Deloitte, a professional services network, has said that while retail has had its share of challenges in the past two years, the pandemic has also yielded the chance for a long-overdue great retail reset that may help move many retailers into a more stable—and profitable—position.
Getting there will require balancing near-term challenges with long-term commitments and transformational thinking.
For its 2022 retail industry analysis, Deloitte asked 50 senior retail executives across multiple subsectors to share their views on where they see the industry in the next 12 months.
Three important elements that will determine the shape of the industry, according to Deloitte analysis, are digital revolution, supply chain resiliency and reimagining of workforce.
For 2022, Deloitte recommends, retailers should continue down the remediation path they began at the onset of the pandemic to realize long-term and lasting benefits. In fact, the next 12 months offer opportunities to restructure outmoded supply chains, rightsize inventory management, review pricing, recalibrate promotional cadences, and reinvent the physical store for the digital age.
Gulf region’s two biggest economies–the UAE and Saudi Arabia—rely heavily on wholesale and retail. TRENDS presents an overview of wholesale and retail sectors in the GCC region.
Post-Covid retail outlook bright in GCC
- UAE and Saudi Arabia witnessed growth, albeit low, in the retail sector even during the pandemic.
- Professional services network Deloitte has said that 2022 offers an opportunity for the long-overdue retail reset.