Retail is currently living through extraordinary times which have had a major impact on its traditional ways, on its context, on its customers and its employees. Some of the most striking elements of this disruption:

• Cities are being reconceptualised in terms of traffic, pollution, services, travel, and experiences in general, in such a way that the department store, which has traditionally been such a constituent part of the city, will have to rethink its role.
• One of the changes in the city is an interest in the local. That is, for retailers, as well as other services, to focus in more detail on local customers through their assortment and their services.
• Technology will play a part in this and, although technology was a major topic in many areas before the pandemic, covid has focused on specific things such as payment, delivery and communication, as well as the possibility of enhancing sustainability.
• However, it is also clear that we cannot rely entirely on technology to shield us from the unexpected. In this sense, there are lessons to be learnt from the covid pandemic about how to cope and react to other types of risk, such as those related to weather, cybersecurity of other biological disruptions. Risk management needs to become a more integral part of our businesses, together with flexibility and reactivity.
• This aspect of running our businesses emphasises the importance of leadership and management, and the ability to deal with new forms of work, of shopping, and of caution and fragility among our customers.

70th International Retail Summit - full report

70th International Retail Summit website