Coronavirus shifts retail focus from physical to online space

Retail

Photo by feeling lucky / Shutterstock.com

During the epidemic, 98% of retail tenants initiated consultations with their landlord, with whom they largely managed to agree on a tenant-centric solution, according to CBRE Hungaryʼs domestic and regional retail survey, writes portfolio.hu.

Image by feeling lucky / Shutterstock.com

Tenants of retail stores clearly see the solution in a stronger presence of online sales and a more efficiently organized store network. In the epidemic situation, online sales have become a key focus, and the surveyed retail tenants want to increase their online presence.

Furthermore, 57% of respondents say that this type of sales was not previously part of their core business strategy, but they began to place more emphasis on developing this area as a result of the coronavirus.

In addition to the development in the online space, it was highlighted that they are expected to operate fewer stores (27% of respondents in the short term and 45% in the long term).

On the other hand, with fewer store openings planned, efforts will need to be made to have a more efficient location for stores, so that the emphasis will be on quality rather than quantity in the future.

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