The Key Stakeholders
It’s been a tough year for retail. Transformation and change have dominated the agenda, underpinned by the need for store owners and online brands alike to be flexible, agile and creative. It’s been a year like no other and for many brands, there have been, and will continue to be, hard decisions to make about the future.
In retail as in other sectors, it is important for companies in difficulty to act early once signs of distress emerge; the sooner that problems are recognised and acknowledged, and key stakeholders engaged with a view to exploring solutions, the broader the range of options there will be available to navigate through the period of distress and achieve a return to profitability.
For some however, the pressure of the global health crisis, the unpredictability of buyer behaviours and an inability to get ahead of the shift online are just some of the many factors that may make 2020 the most challenging year for retail on record, especially for those with predominately only a physical presence on the high street.
Store closures are one of the inevitable outcomes, changing the look and feel of British high streets and retail parks forever.
It’s a complex path to tread but for some retailers, it’s the right one.
Below, we explore the key stakeholders of those involved in repurposing or closing retail premises.