Retailers are in uncharted territory and the full impact of coronavirus is still unknown. Social distancing and the fallout from the pandemic will require businesses to take a fresh look at their operating model, including relationships with landlords and suppliers, labour productivity and increased automation.
How retail leaders plan for recovery will be critical to the long-term success of their business and the return of consumer confidence will be key.
But how might shopping habits change in the long term with the boom of online during lockdown? Ultimately, consumers will always want to shop but gaining market share and addressing online presence vs physical stores will be a tricky balance for traditional high street retailers. ‘Planet, people, cash’ should be the mantra as businesses move forwards in the ‘new normal’.
At RSM, we have a cross-service team of experts working across the retail sector, using our insight and experience to help clients navigate what will be an ever-evolving landscape.
How we assist our clients
In the immediate aftermath of coronavirus, we have been assisting clients with:
- accessing funding and restructuring advice;
- refining cash flow forecast models;
- workforce planning including legal, HR and tax advice;
- accounting and tax advice;
- technology implementation; and
- risk advisory.
As businesses look beyond survival to the opportunities for growth, our services to support them include audit; accounting and tax advice; financial remodelling; technology implementation and risk advisory; corporate finance, M&A and restructuring; legal and HR; payroll and more.
Assessing corporate structure will be a priority for many retailers in coming months. Issues we can assist with include CVA implementation, developing an effective turnaround strategy, simplifying corporate structure, optimising the outcome of formal insolvency, securing an appropriate funding solution and more. Clients have included Thomas Sabo, Forever 21 and Aldo.
Do you need help to achieve your objectives?
Get in touch with Jacqui Baker our retail specialist to discuss how we can assist you in achieving your strategic plans.