The outbreak of COVID-19 has challenged economies throughout the world. From social distancing to countrywide lockdowns and travel restrictions, the multitude of government measures has had a significant impact on economies and consumer markets. Unsurprisingly, the retail industry has been one of the most highly disrupted sectors. When countrywide lockdowns and home quarantines were first implemented, retail sales in Southeast Asia suffered double digit declines.
However, the silver lining lies in the role that COVID-19 has played to accelerate trends which were already happening. Consumer behaviour has rapidly transformed while landlords and retailers are forced to rethink their business operations and strategies. At the same time, the common denominator within the ecosystem is technology.
This paper by CBRE Research explains how major stakeholders in the retail ecosystem has been impacted during COVID-19 and how technology will continue to evolve and feature for landlords, retailers and consumers in the new normal.