Our retail industry webinar held on 1 September 2020 discussed how the impact of COVID-19 has disrupted global economic growth and split the retail world along physical and digital lines. Despite all the challenges, we continue to see retail success stories as communities have adapted to online shopping and socially distant store experiences.
An event of this magnitude has not been experienced in a lifetime for many Australians with COVID-19 expected to trigger the deepest recession since WWII. These challenges that we are collectively facing will likely cause many Australians to reconsider and recalibrate their values. In essence, consumers will become more mindful about what they buy, where they are buying it, how it was made and who they are supporting through their purchase.
The webinar was hosted by KPMG's retail leaders Matt Darby and James Stewart, and were joined by special guest Anthony Heraghty. Anthony is the Group Managing Director and Chief Executive Officer for Super Retail Group (SRG), a four brand, omni-channel retailer that generated more than $2.7 billion in sales last financial year. SRG’s brands include: Supercheap Auto; Rebel; BCF and Macpac.
Key takeaways
This is a once in a lifetime event that will change many of us.
- We now expect a bathtub recovery – longer and slower
- We've changed what we buy – creating feast and famine for retail
- We've changed how we decide – testing long held brand loyalties
- We've changed how we shop – 5 years of online growth in 3 months
- We've changed where we shop – a re-birth of village shopping
- We've changed when we shop – a new weekly shopping rhythm.
- Suspension of insolvent trading law
- Job Keeper 2.0
- Code of Conduct for commercial leases
- Job Seeker and early access to super.
The webinar recording below discusses how Super Retail Group is adapting to the environment and doubling-down on the true meaning of omni ('all').
Industry outlook
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