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How European Retailers Can Manage COVID-19 Disruption and Make It to the Other Side
Only a few months ago shopping with friends or family was a normal part of daily life, yet now it is considered a potentially perilous excursion for many of us. COVID-19 stunned our economy and shuttered vast portions of the retail sector, with physical retail footfall reportedly dropping by c.80% at its peak. With restrictions eased, retailers across Europe need to learn to manage through the continued downturn, be prepared for a potential second wave and adapt to an uncertain future.
Retailers are familiar with business continuity plans — they are annual exercises for many retailers, given extreme weather events, distribution centre closures and other local disasters. However, few, if any, retailers planned for a black swan event that would close the entire store fleet for weeks.
In this article, our Business Transformation team looks at how European retailers will adapt to the disruption caused by COVID-19 and what key measures they should be considering in order to make it to the other side.