The retail industry is grappling with how best to utilize the COVID vaccine in order for business to return to “normal.” But with the pace of store closures quickening this year, it is highly unlikely that a COVID vaccine will be the silver bullet that brings retail back.
According to recent reporting by CNBC, as many as 10,000 stores could close in the U.S. this year, which would set a new record (up from 8,741 closures last year). Bed Bath & Beyond, Macy’s and JCPenney have already announced closures.
First Insight’s latest consumer research shows that a vaccine provides very little hope for in-store shopping.
Even with a vaccine, people will still be afraid to go in-store. Nearly one-third of American consumers are unsure about receiving or will not receive the COVID-19 vaccine when it becomes available.