New Look declares retailer closures amid pandemic
New Look, a well-liked trend retailer, has introduced the closure of 25 shops as a part of its ongoing restructuring plan within the wake of the Covid-19 pandemic. The corporate has seen a major drop in gross sales as a result of pandemic, which has pressured many shoppers to shift their procuring habits to on-line platforms.
The shop closures will result in the lack of round 1,000 jobs, including to the already excessive unemployment fee within the UK. New Look had already closed down 23 shops in 2020, and these extra retailer closures are a part of the corporate’s efforts to streamline its operations and minimize prices.
New Look is just not the one retailer to have been impacted by the pandemic. Many excessive road shops have struggled to maintain up with the challenges posed by the virus and the accompanying lockdown measures. The shift in the direction of on-line procuring has additional added to their woes.
The pandemic has pressured many retailers to rethink their methods and adapt to new tendencies in shopper habits. On-line procuring, as an illustration, has seen a surge in recognition as a result of pandemic, with many shoppers preferring to buy from the consolation and security of their houses.
In response, many retailers have considerably ramped up their on-line presence, providing quicker supply occasions and higher comfort. New Look, too, has been taking steps to bolster its e-commerce capabilities, together with launching a brand new app and partnering with on-line retailers like Asos.
Regardless of the challenges, New Look stays optimistic about its future. The corporate is assured that its restructuring efforts will assist it emerge stronger from the pandemic. In a press release, New Look’s chief govt Nigel Oddy stated: “With a view to assist rebuild our place and get well from the impression of the pandemic, we’ve got to make some tough however obligatory choices.”
The shop closures are only one step on this course of. New Look can be streamlining its administration construction, lowering prices, and specializing in its core product strains. The corporate hopes that these measures will assist it climate the present storm and are available out on prime within the post-pandemic world.
In conclusion, the pandemic has disrupted the operations of many retailers, and New Look is not any exception. The corporate’s resolution to shut shops and minimize jobs is undoubtedly tough, however it’s a obligatory step within the present local weather. New Look and different retailers should adapt to new tendencies in shopper habits and discover revolutionary methods to remain aggressive within the difficult retail panorama.