The COVID-19 crisis has severely impacted the retail sector in Singapore. Most retail stores are experiencing declines in store traffic and sales, and some are even forced to close either by law or because of business hardship. As COVID-19 is expected to be a prolonged global pandemic, retailers have to accept the new normal that people will be doing less shopping, dining, and entertaining outside their homes from now on.
No amount of price promotion or service assurance will bring the shoppers back to the stores at least in the short term. Retailing strategies therefore have to be overhauled.
A panel of marketing professors from Nanyang Business School share their perspectives on:
- What are the changing patterns in consumers?
- What are some ways for retail business owners and leaders to rethink their strategies?
- What are some principles they need to bear in mind when implementing strategic changes?