Consumers weren’t crowding in lines for Black Friday but instead opted to shop online and also picked items up curbside. “Consumers found some of the experiences forced by Covid to be convenient,” said Stefan Larsson, the CEO of PVH Corp., which owns Tommy Hilfiger, Calvin Klein, and other brands. “Anything that they perceive as making their life easier will be here to stay.”
Unfortunately, many retailers had to file for bankruptcy and were forced to close hundreds of stores in 2020. However, those that survived the pandemic have been forced to adapt their business models and are expected to continue evolving in the future. Things such as virtual shopping events and contactless payments are replacing cashiers and other traditional methods. Other predictions for the future of retail include that holiday shopping will be dominated by online shopping, malls will make a comeback but with increased technology and consumer attractions, retailers will rely less on discounts, stores will continue to morph into fulfillment centers, and curbside pickup of items will continue to remain popular.