Retail businesses need to transform their businesses on-line as well as look at their retail estate if they are to meet the challenges thrown up by Covid-19, say leading tax and advisory firm Blick Rothenberg.
Retail Partner Mark Hart said, “With Marks and Spencer announcing 950 job losses both at head office and in stores under a plan called “Never the same again they are joining a growing list
Of businesses including John Lewis Partnership, Boots, Harrods, Ted Baker, Burberry, WHSmith, Arcadia Group, TM Lewin, Mulberry, The Very Group, Debenhams, and Monsoon Accessorize, that have announced redundancies – whether part of a restructure or a wider insolvency process – as they try to mitigate the financial impact of the pandemic.
He added, “Retailers need to react quickly to these challenges. Some of this is acknowledged by M&S which has stated that more autonomy has to be delegated to store managers to react to local needs.”
Mark said: “These managers need to feel like owners of their businesses and be rewarded so that they can drive innovation for their stores, if these big institutions want to survive.”