National Retail Federation CEO Matthew Shay discusses how the retail industry can recover from the COVID-19 pandemic in the 200th episode of the Retail Gets Real podcast.
Shay believes the pandemic has made retailers nimbler and more innovative in introducing new, safer and more convenient ways to shop, from curbside pickup to more liberal return policies. He predicts that consumers will expect those innovations to continue.
Though online sellers have earned market share from brick-and-mortar stores, Shay believes traditional stores will remain essential but will need to evolve to meet consumer preferences. He also notes that many retailers that began only online have begun to open brick-and-mortar stores whose atmospheres cannot be duplicated online.
Listen to the entire interview here.