HAS COVID-19 DRIVEN US IRREVERSIBLY ON-LINE (AND WHAT IS THE IMPACT FOR RETAIL?)

It is really interesting to see how Covid-19 and the prospects of unemployment or uncertainty have accelerated change and shifted behaviours, including perhaps a priority of price over quality?

In Jersey King Street / Queen Street is really suffering from a lack of people and although there is no necessary correlation between footfall and revenues you have to believe that overall sales across all stores will be well down. In the last 6 week 558,730 less people movements have been made. That's means on average for a 6 day trading week 15,521 less people movements per day

Obviously this is partly because of lock-down and home working, but what if we don't ever fully go back. What if working from home is the new normal?

It is interesting that Hello Fresh imports around £100k of produce per week into Jersey, and this is climbing. Amongst all the other on-line retailers competing for our basket there is a new Jersey offering: YouCookJersey

https://www.facebook.com/YouCookJersey

The challenge will be if we do buy local (on-line or off-line) or simply seek a one-stop-shop solution using Amazon Fresh (3- 5 years?)

If anyone is thinking of Rethinking Economics I recommend the International Festival 22 to 26 July which seeks to discuss diverse range of economic ideas and perspectives that can move this process forward. These will cut across five themes:

Diversifying, Decolonising and Democratising Economics;
The Role of Economics in Global Issues;
Climate, Environment and Ecology;
Pluralism in Policy and Practice;
and, Reforming Economics Education - Ways and Means.

https://www.rethinkingeconomicsfestival.org/

@TimHJRogers @AdaptCCompany
www.AdaptConsultingCompany.com
#thinking #data #decisions #change