SEVERELY impacted by the Covid-19 pandemic, the retail industry faces significant market, financial, people and operational challenges. For one, the grocery sector struggled with supply chain issues. Likewise, consumer goods and apparel businesses have been challenged by store closures and rapid growth of online sales.
In light of helping companies in the retail industry, Grant Thornton International Ltd. has produced a publication titled “Retail: Navigating the Impact of Covid-19” for the industry.
“As non-essential trading was halted in many parts of the world, many businesses have experienced a significant drop in revenue with store closures. As a result of this, many retail staff were made redundant or worked reduced hours due to the pandemic,” P&A Grant Thornton Chairman and CEO Marivic Espano said.
Retailers need to ensure their businesses are resilient going forward. Lenders and stakeholders need to know there is a working strategy for transitioning from the present disruption to operating in the new normal.
With the focus of helping retail businesses, Grant Thornton Asean launches the Asean Focus Retail Industry Services to meet rising demand from retail businesses looking to relocate operations to the region in the wake of the pandemic and fluctuating US-China trade tensions.
The service focuses on medium to large enterprises looking to expand, relocate or diversify their businesses in the region — the driving force behind the Grant Thornton member-firms from seven Asean countries — Malaysia, Indonesia, Philippines, Singapore, Thailand, Vietnam and Cambodia — coming together as Grant Thornton Asean.
With a team of local experts from different countries, Grant Thornton Asean can provide medium to large enterprises valuable business insights and strategic perspectives, evaluate business challenges and support their needs in local or regional growth, risk management or cost management.
As published in The Manila Times, dated 31 August 2020