“Adapt or die” was already a well-worn mantra in the world of retail, but it has perhaps never been as relevant as it is during present times.
The fleet of foot, experimental businesses testing new products and routes to market have often emerged as the winners in their categories. Think Amazon and its focus on an online marketplace model; think Sainsbury’s purchase of Argos to build its general merchandise and fulfilment credentials; and think Greggs’ shift away from being a bakery business to a food-to-go operator brilliantly attuned to food trends such as flexitarianism.
At a time when coronavirus is wreaking havoc on retailers’ ability to go about their ‘business as usual’ – and leaders face into the prospect of the worst recession in 300 years – establishing new ways of working and fresh revenue streams has arguably become more crucial than ever.
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