Friday May 08, 2020 |Notes

Retail consolidation

Local retail and service businesses are among those hardest hit by the coronavirus pandemic. The so-called 'retail apocalypse' was already in motion and the near total loss of business for months will bring the end much sooner for many companies. There's been a quick shift to the digital ecomony and most of that spending goes to a handful of companies, including companies like Amazon, Walmart, Taget, etc.

The internet doesn't need a local version of each store and thousands of businesseses will become redundant. Many businesses will suddenly appear comparatively substandard to consuemrs given the choices offered by the digital economy. Meanwhile, the comapnies with great infrastructure will contiue to thrive during the pandemic and beyond.

To compete in the new retail reatlity, businesses need to diffentiate & innovate by leveraging technlogy to the very best of what makes the company great. It's easier than ever for brands to sell on multiple channels, including many of the top retailers, while working to grow direc-to-consumers sales.

It's natural for consumers to go with trusted brands - especially when seeking a quick fix. It's up to the new innovative retail brands to give consumers a reason to shift away from marketplaces and shift to supporting independnt brands directly.

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