Health & beauty sector ‘least prepared’ for second wave of Coronavirus
By Sophie Nutt | 28 August 2020 | Movers & Shakers, News
The health and beauty sector is the least prepared for a second wave of Covid-19, according to a new survey by Brightpearl.
The research (a survey of 500 retailers) found that 75% of health and beauty businesses said they have made no preparations at all for a second wave of Covid-19. The survey also showed that 54% of retailers have made no changes to their business model in the event of a second wave in the autumn/winter.
Other sectors failing to adapt for the prospect of a second wave of Covid-19 include fashion brands (62% have made no changes to their business model) and entertainment brands (57% have made no changes).
Overall, fewer than half of retailers (42%) are planning any further digital investment to better prepare their business for future spikes in the virus and only 56% of retailers said their business could survive the devastating impact of a second wave with widespread lockdowns returning.
“The majority [of retailers] simply haven’t had the time to consider and plan for what the future looks like post-pandemic,” – Derek O’Carroll, Brightpearl CEO.
The survey also revealed great differences in the regional response to the prospect of a second wave. Eight out of 10 retailers in the South West were geared up for a second wave – the highest figure in the UK – compared to just 21% of retailers in Yorkshire and Humberside, the lowest figure.
“Covid-19 is the retail equivalent of a meteor impact: an existential event that changes the composition of the industry and, sadly, as we’ve witnessed, the eradication of many business,” comments Derek O’Carroll, Brightpearl CEO.
“We’ve seen huge digital transformation in the retail industry in a matter of months as companies look to adapt to the disruption, but the majority simply haven’t had the time to consider and plan for what the future looks like post-pandemic. That’s a dangerous position to be in, especially with the looming threat of a second wave of the virus.”