cutting jobs online giants are expanding: Amazon said it will hire 75,000 new people due to surging demand. It's a similar picture in China, where e-commerce giant Alibaba posted a staggering 124% rise in quarterly profit despite seven straight months of declining retail sales in China. So the retail industry has changed dramatically for consumers, companies and everyone employed by the industry.

The real question is: just how permanent will these changes be?