It was 1 year ago to the day that we went into lockdown. The retail economy in which we find ourselves now is very different.
If you go down to your local shopping mall today to see what you can see, you might be fooled into thinking that things are back to normal.
Unfortunately, it's not business as usual. Far from it. Although the malls are busy again, the spend is way down.
Since we manage store information across the country and many shopping mall properties we have an insightful view of just how many stores close down.
I am saddened that some truly amazing and long-standing stores have failed and with them a wealth of customer choice.
But just as we have a unique view of the stores that are closing we can also see the stores and the new concepts which are opening up in their place.
New stores and concepts have started to appear.
Our established brands are innovating to provide new and exciting services.
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It is encouraging to see that many retailers continue to invest in bricks and mortar, either with large flagship stores or rebranding.
New Starbucks Flagship store at Canal Walk in Cape Town.
The new refreshed Pep branding.
Probably the most famous quote about adapting to change is attributed to Charles Darwin.
"Its not the strongest of the species that survive, nor the most intelligent, it's the ones most responsive to change."
There is real truth in the fact that businesses that are most responsive to change are the ones that will survive this new economy.
So what are we doing as a company to adapt to this new economy?
Watch this space!
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