Even though there has been a globalized shift to move towards startups and external funding avenues as the primary business model to establish and manage businesses, Owner-managed businesses continue to be a key driving factor in the global economy with their contribution to the economy and broader social structure..
The complexity of managing a company has increasingly increased with the challenges brought along by the Covid 19 pandemic. A key challenge throughout the course of the management process can be the remote management of the workforce due to the social distancing regulations imposed by authorities.
Despite the extensive damage to the global retail industry from the impacts and aftershocks of the Covid 19 pandemic, the outlook is positive for this year, thanks to the rapid rate of vaccination. With conventional retailers looking to adopt a balanced approach to search for the optimal path to recovery. The sustainable approach is central to the mindsets of retailers across the industry segment. To maintain sustainable growth, it is important for the retailers to benefit from the learning outcomes explored throughout the Covid 19 pandemic and extenuate the learning aspects to the landscape after the conclusion of the virus.