Described as an ‘unprecedented crisis’ for the high street, COVID-19 has wreaked havoc for many UK retailers. With the introduction of social distancing measures, stores have been forced to close to protect staff and balance sheets. Supply chains have been damaged and profit warnings have been issued as consumers restrict their spending under profound economic uncertainty
These are truly unprecedented times and the challenges for home retailers loom large. However, there are glimmers of hope in the home improvement and homeware categories. While now is the time to exercise financial prudence, it is not the time to scale back brand building activity. This is an opportunity to truly help customers during a very difficult period of their lives, while also reinforcing brand values and strengths.
To turn this challenge into an opportunity, we need to act with agility, speed, collaboration and creativity. In this white paper, we take a look at:
- Home retail survival strategies adopted during the SARs outbreak
- Recession consumer shopping and behaviours
- Recession marketing effectiveness and brand strategies
- Emerging consumer behaviours under social distancing measures and lockdown scenarios
- Practical actions for home retail brands
While this is undoubtedly a deeply troubling period for home retail brands, we would urge those affected to take this time to brand-build, innovate, experiment and plan for a post-crisis future.
Download the whitepaper here
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