Industry Overview

The retail industry has lived through a market-shaping year. The behavior of consumers changed overnight as safety and health concerns suddenly drove the purchase decisions. The industry has witnessed a technological adaption in a matter of months that would normally take years to occur.

Mass merchants, home improvement suppliers, and grocers have benefitted from the altered consumer behavior and their new designation as essential service and product providers. Businesses such as small department stores and apparel providers are struggling and approaching the new times with cost-cutting as an imperative. Despite these circumstances, businesses can find new opportunities to transform their operations and rewrite the rules of the industry.