Starbucks announced it will close up to 400 stores over the next 18 months. H&M will shut 170 of its stores across its global estate. Victoria’s Secret will permanently close about 250 stores in the US and Canada this year. Inditex, the parent company of Zara, announced plans to close up to 1,200 stores worldwide by the end of 2021. Microsoft is permanently closing all Microsoft Store locations in the US and around the world, except for four locations that will be “reimagined” as experience centers that no longer sell products.
Recent data from McKinsey says consumers are likely to maintain behaviours adopted during lockdown such as more stay-at-home shopping. While they adjust to this “new normal”, it is imperative that retailers adapt, and quickly enough.
We have a look at how the pandemic is altering the buying experience.