Retail sector turnover grew by almost four per cent during the first year of the COVID-19 pandemic. However, COVID-19 treated commerce industries very differently. The growth in last year’s turnover is not visible as growth in the number of people employed in the commerce sector or as new companies in the commerce sector. Instead, they continue their downward trend. The pandemic helped online retail reach record figures. Ensuring purchasing power, competence and entrepreneurship is key when advancing to the time after COVID-19.
commerce sector outlook
Retail business turnover developed well in 2019. A spike in specialty and department store trade during late summer and autumn sped up the growth. However, the employment rate of the retail sector dropped from last year due to increased efficiency of supply chains and operations as well as automation and international competition, among other things.