When Covid-19 erupted and upended retailers around the world, it looked like another chapter in the sad story of an industry’s decline.
The reality of the pandemic era, however, has not played out that way.
Yes, there has been a shake-out, with thousands of stores, and some chains, closing for good. A wave of retail workers lost their jobs, some permanently, and an unknown number became ill. But Covid’s shock to the system also brought overdue changes that will fortify the sector for years to come, including big investments in technology, new ways to connect with consumers and faster delivery of online orders.
For all the misery the coronavirus has brought, it is not hard to make the case that the pandemic will ultimately strengthen the global retailers who made it through. It is a startling turnaround from the doom-and-gloom predictions for the industry in mid-2020.
“The idea that stores are dead has been proven to be a fallacy,” said Michael Baker, an analyst for DA Davidson, who has covered US retailers for more than two decades. “A lot of retailers are coming out of this stronger than going into it.”
The pandemic pushed shoppers around the globe to adapt quickly, which forced retailers to do the same. Stuck in their homes in those first few months and then wary about visiting stores when they reopened, consumers flush with cash from government stimulus programmes – along with savings from not travelling or dining out – embraced e-commerce like never before. That is why the outlook appeared so dour early on for retailers dependent on foot traffic to brick-and-mortar locations.
The idea that stores are dead has been proven to be a fallacy
Michael Baker,
an analyst for DA Davidson
Since Amazon ignited the online shopping era more than two decades ago, the big question has been how do legacy retailers survive? The industry’s answer eventually became “omnichannel”, a fuzzy buzzword about intertwining stores and the internet. Retailers had been investing on that front – think of innovations like online ordering with in-store pick-up – but sporadically.
The pandemic created the existential threat many needed to embrace that vision. They responded by shaking up their business models in unprecedented ways, whether though customer service or the ways they fulfilled orders (cue groceries ordered online being delivered to the boot of an customer’s car outside Walmart a few hours later).
“It completely changed the way we shop,” said Greg Buzek, president of researcher IHL Group. And now retailers are deploying technology at a “once-in-a-generation” rate, with huge rises in the use of warehouse robotics and inventory management tools such as electronic shelf tags, he said.
In China, one of the world’s most sophisticated retail markets, stores quickly pushed deeper into e-commerce. More embraced the use of chat groups to complete orders and keep in touch with customers who no longer wanted to visit in person, consultant Kearny reported.
Retailers of all sorts increased sales through live online video streaming. In Wuhan, a food-delivery service helped retailers set up contact-free pickup, kicking off a boom in that kind of fulfilment.
Marks & Spencer, the British department-store chain has been trying to turn itself around for more than a decade. It used the pandemic to speed up its transformation by shutting poorly performing stores and investing in digital offerings, including online groceries. The chain has lifted its profit forecast twice this year – the first upgrades this millennium – as its stock surged more than 60 per cent.
With stores shut in the US, retailers adopted new ways to serve customers. Live-stream selling spread from China and became a bona fide revenue source thanks to simple and inexpensive and simple software. Chains also pushed more of the traditional in-store experience to the web. Signet Jewellers, owner of the Jared brand and other chains, added video calls with an associate from its locations that eased the resistance to making big purchases online.
And retailers also figured out ways to push more e-commerce into their locations. That included making it easy for in-store employees to help online customers by chatting and sharing pictures and video through mobile app.
Shopping patterns also dramatically shifted in places where e-commerce was in the early stages of development. Retailers in markets spanning Mexico to Russia were pushed to speed delivery and build more secure payment systems. In one example, the Mexico division of US retailer Home Depot now lets customers buy items online and pay for them at a store with cash, which is still the dominant way to pay for goods there.
The success of many of these advancements will hinge on how well this new consumer behaviour stick post-Covid. Retailers are betting that services such as collecting online orders at stores, will be used for a bigger portion of their sales. The pandemic also gummed up supply chains and caused labour shortages that pushed wages higher. It remains to be seen how long these hurdles last.
The Covid era will also be remembered for all the retailers who did not make it and the employees who were infected with the virus. Pier 1 Imports in the US and Britain’s Arcadia Group, owner of Topshop, were among the chains that shut down their locations. And many others without as much money to invest as big players have not be able to undertake meaningful pivots.
They still look vulnerable, especially as pandemic-era stimulus programmes are petering out and the emergence of the Omicron variant is causing a surge in Covid cases in several parts of the world.
But for the big players who got things right, 2021 brought a remarkable rebound. In the US, chains with more than 50 stores are expected to have added more than 4,000 locations this year, led by discount chains Dollar General and Dollar Tree. That would mark the first net increase since 2017, IHL Group reported. Total closings among this group in 2021 are estimated to have been 3,500, a quarter of the 2020 total.
The comeback is a big reason why the SPDR S&P Retail exchange-traded fund, which tracks the S&P Retail Select Industry Index, has surged 32 per cent this year, easily topping the broader S&P 500 Index’s advance. Retail stocks in other parts of the world have not fared as well, though.
