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Coronavirus (COVID-19) - Retail sector Impact - 04 August 2021

Published: 04 August 2021 Code: GDCOV-TR-X078

Globaldata's report on the impact of COVID-19 in the retail sector includes detailed coverage on the retail sector analysis, COVID-19 impact, and sector insights among others.

COVID-19 has spread to over 198 countries with a total of more than 194 million confirmed cases and over 4 million deaths. The number of confirmed cases is the US is over 34 million, with cases again rising after a sustained period of decline. As in many other countries, most new cases are of the Delta variant, with hospitalizations also on the rise (97% of those admitted are unvaccinated). Total COVID-19 vaccine doses administered have now surpassed the total number of confirmed cases, with a total of over 2.9 billion single vaccine doses administered. China leads in the total number of vaccinations, while Canada leads amongst top economies in the percentage of the population that has received at least one dose of the vaccine.

A concrete summary of the impact of COVID-19:

  • Hiring prospects appear to have been gradually improving since April 2021
  • Nearly 45% of employees report an increase in productivity during WFH
  • Most offices will return to at least 50% capacity in the next six months
  • 3 in 10 employees prefer to visit their office daily after the pandemic
  • Technology will continue to change the way we work over the next three years
  • Artificial intelligence is driving change in working practices
  • Most respondents continue to work from home full-time

Sector insight:

  • The pandemic has had a major impact on how consumers shop. The shift online, especially in food, has become established, winning new recruits to online shopping from older generations. Working from home and concerns about health safety have also shifted footfall from city centers to local stores and retail parks – a trend that is likely to prevail into 2022 putting property companies and landlords under considerable financial pressure
  • Clothing retailers are hoping for pent-up demand to drive sales in the latter half of 2021 as the vaccine rollout allows more social occasions, holidays, and events. This will help to boost more formal wear – but not enough to make up for the decline over 2020
  • Electricals, prior to COVID-19, already had one of the highest online penetrations, but this increased even further during the pandemic, and this trend is unlikely to revert, making stores even less necessary for the sector. The boost for technology from home working will ease in 2021

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