To gauge the industry response to the COVID-19 pandemic, CBRE Asia Pacific Research conducted a flash survey of about 180 retail clients, 33 of which are from Mainland China, between April 28 and May 21, 2020. What’s top of mind for retailers in the age of COVID-19?
§ The Big Picture: 61% of respondents from Mainland China expect it will take six months or more for sales to return to pre-COVID-19 levels after business resumes.
§ The Shift Online: 27% of respondents from Mainland China say the pandemic led to digital sales becoming their core business. Most respondents plan to accelerate investment in online retailing and delivery apps.
§ Store Network Adjustment: While consolidation of brick and mortar sales networks is inevitable, 13% of respondents from Mainland China still plan to open new stores in the coming months, ahead of most of APAC counterparts.