As the number of vaccinated people increases, states are lifting pandemic restrictions to restore some sense of normalcy. Even the most stringent cities and states are in the process of returning stores and restaurants to full capacity -- a welcome move for business owners.
Some of the pandemic’s effects on retail could be permanent. Many businesses may continue the safety and cleanliness efforts they have put in place. And trends such as curbside pickup and BOPIS (buy online pickup in store) are likely to remain.
But as a post-pandemic era begins, owners of shops and restaurants must make strategic investments to not only thrive in the new normal but also become more resistant to similar future crises. In a report for the Retail Industry Leaders Association (RILA), consulting firm McKinsey outlines a list of imperatives for retailers in 2021 and beyond.
Among other things, McKinsey recommends investing in delivery, omnichannel strategies, automation, and analytics. Those recommendations are in line with what APG believes are five strategic investments retailers should consider: