It’s clear that 2020 has been one of the most challenging years that the retail industry has ever faced.
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After years of declining store traffic, competitive pressure from Amazon, dramatic changes to consumer behavior, and an influx of digitally native brands, COVID-19 has exasperated retail industry stressors.
Broad-based store closures, waves of Chapter 11 bankruptcies, and constant liquidity worries are in lock step with dramatic customer spending reductions, significant shifts in consumption patterns across sectors and categories, and 10 years of projected e-commerce growth achieved in six months.