Retailing to an ailing market

Retailing to an ailing market NATHANAEL MUSCAT

There was a renewed sense of life over the weekend as shop owners returned to their stores to replace the cold-weather collections that were left hanging in their display windows since the lockdown was imposed at the end of March.

Five weeks later, we are starting a fresh chapter in the journey to overcome the coronavirus as the first set of closed retailers are allowed to roll up their shutters on condition of adhering to new safety measures.

Today, businesses are opening to a new reality that feels highly experimental. Controlled movement on the shop floors by customers donning gloves and masks only adds to that sensation. But the changes in the market go deeper than forced behaviours: customers now visit with a different attitude.

For several weeks, we have been told that some businesses – and, by extension, some buying – is not essential. Authorities rightfully cordoned off those company categories that increased the risk of contagion without servicing basic needs, but the necessary measures meant that many retailers have been unfortunately tagged with the ‘non-essential’ label.

Shop owners already face a challenge to market their wares when much of the shopping experience is being watered down by vital social distancing rules. At the same time, the economic uncertainty will push down consumer confidence and reduce the very reasons for buying certain products. In this climate, people will think twice before slapping their contactless cards on the POS to acquire something they consider less than essential.

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Besides stimulating a timid market, retailers also have to navigate a delicate situation on the operative side of businesses. Staff will need to adjust to new schedules, practices and training; rents and outsourced services will have to be renegotiated. Stock is always a complication, but with disrupted supply chains and unpredictable sales patterns, shop owners have a tougher nut to crack.

The first week of business will be a bumpy learning experience for the retail sector. But, as businesses will have observed in other companies during the five weeks out of action, this period is also an opportunity to innovate and redefine their value offering. The success of the reopening will not be measured at the end of the week, nor the month, but when a new season of stability finally begins.