Matt Katz, Managing Partner and Head of Retail & Consumer Packaged Goods shared his thoughts with Business Insider about what the upcoming year means for retailers who filed for bankruptcy in 2020.
He explains how clean balance sheets, revised cost structures, and slimmed-down real estate portfolios could be a “breath of fresh air” for those retailers who struggled this past year, but additional action needs to be taken in order to succeed. “The question is now with this fresh breath of air, will they be able to satisfy customer needs? The question is will product be available at the price and when the customer wants it?”
In addition to these challenges, he explains the lasting impact of pandemic-era consumer preferences, “…it will take some time for shoppers’ mentality to move away from health and safety, even after the pandemic has subsided, and paying special attention to customer service will help keep customers loyal.”
Read the full article here.
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