Retail trade grows while parts of specialty goods trade were hit hard by the coronavirus – structural reforms bring more jobs to the branch
The coronavirus crisis gave a record-high boost to the sales of electronics, hardware and daily consumer goods in places, but many branches of the specialty goods trade suffered. Simultaneously, the loss of retail trade jobs has accelerated. The potential second wave of the coronavirus towards the end of the year could cut the predicted 2.5 per cent growth in retail business in half and speed up the loss of jobs. Bold and comprehensive structural reforms are called for to eliminate the incentive traps tormenting the commerce sector.