With dramatic shifts in consumer spending patterns and shopping habits, the pandemic is driving seismic changes in retail business models and operations. Read this overview on the pandemic impacts on the retail landscape and how this industry may adapt to a new normal.
The COVID-19 crisis has rapidly accelerated the decline of brick-and-mortar retail in favour of e-commerce as new social behaviours emerge. After the first wave of pandemic lockdowns eased, consumer spending on goods was strong, showing a rapid “V-shaped” recovery.
In recent months, indicators suggest the second wave of lockdowns has slowed consumer spending and reduced retail employment.
Read this retail sector report from EDC Economics to discover how Canada has performed during this difficult time, the global context and the “winners” and “losers” across various retail categories.
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