The pandemic and its devastation of lives and livelihoods presented retail with one of its roughest years in more than a decade. Toward the end of 2020, retailers of all sizes had made important changes to they way they do business, which helped them eke out what amounts to a not-bad holiday season.
Despite the promises of a vaccine and further distribution of it by the Biden administration, the pandemic will continue to shape consumer behavior, according to Telsey Advisory Group analysts. In a Wednesday note they cited ICSC research that found the pandemic was the main reason that 58% of consumers shopped online this holiday, half of consumers shopped at a retailer new to them and about 42% spent more at small businesses.
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