Over the past few years, the retail industry has seen significant growth. For each company that's shut down physical locations, 5.2 are opening new ones, according to IHL Group's research report "Retail's Renaissance — True Story of Store Openings/Closings," which reviewed more than 1,600 retail chains with 50 or more locations in the U.S.That said, we're now facing a different reality that is impacting the retail industry. Due to COVID-19, the disease caused by the novel coronavirus, many retailers have closed their doors temporarily. Meanwhile, analysts and business owners are fearful of an impending recession.
To get through times of uncertainty, retailers must act cautiously and respond to the needs of customers and employees. Here are nine recommendations for retailers on how to adapt.