By Manila Bulletin
Sales of the Philippine retailing industry are expected to return to its pre-pandemic level in 2022 yet as the long lockdowns in the country badly affected traditional retailers despite acceleration of e-commerce to an even faster rate in 2020.
In the “Top 100 Retailers in Asia 2021” by the Euromonitor International, the report noted “Retail sales are projected to return to pre-pandemic levels by 2022, guided by the overall economic recovery.
According to the report, the delayed retail industry recovery is based on forecast where the Philippine economic growth is expected to return to pre-pandemic levels yet by the end of 2021, slower than most of the Philippines’ regional peers. E-commerce will be significant in retail recovery with consumers still wary of going out until the virus is completely contained, or vaccines become widely available. A government recovery plan called “We Recover as One” will focus on providing a conducive environment for e-commerce development as a key cornerstone to recovery, the report stated.
Contributing to the delay in recovery is the Philippines’ COVID-19 lockdown, which was one of the longest globally.
During the hard lockdown, the report said only essential retailers remained open with shortened operating hours.
While e-commerce accelerated its growth, the report noted that mixed retailers (except warehouse clubs) were the worst hit category as consumers more easily found what they needed in stock in specialist retailers.
READ full story HERE.