Dear reader
Survival of the fittest
Yes, the ‘survival of the fittest’ is an apt expression to describe the current situation the retail industry is facing by Said Daher, CEO of the retail conglomerate AZADEA Group, in this month’s ‘My Page’. In the coming months, retail will have to confront the strain and realign goals as well as pivot to survive the storm to succeed.
The reopening of entertainment centres in the UAE, although in phases, will bring big relief to the amusement industry in the MENA, which incurred monthly losses of over $6.7 billion. Leisure and entertainment facilities were closed temporarily, even before the closure of shopping malls in the UAE from the end of March. Other GCC countries followed a similar approach, with varying timelines, as a measure to contain the spread of COVID-19.
When the regional markets experienced a dip in consumer sentiments, Egypt has emerged more resilient. The current phase is one of the roughest in retail, says Ahmed Ragab, group CEO, Baraka Retail Group. He is positive about market’s ability to absorb the crisis and emerge stronger. His optimism stems from the many upheavals Egypt witnessed during the past decade.
Retail is a people’s business, and they are the ones affected most in its ups and downs. The COVID-19 pandemic is no different. However, it is heartening to see many organisations have put in place measures to protect their workforce and Kamal Osman Jamjoom (KOJ) Group is one. “Every company has its own unique situation and priorities. At KOJ, we have decided to choose people over profit. In the short term, profit is depressed, but we have decided to protect our people and share the pain. That has been our philosophy right since the COVID-19 outbreak,” states group CEO Hisham Al Amoudi in this month’s CEO Talks.
The one surprising winner emerging out in retail during the current global COVID-19 pandemic is e-commerce. Due to the temporary closure of brick-and-mortar shopping avenues during the lockdown, consumers got a taste of e-commerce, leading to an increase in demand for online shopping. Most proponents of e-commerce may not have expected to benefit from such a devastating pandemic as this; but they have not just a single, but multiple shots in the arm!