Mar 17, 2021
Why John Lewis tells us this retail crisis is just beginning
Despite the build-up, this retail reckoning is only just beginning. Household retail names also expanded in the face of the online threat. John Lewis last week gave this statistic: pre-Covid, the business assumed that £6 in every £10 spent online was "Driven by" the shops. Never mind the fact that the amount in online sales that John Lewis attributed to its stores seemed, until very recently, extraordinarily high. A nation of shopkeepers, which went into the pandemic with an estimated 25-30 per cent surplus of retail space, faces a hugely painful adjustment, not just to events of 2020 but in catching up with all the changes in retail since 2008.
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