COVID-19 has brought its devastating impact on the retail sector worldwide. Restaurant, bar and cafe owners are in an awful situation as a result of lost revenues. To learn more about the topic and know who can help you with CutPay merchant services, continue reading this post.
COVID-19: Retail & Restaurant Landscape
The recent 2 studies in the field reveal that the retail and restaurant landscape is likely to never get back to its previous state. Those merchants who’ve been successful at building a new strategy to survive will have the best chances to remain in business in the future as well. By a new strategy, the researchers mean a more digital-centric and online-focused one.
One of the studies is carried out by Cambridge Retail Advisors. The researchers have surveyed mainly C-level executives in the retail and restaurant landscape. 65% of survey participants who have retail and restaurant chains are going to reopen all their locations. 25% is going to reopen only some of their locations. Unfortunately, 10% isn’t going to reopen their brick-and-mortar channels at all.
Barclays’ managing director and senior equity research analyst Karen Short notes that COVID-19 may have forced food retailers to hold back from their expansion plans for the years to come.
Online & Offline Purchases in the UK: CutPay Merchant Services
COVID-19 is changing the overall retail landscape. Alvarez & Marsal and Retail Economics have recently conducted a survey. The latter shows that 17.2 million British consumers (nearly 25% of the country’s total population of 66.6 million) are going to permanently change their shopping habits. This means more focus on online channels.
What about your own business? Are you seeking reliable and affordable merchant services? If yes, the best way out is to work with a respectable payments comparison specialist in the UK that can help you with payment-processing services, such as CutPay merchant services.
The lockdown restrictions are no available for pubs, cafes, restaurants, and hairdressers. As a result, the weekend footfall in England rose during 4–5 July, it averaged a week-on-week increase of 13%. The main reason had to do with the substantial 24% growth in footfall across high streets.
As you see, the restaurant sector is moving to delivery. This innovation, which is the result of COVID-19 crisis, creates an opportunity to stay in business. Moreover, this tendency is likely to continue after COVID as well.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts, including CutPay merchant services. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.