The pandemic has shaken all the businesses whilst consumers are anxious to invest on any commodity or go out in public places, things have gone haywire; people are losing their jobs henceforth people are hesitant on making any investment on luxuries.
The nation’s biggest mall operator is set to open doors in 49 malls across 10 states too, and most retailers are moving quickly to adapt to the fallout as best as they can. Masked employees and plexiglass guards will help ordering for curbside and storefront pickup, while scheduled appointment shopping and other initiatives stand in for in-store buying.
The biggest mistake retailers do is they start giving big discounts to spur demand. Discounting is not at all the viable option because it will get the retailers into more financial crunch.
Take JCPenney as an example. At some point in the past few years it determined its problem was pricing, so it switched to an everyday low-price model, thereby eliminating discounts and coupons in hopes a one-size-fits-all approach would save the company. This was a smokescreen that made it impossible to focus on the much deeper problems behind closed doors. As Lauren Debter said in this very publication, Penney’s hadn’t “turned a profit in nearly a decade and carrie[d] more debt than almost any other retailer in the nation.”