Asia Pacific retail: Rethinking post COVID-19
As both a health and economic crisis, the COVID-19 pandemic has significantly affected the way people live and work and this has in turn created a bifurcation of Asia Pacific’s (APAC) retail sector in 2020. For instance, most discretionary retailers and prime malls have been disproportionately affected by the implementation of mobility restrictions and deterioration in labor market conditions, reported Keppel Capital.
COVID-19 has also accelerated the shift toward ecommerce in APAC as restrictions were imposed on the operations of retail premises. Ecommerce, however, is unlikely to replace physical stores completely as humans, being social creatures, will seek in-person interactions and experiences when restrictions are lifted. Indeed, retail footfall in APAC has steadily improved since June 2020 as lockdown measures were gradually eased. Retail investment volume in APAC has also more than doubled year-over-year in first half 2021.
Notwithstanding the recovery in APA