The retail sector is a mainstay of daily life, the sector generated almost £400 billion in the year prior to the COVID-19 pandemic – representing a third of household spend on average – and employed 2.9 million people.
Retail was already undergoing a transformation before COVID-19, with the market share of e-commerce growing steadily, but the pandemic has rapidly accelerated changing consumer habits and the growth of online retail. Meanwhile, successive lockdowns and social distancing restrictions have significantly impacted traditional bricks and mortar outlets, causing widespread distress in the sector.
And with global trading relationships evolving following Brexit, 2021 marks an important sea change for the industry.
In our latest publication, Restructuring Advisory Partners Alastair Massey and Tony Wright detail the specific challenges the industry is facing, and what the future holds for businesses in the retail sector.
It’s clear the pandemic has caused a seismic shift in consumer habits and, with global trading relationships evolving following Brexit, 2021 marks an important sea change for the industry.Alastair Massey Restructuring Advisory