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Covid-19 impact: Retailers staring at prolonged slowdown will need to pivot business models
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NEW DELHI : India’s retail industry that is currently dealing with prolonged store closures could take months to revive as subdued discretionary spends, and a longer than expected need for consumers to stay indoors impacts business for clothing companies, and restaurants.
Retailers will have to change business models, focus more on online delivery of goods, ensure better hygiene in stores, and even liquidate stocks once they tide over the covid-19 lockdown, said industry executives. “As soon as the stores and malls open, I think their first priority should be to encash inventory, and get rid of inventory as soon as possible ie through end of season sales etc," said Rahul Mehta, past president, Clothing Manufacturers Association of India
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COVID-19
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