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The Outside View: What Retail Apocalypse?

If the health of the retail sector is judged by the number of Chapter 11 and liquidation announcements since 2019, it would appear the industry is facing an apocalypse. But the reality is far more nuanced and complex. While the bar has been raised since the onset of the digital era, and even more so since the arrival of the pandemic, significant opportunities exist for retailers that are able and willing to address their most pressing challenges and opportunities. Success, however, requires a commitment to fundamental transformation. Indeed, the winners will be those that evolve to become the destination and authority for target customers in their category. CONSUMER SPENDING REMAINS STRONG Consumers are still shopping, but their habits have changed significantly over the past seven months. Malls are quieter and foot traffic has continued its steady multiyear decline. But media warnings of a retail apocalypse fail to consider the windfall of tens of billions of dollars being diverted — at least during 2020 and likely also for much of 2021 — from restaurants, hotels, airlines, cruises, entertainment and other related spending, to home improvement, grocery stores and clothing for work-from-home, exercising and lounging. The warnings also don’t consider the success of a few other

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