How COVID-19 is changing the face of the retail sector

As consumers hit pause on all but essential spending, the COVID-19 crisis has rapidly accelerated the decline of brick-and-mortar retail in favour of e-commerce as new social behaviours emerge. Extended lockdowns, supply chain disruptions and the U.S. downturn are expected to acutely impact Canadian luxury goods and apparel exports for 2020. However, consumer spending on food, personal and health-care products will remain robust. As retailers strive to survive, agility, resilience and a strong online presence are more critical than ever.