Building Brands for Tomorrow: Retailers Reimagine Concepts, Strategies

COVID-19 has had an unprecedented impact on the retail industry worldwide. Such has been the economic toll of the pandemic that many brands witnessed zero revenue for a brief period as consumer focus shifted to buying essential goods. To mitigate the disruption caused by this crisis, Indian retailers will need to devise strategies for the ‘now, next and beyond’…

- Charu Lamba

COVID-19 has impacted lives, industries, and global economies in a massive way. The worst-hit are retailers and brands, who have had to shut shops amid a severe lockdown imposed by the government to stop the spread of the virus. Such has been the economic toll of the pandemic that many brands witnessed zero revenue for a brief period as consumer focus shifted to buying essential goods.

According to an article by EY titled ‘Moving Towards a Resilient Retail Sector Post COVID-19’, to mitigate the disruption caused by this crisis, Indian retailers will need to devise strategies for the “now”, “next” and “beyond”. While they need to manage their costs through operational improvement and by evaluating the store portfolio, they also invest in service, experience, and Omnichannel to serve the new consumer.

Talking about the bearing of this black swan event, Vineet Gautam, CEO & Country Head, Bestseller India (Jack & Jones, Vero Moda, Only and Selected Homme), says, “The impact of COVID-19 has been unprecedented and has had an adverse effect on the overall business economy across different sectors. While safety and well-being are of utmost importance, the lockdown has definitely impacted various global and as well local apparel brands. The retail sector has been dealing with various challenges including high cost of goods and piling stock inventory, high rentals, insolvency, overheads, etc. The pandemic has taught us all to rethink and reimagine the concept of retail. At Bestseller, while we continue to prioritize the safety of our employees as well as our valued customers, in accordance with the government guidelines, we have been focusing on a seamless e-commerce experience in order to continue serving our patrons and working on robust strategies with respect to reopening our stores as well.”