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Retail Business & COVID-19

Retail businesses sell commodities to people or provide services to their customers for their consumption, use, or pleasure. These businesses date as back as civilization started. Initially when the currency was not in existence people used to practice barter systems. In the barter system, people used to exchange goods or services with each other. After the invention of money, the old traditional barter system stopped and every good and service started getting a value which used to get paid by currency. Due to the lockdown triggered by an outbreak of the pandemic caused due to COVID-19, each and every industry and sector faced a severe shutdown. The effects of the shutdown are tremendous as all the sectors have suffered major financial loss. Talking specifically about the retail sector, governments all over the world have declared all the retail shops to shut down except the general stores and the pharmacy. The retail businesses of fashion, toys, clothing, etc. are facing a real hard time due to lockdown. The customers who buy goods from these retailers are avoiding stepping out of their houses due to the fear of catching the infection of coronavirus. In the current situation customers are avoiding going to the shopkeepers, which ultimately contributes to the financial losses. Many of these retailers due to financial loss in their businesses are removing the extra help they had hired before the lockdown. This ultimately contributes to unemployment. Top analysts have estimated that the retail industry might take around 9-12 months to recover from the losses they are facing amid lockdown. The number of unsold inventories in case of groceries might have reached their expiry dates resulting in huge financial losses. These losses might take more than a year to be in curred.

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