Is The Coronavirus Epidemic The End Of Brick And Mortar Retailers?
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The brick and mortar retail market is being hammered by the coronavirus epidemic.
There are two main reasons why the virus is proving to be so destructive.
The primary reason is that the virus is potentially deadly, and the second reason is that it creates fear.
While many department stores, such as Macy's, JC Penney, and Walmart, are quickly opening their stores, most small boutiques and mom and pop shops are still closed.
Many retailers, such as Target, Bed Bath And Beyond, and Best Buy, have seen tremendous growth in their e-commerce sales.
Shoppers have shifted much of their buying to the websites of their favorite retailers, as well as increasing their shopping on Amazon and eBay.
If we were to go according to the present reality, it would seem that the retail landscape is tilting in favor of the large retail chains.
Customers who want to practice social distancing will shop at big box stores, because it is much easier to distance themselves from other shoppers.
Retailers, small and large, who can offer curbside pickup, can potentially recoup lost sales.
This might be a good time for boutiques, and other small retail operations, to consider setting up ecommerce sites. Shopify and Godaddy have easy to use platforms for setting up ecommerce websites.
Ideally, once a vaccine is developed, the retail landscape can return to normal.
There are currently many companies racing to develop a vaccine. Among those companies are Moderna, Novavax, Inovio Pharmaceuticals, and AstraZeneca.
If a vaccine is developed, hopefully people should be able to shop without being fearful of catching the coronavirus virus.