As entire countries come under quarantine orders and consumers around the world start to shun human contact, retailers are scrambling to adapt, states accounting and advisory firm KPMG. They recognise the global response to the novel COVID-19 virus will have a significant impact on their business. They understand the situation is changing daily. And they know they have little time to respond.
KPMG lists five key areas where retail executives should be focusing their attention in today’s highly-fluid social, economic and health environment.
The long term social, economic and health impacts of the COVID-19 virus are still unknown. Whether this situation lasts weeks or months, it is clear that the global response to this virus has fundamentally changed the reality for retailers. It’s time to face that fact and start adapting.
Report by René Vader, global sector head, Consumer & Retail, KPMG International; Paul Martin, chair global retail steering group & head of retail UK, KPMG; and Jessie Qian, country sector head consumer and retail, KPMG China
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