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Our retail review for 2021, what we're expecting to see over the next 12 months and strategies to help retailers win a share of wallet in 2021View Transcript
Kien: 2020 is going to be a tough year for the whole retail sector, there’s no question about that.
Zelf: This year’s store openings and closures report shows, not surprisingly, a record number of retail closures across the UK, with over 11,000 closures in the half year and even more expected for the rest of the year.
Jonathan: The high street is an important part of the community. As we are going through some really difficult and challenging times at the moment, having a sense of local community is important. Though having that clarity in terms of what the shopping experience is going to look like in a local area is key.
Lisa: As you may know, we have been tracking consumer confidence since 2007, and despite all the challenges going on at the moment it has remained incredibly resilient.
Kien: Well whilst one in seven adults lost their job or had their income cut, over 60% have seen no financial impact from the pandemic to date, with many people actually saving money because of cancelled holidays and going out less.
Jac: Covid continues to drive changes in consumer behaviour which arguably will fundamentally shape the outlook for retail, long after lockdown restrictions are lifted. Covid has encouraged what we call forced experimentation among consumers, particularly accelerating the online channel across all products and services, even those that have historically had low online penetration.
Lisa: It has accelerated a number of existing trends, whether online or changes in category preferences and restructuring retail footprints, sometimes from four years to four months.