Financial institutions are getting pessimistic about us. Estimated impact on sectors is not encouraging either.
Almost 60 lakh people are employed at these stores. By end of February itself, the business had dropped 20-25%.
If lockdown continues till June, India is staring at a scenario where 30% of the retail stores would shut down, leading to 18 lakh people losing their jobs.
Source: Economic Times, 2020; Events and Entertainment Management Association, 2020; Retailer Association of India Report.
People may step out in shared spaces a lot less and more alert when they do so.
The need to wash hands or sanitizing them will become a necessity.
Cleanliness and social space may get more people to come to malls than smaller stores to buy everyday products.
Retailers are looking at months of old stocks to clear.
People might prefer online shopping to an offline experience, as there may be more reasons to inconvenience them now like longer wait lines, restricted number on entry into stores.
The close-proximity inside a theatre might put off people. People may prefer bigger theatres with more space. People may also be skeptical of ordering food in cinemas and eating things that are shared.
People may be extremely wary of going to places of large congregations, yet they might yearn to go back to their carefree lives and pleasures of watching a good movie, loitering about, chatting with friends, eating out and shopping - at the same place and on the same day. They might appreciate and look for strict measures taken by malls to reduce the risk and give them this experience back.
Stricter cleanliness norms should be enforced. Number of people may get restricted to say only 4 people to be in an elevator. Temperature checking may become may become routine.
Free disposable masks, gloves can be made available for people who would like extra protection.
To boost footfalls, theatre chains could do film festivals showcasing Japanese, Korean or Oscar cinema. Replaying marquee films like Gravity, Interstellar or Avengers. A new way to drive people to theatres would be to use them for screening the upcoming OTT shows.
Number of seats in the theatre can be curtailed to maintain social distancing. Gaps can be made in the seating arrangement to limit interaction.
Sanitization of theatre at regular intervals may become the norm. Lesser number of movie releases and lesser number of shows.
There may be more focus on pre-packed food at the theatre like packaged popcorns, packaged chips or special packs for theatres with certification labels of hygiene and cleanliness.
Retailers can try their best to clear out old stocks before the season change happens using attractive discount offers that have a limited usage span.
To deal with long waiting lines, retailers should look at trying to get people to do payments via the app while standing in the line and pick up the physical package while leaving.