Tony D'Onofrio
COVID-19: The Brutal Retail Industry Accelerator
- July 06, 2020
Contrary to popular beliefs, all retail sales are NOT moving online. For USA, various forecasts have ecommerce reaching 20% to 21% of industry sales in 2020. -from TD Insights
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It is a Small World
“Even monkeys can fall from their trees.” – Japanese Proverb
Continuing our global learning journey, our next stop is Tokyo Japan. Founded, in 1603, this city was once a small fishing village called Edo. In 1890, it became Tokyo which means Eastern Capital in English.
In Tokyo, you will find the world’s busiest intersection, the Shibuya crossing where 2,500 people cross the intersection, every time the lights turn green. This city also holds the record for the most Michelin starred restaurants at 212 places to enjoy amazing food.
Tokyo is the most populous city in the world with 37 million people. Uniqueness is everywhere, even in vending machines, where you can buy hot meals, fresh produce, and even umbrellas. There is one vending machine in the city for every two people.
Have lost count on the many times I visited Tokyo to experience their modern retail industry. This picture is from the New Otani Hotel gardens, a favorite during multiple visits.
As the Japanese proverb that opened this summary reminds us, no matter how accomplished we become, you can always make a mistake. Overconfidence can lead to missteps. Life is one sweet ride and Japan provides many reminders on how to enjoy it.
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After a prolonged period of suppressed consumer spending, macroeconomic and geopolitical uncertainty, and rapid changes in consumer behavior (among other things), the global retail industry stands at a crossroads; forced to make decisions about long term investments in new technology and business models while at the same time managing the rising cost of doing business and a decline in the spending power of consumers. - From Deloitte Insights Read more
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