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Banks (Finance)

Retail Industry Leaders Provide Optimistic Outlook Amid Pandemic

Strategic Insights

— 1 min read

As the pandemic continues to impact the retail industry, leaders from ICSC, TD Bank, and NEST gathered during The Rollout Event to discuss the current state and future of retail. Despite the challenges, the panel provided an optimistic outlook, citing retailers' flexibility, pent-up customer demand, and consumers' available liquidity as key factors driving growth. According to ICSC, a solid holiday season is forecasted with 1.9% growth year-over-year.

Key Takeaways:

  • ICSC forecasts a 1.9% growth in sales for the holiday season year-over-year.
  • Retailers are encouraging shoppers to get out earlier, resulting in a longer holiday season.
  • NEST's retail clients have reported higher-than-expected foot traffic during the pandemic.
  • Consumers are eager to return to physical stores, with 64% of respondents in a recent survey stating they would prefer to shop in-store after the pandemic (Source: NEST).
  • Loyalty is a key factor in driving sales, with TD Bank reporting that loyal customers drive a disproportionate amount of business for retailers.
  • TD Bank has seen physical spend come back for some retailers, with 37% of respondents in a recent survey stating they would spend money in stores during the holiday season (Source: TD Bank).
  • The integrated facilities management solution offered by NEST has empowered business leaders and facility management teams to make informed decisions.
  • Retailers' ability to adapt and be flexible has been a key factor in their success during the pandemic.

Statistics:

  • 1.9% growth in sales forecasted for the holiday season year-over-year (Source: ICSC).
  • 64% of respondents prefer to shop in-store after the pandemic (Source: NEST).
  • 37% of respondents plan to spend money in stores during the holiday season (Source: TD Bank).
  • Over 9 million customers are served by TD Bank (Source: TD Bank).
  • The pandemic has accelerated trends in retail, with 71% of respondents stating they have changed their shopping habits during the pandemic (Source: ICSC).

Sources:

  • "ICSC is forecasting a solid holiday season with 1.9% growth year-over-year," said Tom McGee, President and CEO of ICSC.
  • A recent survey by NEST found that 64% of respondents prefer to shop in-store after the pandemic (Source: NEST).
  • TD Bank's survey found that 37% of respondents plan to spend money in stores during the holiday season (Source: TD Bank).

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