Retailers in the Nordics were under pressure even before the COVID-19 outbreak. Vacancy levels were moving up, the gap between supply and demand was widening and the market needed rebalancing. Therefore, a return to ‘normal’, although much needed will not be easily achievable.
The pandemic seems to have accelerated the key underlying fundamental trends influencing the market. Market stakeholders are therefore closely following the sector transformation, as it can result in the make or break for some market players. The impact of the outbreak will vary depending on the retail format, and the main platform the retailer is relying on. Improved connectivity between sales channels, logistics and customer interaction will therefore result in revised business models. Digitalisation of operations and a customer-centric approach to transformation will be the backbones of further growth and value creation.