I think if the pandemic has taught us one key thing, its the importance of adapting.
Many will debate Darwinism for its role in Biology, be that as it may, but the theory can certainly be applied for business. The businesses which failed during the pandemic, were for the large part dying anyway. Massive corporate titans, which too all intents and purposes were dying because they refused to evolve. To change.
When I was reading for my A-Levels in History, I remember the saying “Social Darwinism, evolve to your changes, or you do not survive”.
The same is true for the economy.
A well known car shop up the road here in Northampton knew that customers could no longer come to their showroom to view and buy cars. They knew the only way to survive was to put the cars on their website and allow virtual viewing. People could then buy online and they would deliver.
Not just this but restaurants which previously did not consider take out, were now offering it. They knew this was the only way to survive. PC World offering click and collect. They offered it previously, but now it was the only way to sell. Either that or go under.
Ulimately the online way of trading has come through, already large titans have cashed in, without doubt. Amazon, Facebook, Netflix, ASOS, to name a few. People were driven online. Will this state of play remain so?
Probably, especially here in Northampton where the losses from large corporates have certainly been felt. We’ve lost Debenhams, House of Frazer, Toys R Us, Tandy, BHS, Boots, Mothercare. All these corporate giants where 10 years ago you might have bet that where they were around during the time of your grandparents, your parents, have no fallen. Companies that should have outlived us all and been around to serve generations to come.
My belief, yes there are ashes in the street, but i believe with Brexit, the time of the Small to Medium Enterprise will rise again. Its economic Darwinism. How the high street evolves now is down to the senior managers and business leaders who have been running the corporates to date. Arcadia for example asked for an investment to develop an e-commerce solution in line with its competitors. The investment was denied. Now at the time of writing this its been carved up and sold to businesses which did.
Lets see how she unfolds.