Certainly, the physical retail industry has suffered in the hands of online traders. That is to say, the competition had become stronger due to the rapid emergence of online retailers. Certainly, the brick and mortar stores were facing setbacks because of the shoppers’ inclination towards online shopping. However, because of the pandemic, the situation continues to follow. That is to say, the stores have a reduced number of working hours. Further, some stores have been shut down due to the pandemic. Moreover, there are chances that stores might not open at all in the coming months.

Store Closure during Pandemic

Unfortunately, Coresight Research states that there are chances that more than 15,000 stores can be closed this year. On the other hand, last year there was a likelihood that big chains will close their stores reaching up to a number of 9000. Certainly, the reason for this closure was bankruptcy and a massive decline in the retail world. Therefore sadly, the pandemic has worsened the situation for the retail industry, apart from other worldwide businesses. Store closures due to virus, although temporary but are massive in numbers.

Loss of Workers and Retailers due to Pandemic

Consequently, workers are also facing difficult times because of the closure of the stores. Further many workers are losing their jobs because there is no other option left for retailers. Moreover, not just the employees but also the retailers are suffering during the pandemic time. That is to say, there are many retailers who are not able to pay their rent due to lack of business and closure of stores. In addition, the increment in the cases of burglaries and theft are also increasing. In other words, burglars are attacking closed stores. Subsequently, this enables and forces owners to board up their stores.

Decline of the Retail Industry before the Pandemic

Because of the retail industry’s financial crisis, liquidation had been very common in the past few years. Consequently, this leads to closure of stores across many countries. Further stores had also been shut down due to an increase in the online stores. Now the situation has further caused panic among the retailers. That is to say, they are worried about the closures. Further, they are worried about the reopening of the store because there is uncertainty as to when the store will be reopened and if there are any chances of reopening or not.

Suggestion for Retailers in the time of Pandemic

The only way for retailers to survive during this time is to cut down on their costs. That is to say, they should only focus on what is necessary and which cannot be avoided in the current situation. Secondly, they can ask their landlords to subside their rent. Thirdly, they can ask for loans from the government and the loan lender agencies. In addition, retailers must not waste their time in panic. That is to say, they should look forward and plan ahead. For example, they can make mind map for Christmas. Moreover, they can pen down their strategies and plans and work on them further. In short, retailers should not just focus on the current and worry about it. In fact, they should plan ahead and see what approaches them by the end of the year and the beginning of the next year.

According to Los Angeles Times, Erika Morabito, partner at Foley and Lardner says there are high chances of bankruptcies in the entire business world. She further states,

“COVID-19 is going to change the world and many different companies and industries in terms of how they do business. It’s just inevitable.”

Conclusion

To conclude, the current Pandemic situation is very uncertain. Therefore there is not specific time for the lockdown to end. Consequently the Teranoid Company understands the panic and anxiety among the retailers. But what can we all do, except to wait and be certain and not lose hope in the betterment of the retail world. Who knows with the end of the Pandemic, there is a gradual rise for the Retail world. Certainly this is God’s plan and it is beyond our reach to overcome the current situation. The worldwide economy has stopped. However hope is the thing that we can stick to right now because that’s all we can do.