Even with Covid variants hammering some parts of the country, overall visits to US stores this year are only 0.8 per cent below the same period in 2019, reported Placer.ai, which uses anonymous mobile phone data to estimate foot traffic. Many of the biggest chains spanning various categories are drawing more shoppers than before the pandemic. These include Target, Lowe’s, Dick’s Sporting Goods, Ulta Beauty and Bath & Body Works. Visits to Walmart, the world’s largest retailer, are only 2 per cent below 2019 levels so far this year, Placer.ai data show.
Foot traffic is being aided by stores fulfilling online orders for pickup. Best Buy is among the chains who built kerbside pickup systems on the fly during the pandemic so customers would not have to enter stores. Target’s shopping app now allows drive-up customers to choose exactly where bags are placed in their car.
On top of all this, physical stores are still where the overwhelming majority of goods are purchased. While in China, e-commerce accounts for about 30 per cent of total retail sales, the rate in vast markets like Japan, Mexico and India are less than half of that.
Even brands born online are continually showing the value of physical locations by turning to them to boost growth after e-commerce gains stall. In the US, Warby Parker, an eyewear company that helped to jump-start the boom in digital-native brands, is increasingly betting its future on bricks and mortar. Stores can also increase profitability in a myriad ways, including reducing returns – a big hit to e-commerce margins.
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
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Killing of Qassem Suleimani
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Killing of Qassem Suleimani
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Squads
India (for first three ODIs) Kohli (capt), Rohit, Rahul, Pandey, Jadhav, Rahane, Dhoni, Pandya, Axar, Kuldeep, Chahal, Bumrah, Bhuvneshwar, Umesh, Shami.
Australia Smith (capt), Warner, Agar, Cartwright, Coulter-Nile, Cummins, Faulkner, Finch, Head, Maxwell, Richardson, Stoinis, Wade, Zampa.
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
UAE currency: the story behind the money in your pockets
The specs
A4 35 TFSI
Engine: 2.0-litre, four-cylinder
Transmission: seven-speed S-tronic automatic
Power: 150bhp
Torque: 270Nm
Price: Dh150,000 (estimate)
On sale: First Q 2020
A4 S4 TDI
Engine: 3.0-litre V6 turbo diesel
Transmission: eight-speed PDK automatic
Power: 350bhp
Torque: 700Nm
Price: Dh165,000 (estimate)
On sale: First Q 2020
Pari
Produced by: Clean Slate Films (Anushka Sharma, Karnesh Sharma) & KriArj Entertainment
Director: Prosit Roy
Starring: Anushka Sharma, Parambrata Chattopadhyay, Ritabhari Chakraborty, Rajat Kapoor, Mansi Multani
Three stars
The bio
Favourite food: Japanese
Favourite car: Lamborghini
Favourite hobby: Football
Favourite quote: If your dreams don’t scare you, they are not big enough
Favourite country: UAE
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if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
UAE v United States, T20 International Series
Both matches at ICC Academy, Dubai. Admission is free.
1st match: Friday, 2pm
2nd match: Saturday, 2pm
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Rameez Shahzad, Amjad Gul, CP Rizwan, Mohammed Boota, Abdul Shakoor, Ahmed Raza, Imran Haider, Sultan Ahmed, Zahoor Khan, Amir Hayat
USA squad: Saurabh Netravalkar (captain), Jaskaran Malhotra, Elmore Hutchinson, Aaron Jones, Nosthush Kenjige, Ali Khan, Jannisar Khan, Xavier Marshall, Monank Patel, Timil Patel, Roy Silva, Jessy Singh, Steven Taylor, Hayden Walsh
FIGHT CARD
From 5.30pm in the following order:
Featherweight
Marcelo Pontes (BRA) v Azouz Anwar (EGY)
Catchweight 90kg
Moustafa Rashid Nada (KSA) v Imad Al Howayeck (LEB)
Welterweight
Mohammed Al Khatib (JOR) v Gimbat Ismailov (RUS)
Flyweight (women)
Lucie Bertaud (FRA) v Kelig Pinson (BEL)
Lightweight
Alexandru Chitoran (BEL) v Regelo Enumerables Jr (PHI)
Catchweight 100kg
Mohamed Ali (EGY) v Marc Vleiger (NED)
Featherweight
James Bishop (AUS) v Mark Valerio (PHI)
Welterweight
Gerson Carvalho (BRA) v Abdelghani Saber (EGY)
Middleweight
Bakhtiyar Abbasov (AZE) v Igor Litoshik (BLR)
Bantamweight:
Fabio Mello (BRA) v Mark Alcoba (PHI)
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magemedsultanov (RUS)
Bantamweight
Trent Girdham (AUS) v Jayson Margallo (PHI)
Lightweight
Usman Nurmagomedov (RUS) v Roman Golovinov (UKR)
Middleweight
Tarek Suleiman (SYR) v Steve Kennedy (AUS)
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
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RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
UAE currency: the story behind the money in your pockets
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
