The contrast is stark. More than 12,000 stores closed in the United States last year, while e-commerce continued to flourish. Retail categories like apparel and department stores struggled through 2020, even though verticals like beauty and home goods saw tremendous growth.
Covid-19 upended retail and pushed companies into bankruptcy. As we look at getting back to normal in 2021, many of the businesses left standing are now facing new competitors that didn’t exist prior to the pandemic. Others are seeing a radically altered marketing landscape with consumer preferences having moved toward delivery services and online shopping.
The next few months are make or break, and many retailers are grappling with how best to respond.